The evolution of societal values: A historical perspective of the role of sustainability in the practice of economics

Abstract

The history of economic thought embodies the evolving, dynamic, and varied cultural influences on economic systems both at a point in time and over time. It provides a context from which one can understand the theories that have simultaneously influenced, and have been influenced by observed cultural norms of behavior. It ismore than an accounting of past economic theories; it is a resource that enables an understanding of the role and responsibility of social values in observed economic outcomes. This chapter provides an overview of the evolution of economic thought from its normative qualitative foundation to the positive quantitative attribution observable in present practice, and details specific religious and moral sentiments that have influenced social norms.