(by: Jojo C Baywong)
IN ECONOMICS
The topic of Economics, as a social science is a matter of human relations. It goes so far as to the production and distribution of wealth, not to mention, the relationship between individuals, businesses or firms and nations. Concretely, these complex relations did not exist during the past compared to the present.They were not distinct and did not pose a separate science but did stand undeveloped with other bodies of doctrines of ethics and related topics.The idea of economics dated back to the time of the Greeks. The concept of the political economy was not present or any established principles or formulas. However,they did concern themselves with ideas of production and distribution of wealth (ex: breeding of sheep). It is evident in the treatise by Xenophon entitled “Wealth” containing matters on thenature of agriculture; the significance of trade, that in those times, they do recognize ideas of production and distribution of wealth. Later proponents such as Plato and Aristotle established opinions on economic thought which posed a rather scientific standpoint. The philosopher Aristotle led one of the first important economic discussions in Ancient Greece that is seen in his work entitled “Politics”. (Dewe, 1907).
Later during the thirteenth century, St. Thomas Aquinas (1225-1274) an Italian theologian introduced the concept of just pricing. He was known to have been part of a group of Catholic Scholars known as “School Men”. St. Aquinas believed that raising prices in response to high demand was a form of theft. (turrapuski,2007)
In the sixteenth century, Tomas Mun(1571-1641) published his book “England’s Treasure by Foreign Trade” that represented early mercantile thought.He had written his experiences as a member of the East India Company in his later work “A Discourse on Trade from England to the East Indies”. He stated that trade was essential in order to increase the wealth of England and thus suggested course of actions one of which was “frugal consumption”. Another economic advancement occurred in the seventeenth century when John Locke(1632-1704) redefined the meaning of “property” stating that not only should the government cease interference with people's property or liberty but also that it should ensure its’ protection. At the end of the seventeenth century, Francois Quesnay (1694-1774 through his work Tableau Conomique or “Economic Table” said that the so-called agricultural surpluses that were flowing through in the economy in the form of rent, purchases and wages were the real economic movers.In the middle of the eighteenth century, a group later recognized as the “Physiocrats” developed a system of economics thought that later became the roots of Economics. Vincent de Gourney who was one of the early Physiocrats developed the concept of the “Circular Flow of Income”.
It was not until 1776 that Economics became a formal study when the Father of Modern Economics Adam Smith(1723-1790) wrote “An Inquiry into the Nature and Causes of Nations (A Treatise against Mercantilism. From the title of the book, Smith’s intentions were obvious. At that time, people still believed in mercantilism which held a belief that it was better to export than to import products. It was just the dawn of a new industrial revolution when Smith proposed that importing and exporting are only two aspects of trade.(Mallari,2006)
Following Smith’s development was the concept of Utilitarianism which was developed by Jeremy Bentham (1748-1832). In his work “The Principles of Morals and Legislation”, he defines the principle of utility which “recognizes the subjectivity of man, and assumes it for the foundation of that system, the object of which is to rear the fabric of felicity by the hands of reason and of law.” (turapuski, 2007). In 1803, the book“A Treatise on Political Economy” by Jean-Baptiste Say(1767-1832) which later became the orthodoxy in political economics introduced and made known the “Say’s Law of Markets” which states that production is not a question of supply, but an indication of producers demanding the goods. Supply is Demand.
In the early 19th century, David Ricardo wrote “Principles of Political Economy and Taxation” (1817). The book discusses the principle of comparative advantage, which has become a basis for the study of the international economy. The principle of comparative advantage is rooted in the idea that “gains from trade follow from allowing an economy to specialize.” Through the Socialist Communist Karl Marx(1818-1883) in his work called the Communist manifested did he introduce the concept of “Das Kapital”. Quoting from Marx’s work, he says that the wealth of those societies in which the capitalist mode of production prevails, presents itself as “an immense accumulation of commodities,” its unit being a singlecommodity.It was later in the twentieth century when the Great Depression took place where the proponents such as John Maynard Keynes(1883-1946) in his work “The General Theory of Employment , Interest and Money” presented solutions to solve the problem.
The development of modern Economics proceeded until contemporary times. Renowned economists such as Paul Samuelson, Arrow, Ronald Coase, Friedman all try to approach economics in a more mathematical, realistic and sensible manner which like all proponents to the development of the subject of Economics implore.
IN PSYCHOLOGY
Psychology literally means “science of the mind”. It is the study of behaviour. Behaviour is defined as “anything a person does and experiences.” The subject of Psychology did not rise as a separate discipline until the 1800’s. Earliest proposed history is traced back to the ancient Greeks in the time of the Philosopher Plato. He suggested that the brain is the mechanism of mental processes. His student Aristotle on the other hand, says that the heart is the mechanism of mental processes.The first attempt to write the history of psychology was made by Aristotle entitled “De Anima”. (Klemm,1914). In 1774, Francis Mesmer made a series of experiments that aimed to cure illnesses. He called this mesmerism which was later known as hypnotism. A large step for psychology has been taken when Philippe Pinel released the first group of patients from a confinement after being found to be treated successfully. It was also in the seventeenth century that Rene Descartes introduced the idea of dualism which suggests that the mind and body are two separate entities that interact to form human experience. In 1834, Ernst Heinrich Weber published his perception theory of “Just Noticeable Difference” now known as Weber's Law.During the mid-1800s, a German physiologist named Wilhelm Wundt was using scientific research methods to investigate reaction times. His book published in 1874, Principles of Physiological Psychology, outlined many of the major connections between the science of physiology and the study of human thought and behavior. He later opened the first world’s first psychology lab in 1879 at the University of Leipzig. This event is generally considered the official start of psychology as a separate and distinct scientific discipline. In 1886, Sigmund Freud began on performing his version of therapy on Vienna, marking the beginning of the formulation of the “Personality Theory”. Through the book “Principles of Psychology” by William James, functionalism was later developed. Continuing his research, Sigmund Freud later published his work entitled ”Interpration of Dreams” which started the study of the Psychoanalytic Thought. Works to be regarded are of Jean Piaget entitled “The moral Judgement of Children “ in 1932 that gave him the popularity as the leading theorist in cognitive development. It was in 1942 that Piaget published his work entitled “Psychology of Intelligence” which aimed at expanding his theories in cognitive development. Erik Erikson, another pioneer in psychology, then made an expanded view of Freud’s ideas through his work “Childhood and Society”. The development of the study of Psychology proves to be ever-changing and continuous as we ourselves are still beginning to see and realize the potential of the brain, cognitive processes and the broad prospect of the mind.
REFERENCES:
· Dewe, Joseph Adalbert (1907) History of Economics. New York, USA: BiblioLife
· Econ 11 and Psychology 101 notes
· Ely, Richard(1920) History of Economics Thought. New York, USA: Macmillan Company.
· Klemm, Otto (1914) A History of Psychology.USA: Charles Scribner’s Sons
· Mallari, Jan Phillip(2006) Social Studies in Perspective. Philippines: Diwa Scholastic Press Inc.
· Turrapuski (2006) History of Economics. Retrieved November 8,2010.
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