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

See all articles by Nicholas J. Theocarakis

Nicholas J. Theocarakis

National and Kapodistrian University of Athens, Faculty of Economics

Date Written: 2006

Abstract

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

Theocarakis, Nicholas J., Nicomachean Ethics in Political Economy: The Trajectory of the Problem of Value (2006). History of Economic Ideas, Vol. 14, No. 1, pp. 9-53, 2006 , Available at SSRN: https://ssrn.com/abstract=1676920

Nicholas J. Theocarakis (Contact Author)

National and Kapodistrian University of Athens, Faculty of Economics ( email )

1 Sofokleous Street
Athens, 10559
Greece

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