ELI5: Explain Like I'm 5

History of economic thought

The history of economic thought is about how people have thought about money and how to use it to make their lives better. Over time, people have come up with many different ideas and theories about how money works and how it can be used to help people. For example, in ancient times, people believed that basic bartering was the best way to exchange goods or services. However, over time, people developed more sophisticated ways to manage and use money, such as using coins and paper money, setting up banks, and making investments in stocks and bonds. In modern times, economists study different theories and ideas about how money works in economies and how resources can be used most efficiently. Economists use this knowledge to try to find the best ways to solve problems in the world.