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Economic Ideas: The Ancient Romans, Who Went from Rule of Law to Corrupting Inflation and Price Controls

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The ancient Romans failed to leave any systematic body of thoughts on economics, just like the ancient Greeks had failed to. Indeed, many of whatever ideas the Romans expressed on such economic themes they took from the Greeks. The Romans were mostly concerned with “practical” matters, and have sometimes been referred to as “doers” rather than philosophers on these ...

Economic Ideas: Plato, Aristotle, and the Ancient Greeks, Part 2

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When we turn to the other most famous ancient Greek philosopher, Aristotle (384 B.C. – 322 B.C.), we find little of the political regimentation that characterizes his teacher, Plato. For Aristotle, the appropriate behavior is the “golden mean,” that is, the avoidance of “extreme” or unrealistic goals or conduct in the affairs of men. While he hopes that wise policies ...