History of Economic Thought

THE ECONOMIC IDEAS OF PLATO AND ARISTOTLE

Both Plato (428/427-348/347 B.C.) and Aristotle (384-322 B.C.) have contributed their ideas to economic thought although their ideas can be considered more as a philosophy of economics than pure economic theory because of their concerns with justice and morality. Nevertheless, their ideas do discuss five major themes relating to economic issues. These themes are: division of labor, incentives (motivations), private property, money and trade. Plato’s economic thought comes from his work the Republic and Aristotle’s economic ideas are found primarily in his works the PoliticsNicomachean Ethics and Economics (Oeconomica).

THE ECONOMIC IDEAS OF PLATO AND ARISTOTLE

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