Subject and purpose of work: The thesis presents an overview of the economic issues which existed in the European Middle Ages and modern times, prior to establishing classical economics. Materials and methods: The thesis was prepared based on the literature review which included scientific publications and websites devoted to the economy, as well as to social and cultural changes. During the Middle Ages, the mere survival was no longer satisfactory for humans; the times saw the accumulation of wealth, which turned out to be a prerequisite for participation in social life. Results: The initial intellectual narrative was dominated by canonists who studied the laws emerging from religious doctrines, gradually shifting their focus to philosophy, emphasizing the importance of research methods based on reason. Many universal ideas were introduced at the time. Conclusions: a) The focus on the method used as a research tool accelerated the emergence of particular areas of scientific studies; b) Christianity constituted the cultural core in the medieval period; c) Theology, in conjunction with philosophy, constituted the source allowing for the emergence of social sciences.