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This principle can be traced back to the Greek philosopher Aristotle, whose Nicomachean Ethics describes the connection between objective economic principles and the consideration of justice. [1] The academic literature on economic ethics is extensive, citing natural law and religious law as influences on the rules of economics. [ 2 ]
In Plato's Republic, the character of Socrates is highly critical of democracy and instead proposes, as an ideal political state, a hierarchal system of three classes: philosopher-kings or guardians who make the decisions, soldiers or "auxiliaries" who protect the society, and producers who create goods and do other work. [1]
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 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]
Each group of theories tends to concentrate on different aspects of the subject so that if ethics can be defined as, say, the principles governing the conduct of a person [113] then the first group of theories (ontology and deontology) looks at the principles themselves, the second group of theories (teleology and consequentialism) looks at the ...
The key work of Plato's ethics was the Republic, which was focused on conceiving justice, a concept which for Plato was inclusive of wider morality as well. [11] In a dialogue, Thrasymachus argued that conventional morality was a ruse invented to keep the elite in power, which should be discarded in favour of self-interest. [11]
Plato's so-called unwritten doctrines are metaphysical theories ascribed to him by his students and other ancient philosophers but not clearly formulated in his writings. . In recent research, they are sometimes known as Plato's 'principle theory' (German: Prinzipienlehre) because they involve two fundamental principles from which the rest of the system deriv
The first edition of the book was published in 1960. Until the 10th edition, the author was Campbell R. McConnell, professor of economics at the University of Nebraska, Lincoln, and since the 11th edition, which was published in 1990, Stanley L. Brue, a professor of economics, has become a co-author. [1]