History
Among the early recordings that somehow stressed the impact of economics in their ancient society are those of well-known philosophers, Plato and his student, Aristotle who grappled with the acquisition of wealth and whether property should remain in public or private hands. Throughout the years, many known philosophers and mathematicians have contributed to the inception of economics as a science. The father of modern economics, Adam Smith through his work, “Wealth of Nations”, was able to incorporate ancient ideas for a modern economic application.
Adam Smith Bust
Subsequently, the study of economic history deals with the study of how economic phenomena happened in the past and how businesses can derive useful conclusions for its benefit. It uses combined historical and statistical methods to come up with relevant economic historical analysis.