Of particular interest for economists, Plato provided a blueprint of a society based on common ownership of resources. 350 BC) analyzed different forms of the state ( monarchy, aristocracy, constitutional government, tyranny, oligarchy, and democracy) as a critique of Plato's model of a philosopher-kings. Plato also argued that collective ownership was necessary to promote common pursuit of the common interest, and to avoid the social divisiveness that would occur "when some grieve exceedingly and others rejoice at the same happenings." Īristotle's Politics (c. According to Joseph Schumpeter, Plato was the first known advocate of a credit theory of money that is, money as a unit of account for debt. 380–360 BC) describing an ideal city-state run by philosopher-kings contained references to specialization of labor and to production. 360 BC) is a dialogue principally about household management and agriculture. Greco-Roman world Plato and his pupil Aristotle had an enduring effect on Western philosophy.Īncient Athens, an advanced city-state civilisation and progressive society, developed an embryonic model of democracy. It is from these four that all other knowledge, wealth, and human prosperity is derived. The Arthashastra posits the theory that there are four necessary fields of knowledge: the Vedas, the Anvikshaki (philosophy of Samkhya, Yoga and Lokayata), the science of government, and the science of economics (Varta of agriculture, cattle, and trade). Ĭhanakya (born 350 BC) of the Maurya Empire, authored the Arthashastra along with several Indian sages, a treatise on statecraft, economic policy and military strategy. Hindu texts Vedas (1700 BCE - 1100 BCE) contain economic ideas but Atharvaveda (1200 BCE) is most vocal about such ideas. Discourses on Salt and Iron was one of the first recorded debates of state intervention and laissez faire. 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.įan Li (also known as Tao Zhu Gong) (born 517 BC), an adviser to King Goujian of Yue, wrote on economic issues and developed a set of "golden" business rules. Origins of economic thought, contemporary with Homer.
Hesiod active 750 to 650 BC, a Boeotian who wrote the earliest known work concerning the basic
Main articles: Ancient economic thought, Arthashastra, Republic (dialogue), Credit theory of money, Politics (Aristotle), Nicomachean Ethics, Metallism, and Oeconomicus Ancient Greece
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