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Aristotle on justice in exchange:commensurability by fiat

Author

Listed:
  • Mark S. PEACOCK

    (York University, Toronto (Canada))

Abstract

This essay offers an interpretation of Aristotle's remarks on the commensurability of goods in Book V of the Nicomachean Ethics. It explores the term ‘by hypothesis’ which Aristotle uses to describe the institution of currency through which commensurability is established. The term implies that Aristotle conceives the origins of currency to lie in a conscious act of stipulation rather than through a spontaneous process in which currency is established via the unintended consequences of individual action. In conclusion, contemporary theories of money are considered and it is asked with which Aristotle’s conception of money aligns most closely.

Suggested Citation

  • Mark S. PEACOCK, 2016. "Aristotle on justice in exchange:commensurability by fiat," The Journal of Philosophical Economics, Bucharest Academy of Economic Studies, The Journal of Philosophical Economics, vol. 10(1), pages 5-27, November.
    • Handle: RePEc:bus:jphile:v:10:y:2016:i:1:n:1
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    Cited by:

    1. José Luis CENDEJAS BUENO, 2017. "Economics, chrematistics, oikos and polis in Aristotle and St. Thomas Aquinas," The Journal of Philosophical Economics, Bucharest Academy of Economic Studies, The Journal of Philosophical Economics, vol. 10(2), pages 5-46, May.

    More about this item

    Keywords

    Aristotle; commensurability; money; exchange; Nicomachean Ethics;
    All these keywords.

    JEL classification:

    • B31 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals - - - Individuals

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