Aristotle and Economics

Topics: Economics, Money, Labor theory of value Pages: 4 (1183 words) Published: May 8, 2012
Aristotle and Economics
Aristotle is classified among the most vital thinker ever to exist in the economic sector. He advanced and analyzed economic processes within his surroundings to determine the position of the economy (buying and selling) in the society. Aristotle’s writings on economics continue to attract the attention of many contemporary thinkers. He developed many insightful economic thoughts especially the value theory. The most important topics related to economics covered by Aristotle’s include human action and political economy. In these topics, he provides his philosophical analysis of human ends and means. He expounds how valuable means of production (in terms of their end products) are to the society. High value of the means of production defines how usefulness of the end products. Aristotle’s continues with derivation of numerous economic ideas from axiomatic concepts such as human action on necessity, end pursuits through ordering and allocation of scarce means, and the reality of human inequality and diversity (Scott, 1997). With regard to human action, Aristotle emphasizes that actions are necessary and fundamental. According to Aristotle, the personal human action of utilizing wealth is what constitutes the economic dimension of the society. The importance of economic action is exploitation of things that are a necessity in life (survival) and a flourishing life. A flourishing life has morals and virtues through which human beings achieve happiness. Since human actions are voluntary and intentional, these actions require the prior brain acts of deliberation and choice. Actions are what give human beings the fulfillment of their perfection. Observations show that human nature has capacities relating to the dual material and spiritual character. Expression of this dual character is what defines economics. The economic sphere rotates between the mental and corporeal aspects of an individual (Aristotle, 1977). Economics in...
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