I

ntr
oduct
ion

Theev olut
ionofeconomi cthoughthasbeenshapedbyamy r
iadofapproachesand
philosophies,eachcontr
ibuti
ngtoourunder st
andingofweal t
h,val
ue,andsociety
.This
discussionai mst odelveintovari
ouscr i
ticalaspectsofeconomi ctheor
y ,begi
nning
witht heordinar
yandant hr
opologi
calperspectives,whichhi
ghli
ghthowhumanbehav i
or
andcul turalcontext
sinf
luenceeconomi cact i
vi
ties.Wewi l
lexplor
ethedepartur
ef r
om
theconceptofj ustpri
ceinmedi evalsociety,sheddingli
ghtont hemoralandet hi
cal
considerationsthatgui
dedeconomi cexchangesdur i
ngthatperi
od.

Fur t
hermor e,thecontrastbetweenmer cant
il
istandphy siocrati
cphil
osophi eswi l
lbe
exami ned,r eveal
i
ng differ
ing vi
ews on t he rol
e ofgov er
nmentand agr icul
turein
economi cprosperit
y.Adam Smi t
h'sfoundati
onaltheoriesencompassi ngv alue,i
ncome
distri
bution,andwageswi l
lbebr i
eflyarti
cul
atedtoillustratehissigni
ficantimpacton
classical economi cs. Addit
ionall
y,t he maxi ms of t axation equalit
y, certai
nty,
conv enience,andeconomywi llbediscussedtounder standt hepr i
nci
plesthatunder pi
n
fairandef fect
ivetaxsystems.

Fi
nal l
y,we wi l
lcompar e and cont rastthe monet ar
istand Key nesian monetary
tr
ansmi ssi
onmechani sms,sheddi
ngl ightont heirdif
fer
ingviewsregardingtherol
eof
moneysuppl yandf i
scalpol
icyini
nf l
uencingeconomi cacti
vi
ty.Together,t
hesetopics
willprovi
deacompr ehensi
veovervi
ewoft hedev elopmentofeconomi cthoughtandits
practi
calimpl
icat
ionsinvari
oussocietalcontexts.