The Japanese regarded this sphere of influence as a political and economic necessity, preventing foreign states from strangling Japan by blocking its access to raw materials and crucial sea-lanes, as Japan possessed very few natural and mining resources of its own, although it imported large amounts of coal from KoreaManchukuoand some regions of occupied China. In the first period, the economy grew only moderately at first and relied heavily on traditional agriculture to finance modern industrial infrastructure. During World War IJapan used the absence of the war-torn European competitors on the world market to advance its economy, generating a trade surplus for the first time since the isolation in the Edo period.
Ancient Greece[ edit ] Hesiod active to BC, a Boeotian who wrote the earliest known work concerning the basic origins of economic thought, contemporary with Homer. Ancient Athensan advanced city-state civilisation and progressive society, developed an embryonic model of democracy.
Plato 's dialogue The Republic c. According to Joseph SchumpeterPlato was the first known advocate of a credit theory of money that is, money as a unit of account for debt. Of particular interest for economists, Plato provided a blueprint of a society based on common ownership of resources.
Aristotle viewed this model as an oligarchical anathema. Though Aristotle did certainly advocate holding many things in common, he argued that not everything could be, simply because of the "wickedness of human nature".
For him there is a certain "art of acquisition" or "wealth-getting", but because it[ clarification needed ] is the same many people are obsessed with its accumulation, and "wealth-getting" for one's household is "necessary and honorable", while exchange on the retail trade for simple accumulation is "justly censured, for it is dishonorable".
Thomas Aquinas[ edit ] Thomas Aquinas — was an Italian theologian and economic writer.
He taught in both Cologne and Parisand was part of a group of Catholic scholars known as the Schoolmenwho moved their enquiries beyond theology to philosophical and scientific debates. In the treatise Summa Theologica Aquinas dealt with the concept of a just pricewhich he considered necessary for the reproduction of the social order.
Similar in many ways to the modern concept of long run equilibriuma just price was just sufficient to cover the costs of productionincluding the maintenance of a worker and his family.
Aquinas argued it was immoral for sellers to raise their prices simply because buyers had a pressing need for a product. Aquinas discusses a number of topics in the format of questions and replies, substantial tracts dealing with Aristotle's theory.
Questions 77 and 78 concern economic issues, primarily what a just price might be, and the fairness of a seller dispensing faulty goods. Aquinas argued against any form of cheating and recommended always paying compensation in lieu of good service[ clarification needed ].
Whilst human laws might not impose sanctions for unfair dealing, divine law did, in his opinion. In his work Sententiaehe thought it possible to be more precise than Aquinas in calculating a just price, emphasizing the costs of labor and expenses, although he recognized that the latter might be inflated by exaggeration because buyer and seller usually have different ideas of a just price.
If people did not benefit from a transaction, in Scotus' view, they would not trade. Scotus said merchants perform a necessary and useful social role by transporting goods and making them available to the public. Buridanus looked at money from two angles: He argued that aggregated, not individual, demand and supply determine market prices.
Hence, for him a just price was what the society collectively and not just one individual is willing to pay.About leslutinsduphoenix.com The Economic History Association owns and operates the leslutinsduphoenix.com website and mailing lists to provide resources and promote communication among scholars in economic history and related fields.
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Economic history is the study of economies or economic phenomena of the past. Analysis in economic history is undertaken using a combination of historical methods, statistical methods and the application of economic theory to historical situations and institutions.
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