Search results
Results from the WOW.Com Content Network
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.
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]
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]
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]
The Form of the Good, or more literally translated "the Idea of the Good" (ἡ τοῦ ἀγαθοῦ ἰδέα [a]), is a concept in the philosophy of Plato.In Plato's Theory of Forms, in which Forms are defined as perfect, eternal, and changeless concepts existing outside space and time, the Form of the Good is the mysterious highest Form and the source of all the other Forms.
In the philosophy of economics, economics is often divided into positive (or descriptive) and normative (or prescriptive) economics.Positive economics focuses on the description, quantification and explanation of economic phenomena, [1] while normative economics discusses prescriptions for what actions individuals or societies should or should not take.
The just price is a theory of ethics in economics that attempts to set standards of fairness in transactions. With intellectual roots in ancient Greek philosophy , it was advanced by Thomas Aquinas based on an argument against usury , which in his time referred to the making of any rate of interest on loans .