Plato’s Economic Thought Flashcards
What is Plato’s concept of the ideal state?
It consists of two classes: rulers and workers, with rulers being trained philosophers to protect the state.
What was Plato’s view on the division of labor?
Plato argued that labor should be divided according to individual talents to optimize production and social organization.
What does Plato think about population size in an ideal state?
Plato believed the population should be carefully regulated to ensure stability and economic self-sufficiency, with a recommended size of 5040.
What does Plato’s economic thought say about money?
Plato saw money as a medium of exchange but advocated for a state-issued currency to prevent the concentration of wealth.
How did Plato define the relationship between politics and economics?
Plato saw economics as essential to maintaining a just society, where resources are distributed in a way that supports the well-being of all citizens.
What role did slaves play in Greek economic thought?
Slaves were considered essential to the economy, performing the labor that allowed citizens to engage in intellectual and political pursuits.
What was Plato’s stance on interest rates?
Plato initially prohibited interest, later permitting low rates for delayed payments.
How did Plato relate economics to ethics?
Plato viewed economics as a branch of ethics, where economic actions should align with achieving the common good.
What impact did Plato’s division of labor have on modern economics?
Plato’s idea influenced later economic theories on the benefits of specialization and labor allocation for economic efficiency.
