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Four Issues in Socratic Economic Analysis

In: Economic Analysis before Adam Smith

Author

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  • Barry Gordon

    (University of Newcastle)

Abstract

The philosophers did not leave a legacy which merely recommended a manner of approach to economic issues. Their concern with the origins of social life and the maintenance of just relationships within it gave rise to a series of insights on particular problems in economics. Apart from those noted above in connection with their conception of economics, these insights included influential analyses touching on the theories of money and interest, the question of communal versus private ownership of resources, and the theory of value. The contributions of Aristotle in these areas are of special significance for the future development of economic thought in Europe. It is quite impossible to chart the course of that development without an appreciation of the positions he took and the ways in which those positions were interpreted. As one modern scholar has observed, ‘Aristotle’s influence on medieval city economy exerted through Thomas Aquinas was as great as later that of Adam Smith and David Ricardo on nineteenth century world economy.’1

Suggested Citation

  • Barry Gordon, 1975. "Four Issues in Socratic Economic Analysis," Palgrave Macmillan Books, in: Economic Analysis before Adam Smith, chapter 3, pages 42-69, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-02116-1_3
    DOI: 10.1007/978-1-349-02116-1_3
    as

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