Economic Ideas: Bernard Mandeville and the Social Betterment Arising from Private Vices

One of the major turning points in social and economic understanding emerged in the 1700s with the theory of social order without human design. Before the eighteenth century, most social theory presumed or took as a working assumption that human society had its origin and sustainability in the creation of social institutions through either “divine” intervention, or by human ... [click for more]

Economic Ideas: The French Physiocrats and the Case for Laissez-faire.

In the middle decades of the eighteenth century two schools of thought emerged, one in France and the other in Great Britain that were critical of Mercantilism, the government system of economic planning and regulation in the 1700s. In Great Britain, the primary thinkers were members of what has become known as the Scottish Moral Philosophers. In France the proponents ... [click for more]

Economic Ideas: Mercantilism as Monarchy’s Planned Economy

The Feudal System had resulted in the disintegration of the unity that much of Western, Southern, and Eastern Europe had known under the Roman Empire. Following the fall of Rome, Europe was divided into local and regional political and economic entities, each politically functioning and economically surviving in high degrees of isolation from each other. However, beginning in the fifteenth ... [click for more]

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

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 ... [click for more]

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

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 ... [click for more]
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