10 Interesting Fact About The history of economics

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• The word economy comes from the Greek word oikos which means home and nomos which means rules. So, the economy actually refers to the rules applied in household management.
• Adam Smith, a famous economist who wrote the book The Wealth of Nations, also has a background as a professor of moral philosophy.
• The term free market was first used by British economist, Adam Smith, in the 18th century.
• The first economic device found was a mechanical calculator discovered in 1623 by a French mathematician named Blaise Pascal.
• In the 19th century, British economist named Thomas Malthus predicted that the human population would continue to grow but natural resources would not be enough to meet their needs.
• In 1936, British economist John Maynard Keynes wrote the book The General Theory of Employment, Interest, and Money which is the basis of Keynesian's economic theory.
• The oldest economic ideology known is Mercantilism, which developed in Europe in the 16th and 17th centuries.
• In the 1970s, Economist Milton Friedman proposed an economic policy known as monetarism which emphasized the important role of money in controlling the economy.
• In the 1990s, Economist Paul Krugman developed a theory of geographic economy that studied the relationship between geography and the economy.
• In 2008, a global financial crisis was caused by the failure of the housing market in the United States and spread throughout the world.