Ibn Khaldun, the true father of modern economics


from alfalahconsulting.com

Ibn Khaldun, Father of Economics

In his Prolegomena (The Muqaddimah), ‘Abd al-Rahman Ibn Muhammad Ibn Khaldun al-Hadrami of Tunis (A.D. 1332-1406), commonly known as Ibn Khaldun, laid down the foundations of different fields of knowledge, in particular the science of civilization (al-‘umran). His significant contributions to economics, however, should place him in the history of economic thought as a major forerunner, if not the “father,” of economics, a title which has been given to Adam Smith, whose great works were published some three hundred and seventy years after Ibn Khaldun’s death. Not only did Ibn Khaldun plant the germinating seeds of classical economics, whether in production, supply, or cost, but he also pioneered in consumption, demand, and utility, the cornerstones of modern economic theory.

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