Discourse on the Rise, Progress, Peculiar Objects and Importance of Political Economy

John R. McCulloch's Discourse on the Rise, Progress, Peculiar Objects and Importance of Political Economy (1824) is recognized as the first formal history of economic thought. This work emerged during a period when economics, then known as political economy, was solidifying as a distinct discipline, largely influenced by thinkers like Adam Smith. McCulloch's contribution provided a historical overview of the field, tracing its development and outlining its core concerns. The study of political economy, from which modern economics evolved, has historically examined not only the efficient allocation of resources but also the social, political, and ethical dimensions of economic activity. McCulloch's work is a key text in understanding this historical trajectory.123