Ibn Khaldun and Adam Smith: Parallels in Contributions to Modern Economic Thought

Abstract

The contributions of Ibn Khaldun to the development of economic thought have gone largely unnoticed in the academic realm of Western nations, despite recent research focusing on Khaldun's magnum opus, The Muqaddimah. In this paper, we examine the similarities between The 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.