Aristotle's Views on Economics
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Date
2024
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Publisher
Palgrave Macmillan
Abstract
This entry presents an exploration of Aristotle’s perspectives on economics, underscoring his seminal influence on economic thought and his distinctive approach that intertwines economics with ethics and moral philosophy. Aristotle defines economics (oikonomia) as “household management”, focusing on household organization and the production and consumption of goods. A pivotal aspect of Aristotle’s economic thought is the intrinsic linkage between ethics and economics, with ethics pertaining to the individual aspects of behaviour, like virtue, profit and its relation to happiness (eudaimonia). Aristotle’s approach is normative, encompassing reflections on actions and alternatives, considering both facts and values. He emphasizes moderation as the guiding principle of ethical virtues related to economics, advocating for the avoidance of extremes in the pursuit of wealth and in economic transactions.
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Keywords
Practical reasoning, Oikos, Chrematistics, Virtue ethics, Politics, Money