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Date Submitted: 02/22/2011 09:40 PM
Development of Economic Thought
Greeks
* Lowly work was reserved for slaves.
* No technological advances to increase work productivity.
* Majority of population was slaves.
Plato
Division of Labor
* Not because of productive superiority.
* People fulfill their roles according to their nature. This was “good”.
* A “Good” City-state must expand to provide required population, resources, and livestock to sustain quality existence.
* War was inevitable– The Guardian class was necessary.
* Guardians specialized in the arts of war according to the division of labor.
* Who guards against the guardians?
* The Guardians along with the Philosopher kings determine children’s occupation.
* A person’s life was controlled, directed, and watched to ensure they developed into their role.
Critique of Private Property
* Property creates possessive and selfish nature.
* Hierarchy of values
* The Soul- The pursuit of “good” and the right. Wisdom.
* The Body- Physical nature. Exercise, health, and beauty. Development of the human form.
* Material wealth-The accumulation of material objects.
* If Guardians are allowed property the worst in their nature would come out.
* Guardians would use their power to amass wealth, even from the citizens.
* Guardians should focus on “The Body” - Honor.
* A person’s desires are determined by the environment. Thus, guardians are not to have private property.
* Economy was planned.
* Prices, wages, and profit margins were all controlled.
* Trade limited to what the City-State could not produce itself.
Aristotle
* Man had an inherent nature. Environment would not change a person.
* Goal was to design institutions to create “Good”, given a person’s established nature.
* Common property leads to disagreement, resentment, and conflict.
* Private property was an incentive for individuals to better themselves.
* Wealthy...