Economic Thought

The first person to distill analytical economics and combine science into economics was Aristotle. He was a pupil of Plato, although he was not like him in many ways. His views on politics are summarized in the book Ethics and Politics. He believed that the role of the state was to support the statesmen. He stated that the rule-makers and the rules-followers made up an Ideal State. We might thus conclude that Aristotle's beliefs were more traditional than those of Plato.

Additionally, Aristotle believed that private property was preferable to public property since individuals would tend to their business more diligently if they owned it. In this manner, the state would change from communism to capitalism, and everyone would get the portion they are due. His money theory, on the other hand, was the most successful. He gave it worth and said that it was important. He substituted its inherent value for the preexisting notion of "money as a means of trade." He thus favored a non-communist nation where the enforcement of the laws required payment. Aristotle did not compose a book on economics, although authors of the Middle Ages were heavily influenced by him.