Ancient Economic Thought - Ancient Greco-Roman World

Ancient Greco-Roman World

Some scholars assert economic thought similar to the modern understanding occurred during the 18th century or the Enlightenment, as early economic thought was based on metaphysical principles which are incommensurate with contemporary dominant economic theories such as neo-classical economics. However, several ancient Greek and Roman thinkers made various economic observations, especially Aristotle and Xenophon. Many other Greek writings show understanding of sophisticated economic concepts. For instance, a form of Gresham’s Law is presented in Aristophanes’ Frogs, and beyond Plato's application of sophisticated mathematical advances influenced by the Pythagoreans is his appreciation of fiat money in his Laws (742a–b) and in the pseudo-Platonic dialogue, Eryxias. Bryson of Heraclea was a neo-platonic who is cited as having heavily influenced early Muslim economic scholarship.

Within the pre-Classical and Classical culture, horses and cattle were considered to be a measure of wealth.

Read more about this topic:  Ancient Economic Thought

Famous quotes containing the words ancient and/or world:

    We Irish, born into that ancient sect
    But thrown upon this filthy modern tide
    And by its formless spawning fury wrecked,
    Climb to our proper dark, that we may trace
    The lineaments of a plummet-measured face.
    William Butler Yeats (1865–1939)

    The love between man and woman is the greatest and most complete passion the world will ever see, because it is dual, because it is of two opposing kinds.
    —D.H. (David Herbert)