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Aristotle: Nicomachean Ethics (c. 350 BC)

In: A Source Book on Early Monetary Thought

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Abstract

1,500 words. Aristotle states the utility theory of value. The utility theory became the basis the theory of supply and demand and, by extension, the quantity theory of money. Aristotle defines money as a medium of exchange, he recognizes the double coincidence of wants, and he notes that purchasing power of money can change.

Suggested Citation

  • ., 2020. "Aristotle: Nicomachean Ethics (c. 350 BC)," Chapters, in: Edward W. Fuller (ed.), A Source Book on Early Monetary Thought, chapter 2, pages 8-10, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:19916_2
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