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Plimpton 322 is a Babylonian clay tablet, believed to have been written around 1800 BC, that contains a mathematical table written in cuneiform script.Each row of the table relates to a Pythagorean triple, that is, a triple of integers (,,) that satisfies the Pythagorean theorem, + =, the rule that equates the sum of the squares of the legs of a right triangle to the square of the hypotenuse.
The merchant is not a source of wealth, however. The Physiocrats believed that “neither industry nor commerce generates wealth.” [2] A “plausible explanation is that the Physiocrats developed their theory in light of the actual situation of the French economy…” [2] France was an absolute monarchy with the land owners constituting 6-8% of the population and owning 50% of the land.
In the history of economic thought, ancient economic thought refers to the ideas from people before the Middle Ages. Economics in the classical age is defined in the modern analysis as a factor of ethics and politics, only becoming an object of study as a separate discipline during the 18th century. [1] [2] [3] [4]
Ronald Coase (1910–2013) of the Chicago School of Economics was the most prominent economic analyst of law, and the 1991 Nobel Prize in Economics winner. His first major article The Nature of the Firm (1937) argued that the reason for the existence of firms ( companies , partnerships, etc.) is the existence of transaction costs .
In Croton, Pythagoras established the first Pythagorean community, described as a secret society, and attained political influence. In the early 5th century BC Croton acquired great military and economic importance. Pythagoras emphasised moderation, piety, respect for elders and of the state, and advocated a monogamous family structure. The ...
In mathematics, the Pythagorean theorem or Pythagoras' theorem is a fundamental relation in Euclidean geometry between the three sides of a right triangle.It states that the area of the square whose side is the hypotenuse (the side opposite the right angle) is equal to the sum of the areas of the squares on the other two sides.
Quantity theory viewed the entire economy through Say's law, which stated that whatever is supplied to the market will be sold—in short, that markets always clear. [3] In this view, money is neutral and cannot impact the real factors in an economy like output levels.
The law of rent states that the rent of a land site is equal to the economic advantage obtained by using the site in its most productive use, relative to the advantage obtained by using marginal (i.e., the best rent-free) land for the same purpose, given the same inputs of labor and capital.