Analysis Of Ibn Haldun And Adam Smith And David Hume And...

It is one of the hardest questions and unfortunately still unknown in the living world in despite of a myriad of academic studies. Many scholars from all around world asked this magic question in different time over the history. From Ibn Haldun and Adam Smith to David Hume and Karl Marx, from Alfred Marshall and Robert Solow to Paul Romer and Daron Acemoglu, there have been so many prominent and distinguished scholars who tried to find an answer to this question in order to understand the world better and some of them are still trying to find a fully satisfactory answer about this one of the most interesting and challenging areas in academic studies. Here is an example of one the answer to show that it is old question. â€Å"Ibn Khaldun gave his account of the stages of economic development, from nomadic to agricultural to more cooperation in economic matters which occur through an expansion of a town to a city, where demand increases and skilled labor congregates and expands produc tion both ill quantity and in refinement. Economic growth continues so long as there is an extra effort, which creates capital accumulation, which in turn, combined with effort, leads to more production and the development of crafts in the cities. Wealth expands through labor and its efforts, whereas with less human effort there may occur a reversal to stagnation, followed by a downward trend in people s standard of living.† (I.W. Oweiss). Needless to say, it would be too much to explain who said