Nicomachean Ethics in Political Economy: The Trajectory of the Problem of Value
History of Economic Ideas, Vol. 14, No. 1, pp. 9-53, 2006
45 Pages Posted: 16 Sep 2010 Last revised: 18 Jan 2012
Date Written: 2006
The paper examines the influence of the analysis of economic exchange in Aristotle’s Nicomachean Ethics, V, on subsequent economic theorizing. The approach is textual and selective. It traces the use of the relevant passage of NE V on Scholastic economic thought, the early mercantilists, natural law philosophy, the Scottish Enlightenment, Galiani, Turgot, Smith and Karl Marx. It ends with the abandonment of Aristotelian equivalence of exchange in neoclassical economics.
Keywords: Aristotle, Thomas Aquinas, Ancient Greek economic thought, Scholastic economic thought, Natural Law, Galiani, Turgot, Karl Marx, theory of value, antipeponthos
JEL Classification: B10
Suggested Citation: Suggested Citation