. The emergence of the discipline called Political Economy coincides with the em
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. The emergence of the discipline called Political Economy coincides with the emergence of the market economic system. Discuss the factors that are thought to be important in the emergence of the market system and why it required a new discipline. The Mercantilists and the Physiocrats are loosely schools of thought that preceded the Classical school. What were the major ideas that came out of each of those and how did they provide either a point of departure or guide for Adam Smith? 2. . If Adam Smith's TMS and WON are read together is it easier to understand his optimistic view of the emergence of the market economic system and its prospects for the progress of human society? Explain.Explanation / Answer
1)
Following were causes of emergence of market system:
Emergence of market system separated economics from politics. Now economic problems had become complicated, so it required new discipline.
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