The economic theory of David Hume

David Hume was an 18th century philosopher who was important in the Scottish enlightenment and laissez-faire economics that lead to Smithian free market thinking. David Hume’s contribution to economics extended John Locke’s view of property rights as a center of economics a quantity theory of money international thery of the balance of trade Hume on… Continue reading The economic theory of David Hume

John Locke Economic Theory

John Locke believed you are the owner of your own life. When I was 15 he was my favorite thinker, I read him and was amazed by his clarity. He was known as the father of liberalism. John Locke is the philosophical basis of free-market economics and an important idea for your life. Why? Locke… Continue reading John Locke Economic Theory

Renaissance Economics

The main idea of 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 modifies 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 in… Continue reading Renaissance Economics

Aquinas’ economics

St. Thomas Aquinas contribution to economic theory Thomas Aquinas’s economic thinking followed 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 that I liked was unique to the economic thinking of Aquinas. That is, Thomas Aquinas took Aristotelian… Continue reading Aquinas’ economics

Medieval Economics – Economic Fairy-tales From the Middle Ages

  The serf was tied to the land he cultivated and received protection from the lord in return for certain economic and political services. The ultimate control of economic activity was in the hands of the king, who could, in most cases, transfer the feuds from one lord to another. Land and labour were transferred… Continue reading Medieval Economics – Economic Fairy-tales From the Middle Ages

Economic Theory of Aristotle

The economics of Aristotle, money and prices and some lessons for today Economics 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 real lives and extrapolate it to the state, government… Continue reading Economic Theory of Aristotle

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… Continue reading Utilitarianism – Jeremy Bentham, John Stuart Mill – Utilitarian calculators