Notes on Some Classical Thinking

Notice the “notes” in the title. Part 3 is no textbook. Part 3 is a miniscule “Cliff Notes.” Notice, too, that the title reads “classical” thinking, not “early” thinking. There’s a difference. Since I regard human transactions as the bedrock of any economy and economic system, were I to choose the latter over the former qualifier I would have a lot of ground to cover, namely, that of early humans and their thinking as deduced from artifacts. An impossible task for me.

It’s not at all impossible for me, however, to skim the thinking of three classicists, Aristotle (384-322 BC), Adam Smith (1723-1790) and Karl Marx (1813-1883). Of the three, Marx came the closest to being a quasi-economist. He wrote about his vision of socialism 19 years before he wrote his Das Kapital, yet he began his career as a radical journalist that got him expelled by the governments of three countries. The same experience might have befallen me had I not kept my mouth mostly shut during my career.

Aristotle’s Thinking

Aristotle (384-322 BC) may just be the premium thinker of all time. And he thought a lot about the economies of his era. It behooves me, therefore, to “consult” with him through his writings and their interpretations since great minds (his, certainly not mine) live on.

In his day the Greek word for economy meant “household management” within the context of the community. Today in the USA economy means banksters and Wall Street.

Economic activity…

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