Author Topic: Economic thought  (Read 792 times)

Offline tasnim_eco

  • Faculty
  • Jr. Member
  • *
  • Posts: 53
    • View Profile
Economic thought
« on: April 30, 2013, 01:46:12 PM »
The history of economic thought deals with different thinkers and theories in the subject that became political economy and economics from the ancient world to the present day. It encompasses many disparate schools of economic thought.

Offline tasnim_eco

  • Faculty
  • Jr. Member
  • *
  • Posts: 53
    • View Profile
Re: Economic thought
« Reply #1 on: May 02, 2013, 02:04:34 PM »
Aristotle:

Property should be in a certain sense common, but, as a general rule, private; for, when everyone has a distinct interest, men will not complain of one another, and they will make more progress, because every one will be attending to his own business... And further, there is the greatest pleasure in doing a kindness or service to friends or guests or companions, which can only be rendered when a man has private property. These advantages are lost by excessive unification of the state.

"It is clearly better that property should be private", wrote Aristotle, "but the use of it common;

Nevertheless, points out Aristotle, because the "instrument" of money is the same many people are obsessed with the simple accumulation of money. "Wealth-getting" for one's household is "necessary and honourable", while exchange on the retail trade for simple accumulation is "justly censured, for it is dishonourable

Offline jas_fluidm

  • Faculty
  • Sr. Member
  • *
  • Posts: 288
    • View Profile
Re: Economic thought
« Reply #2 on: May 15, 2013, 10:33:35 AM »
Money matters were always in the tinkers. They thought it is one of the opposition of ethics sometimes. Aristotle's work on money was the backbone of medieval thinking about commerce, and it is still the base of Catholic teaching about market behavior. Marx's theory of economic value was based on it, and so was much of the economic analysis of money into the present century. In the past hundred years the interpretation of Aristotle's work on money has become chaotic. Economists claim that Aristotle as the father of economics, while classical scholars hold that Aristotle had no economic theory at all.

It is argued here that Aristotle does develop a coherent theory of economic value, wealth, exchange, and money, but that this theory cannot be assimilated to what we call economics because its metaphysical foundation is incompatible with the Humean metaphysics on which economics is built. From an Aristotelian standpoint, ethics and economics are competitors over the same ground, as rival sources of reasons for decision-making in the public realm, and they cannot be reconciled.

Offline tasnim_eco

  • Faculty
  • Jr. Member
  • *
  • Posts: 53
    • View Profile
Re: Economic thought
« Reply #3 on: May 21, 2013, 12:04:06 PM »
Thank you for your valuable comments. I was thinking to post about the great economists and socialists in this post. your comment inspired me to post some more about this.

Amin Tasnim
Lecturer
BBA