Economic History From The Romans to 2018

Economic History From The Romans to 2018 Learn More About The History of Economics ChaptersThe Roman Economy and Ancient EconomicsThe Growing Importance of Economics during the Industrial RevolutionEconomics During the Turbulent Interwar PeriodPost War Economy Up To The 2008 Financial CrisisThe Rise Of Behavioural Economics In The 21st CenturyEconomics is not a static field. While the laws of physics, chemistry or biology may be concrete, economic models and accompanying theories continue to evolve. This is because economics is a social science, and so there can never be any concrete answer as to which economic model or theory is the best, or the most approximate estimate, to how individuals really behave.The amount of change that economics, both as a taught subject as well as a system of exchange, is clear when you take a step back and look at how much the field has altered over the past few hundred, or even the past few thousand years.Below are just a few eras within economic history that are marked by their time. If you’d like to learn about any of these areas in greater detail, from the Great Depression to the economy of ancient Rome, remember that you can always turn to a Superprof economics or history teacher for help.China; andIndia.Of course, there were some features of the ancient Roman economy that we would not readily recognise today. One such example would be the existence of bartering, which was a common practice in ancient economies.Indeed, rather than pay taxes with coins, bartering could also be used as an option to settle any tax debt.Given that bartering has all but disappeared from many global economies today, it’s easy to see how economic systems have changed over the past few thousand years.Economic history can be a fascinating topic to study. (Image: CC0 1.0, pablosuka, Pixabay)The Growing Importance of Economics during the Industrial RevolutionAnother major turning point in economic history is the Industrial Revolution. This period, which historians generally agree began between the 1760s and 1780s, had an enormous impact on life in Britain, from:The way the land was farmed;The living and working conditions of those who moved to the cities; toThe rise of the middle class and the advent of more disposable income.One of the main changes to come out of the Industrial Revolution was the introduction of steam power and steam engines. The steam engine, widely accredited to James Watt and Matthew Boulton, paved the way for an improved railway network, which allowed more goods to be transported across the country.Steam power also led to changes in the textile industry, with greater production now possible in the mills, which are considered by some to be the precursor to factory conditions that became so commonplace throughout this age.In fact, many of the changes that occurred during the Industrial Revolution can still be seen today. In Manchester and its surrounding areas, for example, you can still see remnants of the once-prominent cotton industry that was in place during the time, while Liverpool also retains its importance as a port.Trains were a core part of the Industrial Revolution. (Image: CC0 1.0, George Hodan, PublicDomainPictures)Free market capitalismThe ideas espoused by Friedman remain popular, even to this day, although there’s still place for post-Keynesian economists today. However, with the onset of the 2008 financial crisis, Friedman's ideas, and the neoclassical school of economics more broadly have begun to be questioned by some, as those ideas did not predict the onset of the global economic crisis and its consequences.The Rise Of Behavioural Economics In The 21st CenturyAlthough the 2008 financial crisis had a huge impact, not only on the global economy but also on how some people now perceive the neoclassical school of economic thought and its economic analysis, there has also been a growing change in economic theory over the past few decades.Neoclassical economics remains one of the most popular and widely taught, economic schools of thought in the U. K., although there has also been continued emphasis on the core areas of economics, including macroeconomics, microeconomics, econometrics, and mathematical or quantitative models.Despite this institutional tendency towards teaching micro- and macroeconomic principles, there has been an increased interest in the field of behavioural economics and behavioural finance, which in many ways stands in opposition to the principles taught by neoclassical economists.Behavioural economics, as a field, generally argues that:Individuals are not, in fact, rational economic agents, which the neoclassical school believes;Individuals are not always able to adjust their decisions to account for new information; andIndividuals are not always objective.Behavioural economics and behavioural finance, in particular, tries to account for particular market phenomena, such as the interaction between human behaviour and stock market bubbles and crashes through concepts such as the herd instinct and loss aver sion.The discipline, although relatively new compared to some schools, has gained a large amount of popular attention, helped in part by the fact that several leading economists in this area, such as psychologist Daniel Kahneman and economist Richard Thaler, have received the Nobel Prize in economics.Although behavioural economics is not without its detractors, it is a growing field of economic development that illustrates how economics, as an academic subject, continues to evolve in our quest to truly understand what makes individuals and companies tick, and how we best interact and exchange goods and services with each other.Regardless of whether you're a graduate student, undergraduate or A-Level student, if you would like to learn more about introductory behavioural economics, or indeed, the development of the history of economic thought, then you could reach out to a tutor for further guidance.Superprof has a range of economics tutors, each with their own specialisms and areas of interest, from basic economics lessons all the way to statistical probability. You should be able to find a tutor in your local area that can help you, whether that's out of general interest, or to help prepare you for your next essay or seminar.