There is evidence of economic writing that dates all the way back to the Mesopotamian era. The development of modern economics is largely due to two groups which were known as the physiocrats and the mercantilists. These groups help develop capitalism in Europe in the 16th century.

Czech Republic has a well-established and research based university education. This has made learning ini Prague one of the respected curriculum's in Europe since it cultivates the spirit of creativity and innovation among students.