It's fascinating to think that Adam Smith, the 'father' of modern economics, may have been beaten to the punch by almost half a millennium.
Arab scholar and politician Ibn Khaldun wrote about very similar ideas all the way back in the 14th century.
Arab scholar and politician Ibn Khaldun wrote about very similar ideas all the way back in the 14th century.
He created a labour theory of value and noted the division of labour as the source of individual, societal, national and global wealth, using the example of grain production, compared to Smith's pin factory example.
He discussed the relationship between supply and demand.
He even wrote about the important role of government in maintaining economic activity - something that John Maynard Keynes didn't cover until the 1930s.
Modern economics is much older than we thought.
http://evonomics.com/amazing-north-african-scholar-beat-adam-smith-half-millennium/
He discussed the relationship between supply and demand.
He even wrote about the important role of government in maintaining economic activity - something that John Maynard Keynes didn't cover until the 1930s.
Modern economics is much older than we thought.
http://evonomics.com/amazing-north-african-scholar-beat-adam-smith-half-millennium/
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