Aristotle's types of economics.
Instructions
Aristotle identifies two types of economics. Briefly define each and discuss if you agree or disagree with Aristotle's characterization of these two types.
Answer
Aristotle's types of economicsAccording to Aristotle, there are different types of economies in the world; household trading and trade for profit. He compares household trading to barter trade, where people exchange commodities with the surplus they have. Trade for profit is the profit acquired from the selling the goods and services, and according to him, it lacks virtues since it is more concentrated on gaining profit. Every business is driven by the motive of making a profit. According to Josef (56), this causes greed, corruption, and self-interest amongst the business people. This brings new altitudes to the business people since most will be dwelling in not providing for quality and quantity due to competition and wanting to make profit. Hence no proper work ethics and virtues are exp...
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