IBN KHALDUN'S ECONOMIC THOUGHT: A PRECURSOR TO MODERN ECONOMICS
Keywords:
Ibn Khaldun, economic thought, modern economics, muqaddimah, labour and production, labour theory, taxation, state revenue, economic cycles, assabiyah, historical economics, economic history.Abstract
This article explores the economic thought of Ibn Khaldun, a 14th-century North African scholar, and its significance as a precursor to modern economics. Ibn Khaldun's magnum opus, the "Muqaddimah," serves as the primary source of his economic ideas, which encompass labour, production, taxation, state revenue, and economic cycles. His insights into the role of labour, the importance of agriculture, the dynamics of surplus and trade, and the impact of taxation remain remarkably relevant today. Additionally, Ibn Khaldun's theory of economic cycles, shaped by the concept of "assabiyah" (social cohesion), offers a unique perspective on the rise and fall of civilizations. By examining Ibn Khaldun's economic thought, we gain a deeper understanding of the historical roots of economic theory and its enduring relevance in shaping contemporary economic discourse.
References
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David Ricardo, "Principles of Political Economy and Taxation", 1817
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