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Quiz 6 - Essay Example

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Any assessment of the impacts of public efficacy rule and opportunities for possible improvement should consist of assistance of neoclassical economics. Neoclassical economics is the central paradigm at present, and it shows very little signs of decline. During last three…
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Quiz 6
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Quiz 6

Download file to see previous pages... It is also helpful for those who have a doubt about the old school of thought related to economics and bridging the gap between past and present concepts. (Brittan, 202) in his book, Backhouse discussed about how Homer and Hesiod’s writing educated the people of Greece and gave them the idea about how life should be lived. The story of society discussed in Iliad and the Odyssey was “hierarchical, based not on market relationships, but on the distribution of wealth through gifts, theft, prizes for winning competitions, plunder received in war, and tribute paid by defeated cities to their conqueror” (Backhouse, 11) Homer in his writing considered trading as a secondary and inferior way of acquiring wealth as according to him exchanging gift among same rank holders, wining prizes in war was more better way of earning wealth. (Backhouse, 11) There was very little economical data available from the time of Xenophon (c. 430–354 BC) and Plato (c. 429–347 BC) but one it is now a proven fact that economy at that time also based on agriculture. (Backhouse, 14) Later on Aristotle in his concept also discussed about the acquisition of wealth for people’s day to day activities.(Backhouse, 22) In Aristotle’s view there were 2 ways of acquiring wealth, one was estate management and other one was “getting wealth through exchange”. (Backhouse, 22) People need money to live a good life-this was the concept of Aristotle, and for him hunger for excess money could bring about the difference of class and status in a society. This was the ancient Greek philosophy and it has a great influence on present western thoughts. If one analyzes the concept of neoclassical economics, then it is very clear that both Plato and Aristotle had some key opinion about economics. In Backhouse’s opinion, Plato argued for the subsistence of universals-ideal, pure forms which ...Download file to see next pagesRead More
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