Is Economics as old as the first Transaction between Men? Essay

To what extent do you agree with this mastery?It washbasin be said that stintings is as old as the send-off transaction between men and I completely agree with this statement. It must, however, be noted that the importance of economic science in peoples lives has greatly change magnitude over the ages. In eld g maven by, other things such as religion and tradition had greater influence on peoples lives, whereas nowadays, people are much influenced by economics. As a result of the ever-changing nature of economics, the economic laws that existed in the past would be obsolete in todays society. In order to fox a better belowstanding of this statement it is important to, firstly, have k straightledge of the history of economics and also to work the evidence that both supports and opposes the statement.According to Robert Heilbroner the perpetuation of the human animal kick the buckets a remarkable social feat. So remarkable, in fact, societys reality hangs by a hair in a w ord, if any of a thousand intertwined tasks of society should fail to get done-industrial life would soon become hopelessly disorganised. He then goes on to outline the three ways man has found to guard against this calamity. The first of these is the continuity of society by organising it around tradition. This method consists of the various roles in society being give d sustain from generation to generation according to the societys customs.The circle of son following his fathers occupation keeps the necessary positions in the society full and prevents chaos. The second way in which the problem can be solved is through demand, meaning an authoritarian rule in order to ensure that tasks are completed. For many centuries, man has dealt with the challenge of excerpt through either of these solutions. The third and final way is the grocery system. The market system is an astonishing arrangement in which society assured its own continuance by allowing each individual to do exactl y as he saw fit-provided he follow a central manoeuvre rule. The rule being incredibly simple each should do what was to his lift out monetary advantage. It was the appeal of monetary gain, rather than tradition or command that leads the great majority to do their job and today keeps our society together. economic science can be defined as the science that deals with the production, distribution, and consumption of goods and services, or the material welfare of humankind. Using this definition it is easy to see the grimness in the statement economics is as old as the first transaction between men. The objective of man and most other tailing creatures is to survive. The continued existence of man demonstrates mans ability to pass on this goal. With the limited resources addressable to man and his unlimited wants, in order to survive, cooperation at bottom a society is required. This cooperation has ever been present, as trade is thought to have occurred as long ago as 3000BC. This trade is the early do work of economics.On the other hand, it can be said that in the past, economics has not existed. This is because in the past there was no scarcity and the available resources were adequate for sustaining our very basic lifestyles. We were influenced by tradition and command and this surface the way in which our society was run. As Heilbroner recounts as long as the problem of survival was handled by tradition or command, it never gave rise to that special(a) field of study called economics. However, when the market system came into play and overran tradition and command, economics was developed. When society no longer obeyed a rulers dictates, who was to say where it would end? It was the economists who undertook to explain this puzzle.Although, it was very possibly not realised back then, it can be said that economics is as old as the first transaction between men. The importance of economics certainly has increased over the years and the role it pla ys in peoples lives now is greater than it did in the past. However, I believe that economics has always been one of the key components of mans survival, whether today or 3000BC. Of course in the past people had wants and need just like we do today and therefore the methods, such as trading, that they used to obtain these things fall under the category of economics.