— Ch. 1 · Ancient Philosophers And Polymaths —
Economist.
~5 min read · Ch. 1 of 6
The earliest economic writings date to antiquity, notably Aristotle's Oeconomica and Xenophon's Oeconomicus. These works addressed rudimentary themes such as the division of labour. In the seventeenth century, leading writers were broad-ranging scholars who wrote on economics alongside philosophy and law. Richard Cantillon described what later came to be known as the Cantillon effect. David Hume anticipated the quantity theory of money during this same era. Adam Smith published An Inquiry into the Nature and Causes of the Wealth of Nations in 1776. This text became one of the first major works devoted entirely to economics. It helped establish economics as a distinct field within the social sciences. His seminal work gave rise to several intellectual traditions including the classical school. Jean-Baptiste Say and David Ricardo formed key parts of that classical tradition. Karl Marx followed with Marxism as a reaction to these earlier ideas.
Mathematics And Specialized Training
Economics became increasingly professionalized over the course of the nineteenth century. Jean-Baptiste Say held France's first chair in economics at the Conservatoire national des arts et métiers in the early part of the century. By the end of the century, most economists associated with the neoclassical school were academics often trained in mathematics. The figure of the economist shifted from that of a polymath scholar to that of a specialized intellectual. John Maynard Keynes contributed to economic theory advances in the twentieth century. Paul Samuelson developed the neoclassical synthesis which integrated Keynesian economics. Milton Friedman introduced monetarism which influenced new classical economics. In the United States Government, a person can be hired as an economist provided they have a degree including or supplemented by 21 semester hours in economics. They also need three hours in statistics accounting or calculus. Nearly 135 colleges and universities grant around 900 new Ph.D.s every year. Most economists working in academia hold a Ph.D. degree in Economics.Private Sector And Corporate Strategy