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.