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Ancient Greeks and Economics

aristotleThe Ancient Greeks and Aristotle were the first in the world to talk about the economy. The Austrian School of Economics characterizes Aristotle as the “Father of Economics.”

This is what the assistant professor of Econometrics in the University of Monash Dr. Bassilis Sarafidis said during his speech in the Festival “Demetria” 2013. He said that it is really impressive that our ancestors talked about economic issues that are still racking the brains of economists today.

Furthermore, he pointed out that the theories, which were developed back in the 17th century for the capitalist system, are based on the work and analytic thinking of Aristotle.

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