Evolution of Economic Thought.

Economics as a discipline and body of theory goes back many centuries. Over the years, many ideas put forward have been discredited or downplayed by successors. Others have withstood the test of time, in part because they illuminate a fundamental economic process or mechanism and in part because no one has yet convincingly disproved them. Like most fields of human endeavor, brilliant minds over the course of centuries have shaped and reshaped our thinking on the workings of the marketplace. This evolution is most clearly evident in the changing views held about price central to the theory of value and the efficient allocation of resources.