What is economic history
Economic history study means as complete professional work which are performed in a way of doing research work collecting data from various types of qualitative and quantitative data source. Economic researchers of today's world made division of economic history into 3 economic era or time interval.
3 Economic Era of economic division named as pre-mordern economic history, early modern economic history and modern economic history.
Economic history can be defined as studies of past various types of economies of different part of world. Study of economic history included all analysis work of past economic events.
Economist used various types of research methodology and applied various types of economic theory to find out exact information of historical situation and institutions.
The study of economic history encompasses larger field of study means it includes larger number of different types of economic fields.
In studies of economic history researchers must cover economic fields topics like finance, equality, accounting, technologies, labours, machine and buisness activities.
Results which are derived after research work of economic history provided insights of dynamic of economics in structured and convinced way.
Economist as researchers collect data and using both qualitative data and quantitative data source according to their purpose of research work for building understanding and make sequence of historical economic events.
In the study of past of economic researchers often goes through financial activities of buisness and cover all economic dynamics of buisness like production, labours and capital.
Other factors which affected economic working in past like society, culture and language also included in research work like these.
Researchers can be come from various backgrounds and purpose of study are different. Research scholar from school, colleges and universities doing research work with different objectives.
Main features of economic history focused on activities like production, distribution and consumption of goods and services. Importance of economic history helped a lot in selecting economic theory. Economic history form essential material for making suitable and economic theory for everyone.
Importance of economic history huge because present economist need past economic history to develop new economic theory for next generation.
Economics research studies can be done in various subdivision like buisness history, demographic, labours history and econometrics studies comes in quantitative analysis work.
Economic history of the world
After study of brief economic history, for the first time economic term used in 1875 and popular by great economist Dr. Alfred Marshall. Political economy get substituted by economic term by Alfred Marshall.
In 18th-19th centuries main thinker of economics was Adam Smith, David Ricardo and Karl Max. Economic of 18th-19th centuries also today characterized as classical economic theory.
Economic word derived from Greek language and made of two words oikos+nomos.
Oikos Greek language meaning house settlement and nomos Greek word means laws or norm.
Economic history can be divided into three time period such as pre-modern economic, early modern economics and modern economic. We can say that systematic economic has taken birth just after start of modern era. Economic and economies both word taken from simillar Greek language.
In 19th century time period economic considered as gentleman hobby of leisure. Sometimes vocation related to economic was given by accademic institutions.
Economist of 19th century provided economics policy without thinking about legal legislature before making decisions.
Now days it will very rare to find out any company, institutions and government organisations to runing without seperate economics department.
Premodern economic history
Many famous economist in premodern economic era given various economic objective. Aristotle among pre-modern economic objective work considered as highest quality.
Ibn Khladum (1332-1432) was given and explained economic theory and political economy in his prolegomena. In his economic theory explained about how population density effect and related with division of labour which results in economic development or economic growth.
Many early central economist in premodern economic history discussed about fixing the prices of goods.
Middle age economic scholars after religious war in world felt need of doing free trades. In 16th century middle age economist formulated economic free trade legal form.
Economic during middle age in Europe considered as method of collecting taxes and increased revenue.
Middle age people think economic study done for increasing revenues.
Later economic policies regulated by federal act like to collect tolls, collect taxes on religious activities.
In pre-modern economic history tells us that economics policy later designed to increase trade between peoples. At times middle age cast system have great influence over people due to which sumptuary laws regulated.
Niccolo machveli economist in middle age known for giving first economic policy. In his economic policy states that princes and public should reduce their expenditure on other things.
Modern economic history
Modern economic era start from 18th century. It is considered that from Dr. Adam Smith (father of Economic) time period early modern economic history start. Many spanish and central asian economist made their contribution to economic understanding.
Economic researchers of present time considered that main stream economic start from work of Dr. Mill on focusing on political economy and given definition of wealth.