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Economic Ideas From Ancient Greece
2
Aristotle
Hesiod
- Hesiod was the first Greek to be recognized for articulating economic ideas
- Acknowledged the existence of competition but explained it in the form of strifes
- Ideas may be considered the most modern
• Plato’s most famous student
• Tutored Alexander the Great
• Formally distinguished between “value in use” and “value in exchange”
• To exchange for attaining wealth was unnatural
• Trade should only be used to obtain an item that is needed, such as food.
• Recognized the need for money
• Recognized the three properties of money as:
o Store of value
o Medium of Exchange
o Standard of Value (Unit of Account)
• Raised topics of Competition, monopoly and public finance
.
Economic Ideas From Ancient Greece
Plato
Martin Brain
Daniel Bowman
Andres Betancur
Justin Bruce
1) Identify and State the significance of the following to the History of Economic Thought: Hesiod, Strifes, Xenophon, Oeconomicus, Democritus, Plato, The Republic, guardians, Laws, Aristotle, Wealth-getting.
Most influence on economic thought
Opened The Academy
Discouraged by amount of corruption
Ideas for ideal social state
The Republic
- Socratic Dialogue
- "Quantity and quality are therefore more easily produced when a man specializes appropriately on a single job for which he is naturally fitted, and neglects all others?
The Guardians
Xenophon
2) List Major Economic Tenets of Greek Thought, whcih are still tenets of modern thought?
- Oeconomicus: “management of the household”
- Wealth, Poverty, and Specialization
- "possessions whatever is beneficial to each"
- Friends can be considered wealth because they can be used beneficially for advice or company
- comparative advantage
- Specialization or division of labor
Democritus
Contemporary of Socrates
Sufficiency is better than accumulation
Simpler life is a happier life
Beyond sufficiency would have adverse effect
Reduce total social welfare