Answer to Question #143425 in Economics for Neba

Question

What aspects of efficiency concerned some of the Greek thinker?

Answer 1

Several ancient Greek thinkers made various economic observations, especially Aristotle and Xenophon.

Xenophon showed an understanding of the importance of taking advantage of economies of scale and advocated laws promoting foreign merchants.

Plato's writing in the Republic deals with the specialization of skills as the concept of division of labour.

Aristotle discussed justice in distribution and exchange.

Many other Greek writings show understanding of sophisticated economic concepts. For instance, a form of Gresham’s Law is presented in Aristophanes’ Frogs, and beyond Plato's application of sophisticated mathematical advances influenced by the Pythagoreans is his appreciation of fiat money in his Laws and in the pseudo-Platonic dialogue, Eryxias. Bryson of Heraclea was a neo-platonic who is cited as having heavily influenced early Muslim economic scholarship.

Within the pre-Classical and Classical culture, horses and cattle were considered to be a measure of wealth.