5-th topic. The most ancient economic theories

The history of economic relations and economy begins from history of humanity. But this area of science has been studied relating with other fields of sciences. The development of economic theories begins from Ancient Greece. Origin of the conception of “economy” is Greek words of “farm” and “low”. Thus, the initial definition of the concept of “economy” bases to Greek philosophical school.  

The economic theories in Ancient Greek had been reflected in the philosophers’ views. In these deathless studies the system of economic relations had been presented as the integral part of ethics and moral values. The studies about rational economic behavior base on moral issues.

The great Greek philosopher Democritus (460-370 BC) said that, all kinds of additional saving creates the social sections of “poor” and “rich”. If anybody is satisfied with his shares, that person is not poor, or, if anybody isn’t satisfied with his shares that person is not rich.

Democritus was against the bigger landowners and huge money savings. The philosopher had pointed that, there is no end to extreme worship to wealth. The extreme wealth is the main factor to lose the conscience. The healthy thinking should adopt the poverty with dignity.

Main motif of the other Greek philosopher Socrates’ (469-399 BC) economic ideas is “moral goodwill”.  Socrates, as an author of the thesis of “Perceive yourself” said that, to achieve wealth you need resolution, energy and goodwill. For saving of wealth people need the character to live without that. Regarding this, he called all people to satisfy with the minimum wealth and to use on hand wealth with kindness. One of the most interesting ideas was that, he considered this concept as a protection of wealth.

Initial economic views of greek philosophical school had reflected in the works by Xenophon (431-355 BC), Plato (427-347 BC), Aristotle (384-322 BC) and others.

Some materials were used from the book of “The history of economic studies” published under  editing by M.Meybullayev

Aghanemat Aghayev