Renaissance economics

The main idea how Renaissance economics broke from Medieval economics was, renaissance political economy started with the idea that people were motivated by self-interest. Adam Smith later modify this idea to ‘enlightened self interest’. This assumption replaced the ideal of fair or just economics in the understanding of theologians from the Middle Ages. The idea […]

Aquinas’ economics

St. Thomas Aquinas contribution to economic theory Thomas Aquinas’s economic thinking followed pretty close Aristotle’s economic thought. The basis was the idea of justice and wages and prices. Economics was about fairness and justice to both philosophers. However, there was one idea which I liked an was unique to the economic thinking of Aquinas. That […]

Medieval economics – Economic fairy-tales from the Middle Ages

Medieval economics myths The Middle Ages are called a distant mirror because although far away from our current life, it often has a message for today. This post will give three examples, of economic myths about how we think about economics in the Middle Ages and hint at how they are relevant for today. I […]

Economic theory of Aristotle

The economics of Aristotle, money and prices and some lessons for today Economics actually comes from a Greek word oikos, meaning home or home economics. Political economy thinking started as an extension of home economics on a larger scale. The Ancient Greeks loved to use metaphors of people’s concrete lives and extrapolate it to the […]

Utilitarianism – Jeremy Bentham, John Stuart Mill – Utilitarian calculators

Utilitarians explain all human action The moral worth of a decision and action values its usefulness in maximizing utility/minimizing negative utility and this is summed among all living thinking beings. Jeremy Bentham (was not just a character on Lost) and John Stuart Mill (IQ of about 190) championed economic philosophy called Utilitarianism. What amazes me […]