Aristotle And His Contribution To Economic Thought Essay

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Aristotle’s Contribution to Economics and Economic Analysis Aristotle is one of the most prominent and enlightening intellectuals of all time. He has had immense contributions to many subject matters, including economics. Aristotle analyzed the economic procedures of supply and demand in addition to the overall use and value of goods. His Value Theory is insightful and helpful to understanding economics. Aristotle made significant contributions to the cultivation of the intellect and the understanding of economic analysis. Aristotle searched extensively into the meaning of value and necessity. He explained that the means or instruments of production are valuable because their end products are useful to people. The more useful or desirable a good is, the higher the value of the means of production is. Aristotle also believed the individual human action of using wealth is what constitutes the economic aspect. He taught that the purpose of economic action is to use things that are necessary for survival and for living comfortably. This idea of living comfortable was called the Good Life. The Good Life, according to Aristotle, was the virtue in which humans attain happiness. Aristotle also proposed that economics is the expression of the dual characters of humans; which is, the mental and spiritual qualities. He even tied economics to scientific terms. Aristotle believed that economics was a practical science; which, was contingent upon relationships that were neither invariable, constant, nor regular. This science was also concerned with knowledge based on controlling reality. Aristotle’s view of economics pertained to attaining the Good Life and having characteristics that were essentially a practical science. Aristotle’s Theory of Value is particularly important to economic analysis. He claimed that labor was a service that had value rather than simply

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