By Nicos Christodoulakis
This booklet explores how winning some of the tenets of monetary proposal were in prognosticating or remedying fiscal crises. interpreting key episodes in monetary heritage, from famines in antiquity to present-day monetary cave in, the writer reveals that a number of theories didn't deal with a situation and misplaced their educational effect. the writer additionally offers instances within which significant theoretical techniques have been accomplished after the adventure of a difficulty in addition to circumstances the place a very new concept used to be had to clarify and face the occasions. This ebook will appeal to researchers and students attracted to knowing how theoretical advancements in economics are stricken by real-world financial crises.
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Aristotle, op. cit. (V, 35). 34 Aristotle, op. cit. (V, 5). 35 An analogy in modern economic theory is a Cobb-Douglas production function, where output is the weighted geometric mean of input factors and each of them is rewarded proportionally to its intensity coefficient. 33 36 3 How Old Are Economics? exchange fairness, when two parties want to engage in a transaction but diverge on setting the price, Aristotle suggests that they compromise equi-proportionally. 36 As ancient Athens remained in decline, other views were also expressed regarding economic behavior and the pursuit of wellbeing.
The cultivation of private lands, both small and large, is crucially dependent on slave ownership; slaves farm the lands and undertake all laborious work involved in mining, sea transportation etc. Manufacturing activities are of small-scale and mainly include pottery, ship building, metallurgy, furniture and weaving. Trade is particularly developed between cities and states. Asian Mode of Production The state is the great landowner, while the farmers are usually landless or own a very small amount of property.
In the same spirit, Aristotle wrote that there should be limits to wealth accumulation. Beyond those limits, wealth loses its usefulness and becomes dangerous, essentially describing a theory of diminishing returns. Aristotle was also the first to philosophically establish the concept of intergenerational solidarity, arguing that the primary task of parents is to ensure the wellbeing of their children and focus on their upbringing, while children in turn should take care of their parents when they grow old.
How Crises Shaped Economic Ideas and Policies: Wiser After the Events? by Nicos Christodoulakis