Aristotle’s Principles for Modern Economic Science

Abstract

This paper is an attempt to illuminate today’s economic science with the light of Aristotle’s philosophy of economics. The author first describes Aristotle’s thoughts about the economy. Then, he distinguishes and discusses three Aristotelian principles: (a) economics should be a classical practical or moral science, (b) economics should not look for an unlimited wealth, but for the wealth necessary for the good life, and (c) economics should be aimed at the common good.

Keywords

• aristotle
• economics
• chrematistics
• economic science
• wealth
• moral science
• good life
• common good