Aristotle on justice in exchange:commensurability by fiat
Mark S. Peacock ()
Additional contact information
Mark S. Peacock: York University, Toronto (Canada)
The Journal of Philosophical Economics, 2016, vol. 10, issue 1, 5-27
This essay offers an interpretation of Aristotle's remarks on the commensurability of goods in Book V of the Nicomachean Ethics. It explores the term ‘by hypothesis’ which Aristotle uses to describe the institution of currency through which commensurability is established. The term implies that Aristotle conceives the origins of currency to lie in a conscious act of stipulation rather than through a spontaneous process in which currency is established via the unintended consequences of individual action. In conclusion, contemporary theories of money are considered and it is asked with which Aristotle’s conception of money aligns most closely.
Keywords: Aristotle; commensurability; money; exchange; Nicomachean Ethics (search for similar items in EconPapers)
JEL-codes: B31 (search for similar items in EconPapers)
References: View complete reference list from CitEc
Citations View citations in EconPapers (1) Track citations by RSS feed
Downloads: (external link)
This item may be available elsewhere in EconPapers: Search for items with the same title.
Export reference: BibTeX
RIS (EndNote, ProCite, RefMan)
Persistent link: https://EconPapers.repec.org/RePEc:bus:jphile:v:10:y:2016:i:1:n:1
Access Statistics for this article
The Journal of Philosophical Economics is currently edited by Valentin Cojanu
More articles in The Journal of Philosophical Economics from Bucharest Academy of Economic Studies, The Journal of Philosophical Economics Contact information at EDIRC.
Series data maintained by Valentin Cojanu ().