Political economy
Originally, political economy meant the study of the conditions under which production or consumption within limited parameters was organized in nation-states. In that way, political economy expanded the emphasis of economics, which comes from the Greek "oikos" (meaning "home") and "nomos" (meaning "law" or "order"). Political economy was thus meant to express the laws of production of wealth at the state level, quite like economics concerns putting home to order. The phrase "économie politique" (translated in English to "political economy") first appeared in France in 1615 with the well-known book by Antoine de Montchrétien, "Traité de l’economie politique". Other contemporary scholars attribute the roots of this study to the 13th Century Tunisian Arab Historian and Sociologist, Ibn Khaldun, for his work on making the distinction between "profit" and "sustenance", in modern political economy terms, surplus and that required for the reproduction of classes respectively. He also calls for the creation of a science to explain society and goes on to outline these ideas in his major work, the "Muqaddimah". In Al-Muqaddimah Khaldun states, “Civilization and its well-being, as well as business prosperity, depend on productivity and people’s efforts in all directions in their own interest and profit” – seen as a modern precursor to Classical Economic thought.