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 …

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. …

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 …

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 explains all human action The moral worth of a decision and action is 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 …