An economic phenomenon is usually called a
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1 Historical Background
While insights on economic phenomena can be found in the works of Plato (c. 427–347 BC), Aristotle (384–322 BC), and the medieval commentaries their work spawned, it was only in the early modern period, coincident with the Scientific Revolution, that a full-fledged discourse emerged. Nicolaus Copernicus (1473–1543), Jean Bodin (1530–96), Thomas Mun (1571–1641), William Petty (1623–87), and John Locke (1632–1704) are some of the more prominent figures of the sixteenth and seventeenth century who wrote on the subjects of money and trade. Copernicus and Bodin articulated the quantity theory of money, that a growth in the money stock results in a rise in prices, a phenomenon observed in Europe since the influx of gold and silver from overseas. Mun, a leading mercantilist and advocate of net exports as the key to England's prosperity, recognized that market forces transcend legal and institutional arrangements, and that genuine wealth comes from the growth of domestic production and the enrichment of the land. Petty was one of the first to devise quantitative measurements of economic phenomena, including per capita output. Locke refined the quantity theory of money, noting the velocity of money, and devised a labor theory of value. He also wedded the historic right to private property with the virtue of industry, and thus launched the liberal doctrine of political economy which subsequently played a profound role in the American constitution.
Answer:
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