In old days people used the word “oikonomos” for the management of house affairs. Development of civilization extended oikonomos to frontiers of the country and resulted it in becoming “political economy”, which dealt with various economic affairs of the country. The following will be discussed in this chapter: Introduction to economics/definitions, ten principles of economics, why manager needs to study economics. | Lecture Economic development - Chapter 1: Economics, institutions, and development: a global perspective
