Ibn Khaldun and Adam Smith: Contributions to Theory of Division of Labor and Modern Economic Thought

Ibn Khaldun and Adam Smith: Contributions to Theory of Division of Labor and Modern Economic Thought

The contributions of Ibn Khaldun to the development of economic thought have gone largely unnoticed in the academic realm of Western nations, this despite recent research focusing on Khaldun's magnum opus, Al-Muqaddimah. In this paper, we examine the similarities between Al-Muqaddimah and Adam Smith's "Wealth of Nations", particularly as they discuss the benefits of a system of specialization and trade and the role of markets and price systems.

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