Aristotle and the Modern Economy

Cosimo Perrotta

The Journal of Economic Asymmetries, 2011, vol. 8, issue 1, 115-129

Abstract: ancient economy and ancient economic thought radically differ from modern approach. The first were static, distrusted wealth-getting and increase in consumption. The second is dynamic, and is based precisely on the search for enrichment, risk, instability, continual increase in consumption. In general we never doubt about the superiority of modern economy. But the recent world financial and economic crisis, due to the unbridled race to enrich, irrespective of the damage to others, leads us to revive Aristotle's view. He criticised greed, supported the idea of being satisfied with comfort, and stressed that wealth is only a means to happiness, then it must be limited.

Keywords: B11; enrichment; static or dynamic economy; consumption (search for similar items in EconPapers)
Date: 2011
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Persistent link: https://EconPapers.repec.org/RePEc:eee:joecas:v:8:y:2011:i:1:p:115-129

DOI: 10.1016/j.jeca.2011.01.006

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