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In the history of economic thought, ancient economic thought refers to the ideas from people before the Middle Ages. Economics in the classical age is defined in the modern analysis as a factor of ethics and politics, only becoming an object of study as a separate discipline during the 18th century. [1] [2] [3] [4]
Hesiod active 750 to 650 BC, a Boeotian who wrote the earliest known work concerning the basic origins of economic thought, contemporary with Homer. [3] Of the 828 verses in his poem Works and Days, the first 383 centered on the fundamental economic problem of scarce resources for the pursuit of numerous and abundant human ends and desires.
In the Republic, Plato's Socrates raises a number of criticisms of democracy.He claims that democracy is a danger due to excessive freedom. He also argues that, in a system in which everyone has a right to rule, all sorts of selfish people who care nothing for the people but are only motivated by their own personal desires are able to attain power.
Economic ethics is the combination of economics and ethics, incorporating both disciplines to predict, analyze, and model economic phenomena. It can be summarised as the theoretical ethical prerequisites and foundations of economic systems.
The ethics of economic systems deals with the issues such as how it is right (just, fair) to keep or distribute economic goods. Economic systems as a product of collective activity allow examination of their ethical consequences for all of their participants. Ethics and economics relates ethical studies to welfare economics. [10]
Essays on Economics and Society, 1967. Mill's early economic philosophy was one of free markets. However, he accepted interventions in the economy, such as a tax on alcohol, if there were sufficient utilitarian grounds. He also accepted the principle of legislative intervention for the purpose of animal welfare. [97]
Physiocracy is an agrarianist philosophy which developed in the context of the predominantly rural, pre-industrial European society of the time. In the late Roman Republic , the dominant senatorial class was not allowed to engage in banking or commerce [ 7 ] but relied on their latifundia , large plantations, for income.
It appears from the Republic that Plato did not think it impossible for his ideal state to be established in reality, [15] and he did make one notable attempt to educate a ruler in the principles of philosophy. In 367 BC, Dionysius II came to power in Syracuse, Sicily, under the supervision of his uncle Dion, who was a friend and disciple of ...