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The Aristotelian Theory of Economic Justice Revisited

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  • Ito, Kunitake

Abstract

Aristotle develops his theoryof economic justice in Nicomachean Ethics and Politics. The theoryis interesting because his discussion of economic justice is connected to his larger concern about the relationship between the commensurable and incommensurable. Commodities are mutually incommensurable from the viewpoint of their use value but commensurable from that of exchange value. Theyare reduced to be mutuallycommensurable on the basis of "need (chreia)". The medium of this quantitative comparison is money, which is introduced by "convention (hypothesis)". There have been various interpretations concerning the meaning of "need", but little discussion about the meaning of "convention". I propose in this paper that Hume's analysis of convention in The Treatise of Human Nature could be profitably made use of for understanding the Aristotelian idea of convention.

Suggested Citation

  • Ito, Kunitake, 2016. "The Aristotelian Theory of Economic Justice Revisited," Economic Review, Hitotsubashi University, vol. 67(2), pages 134-146, April.
    • Handle: RePEc:hit:ecorev:v:67:y:2016:i:2:p:134-146
    DOI: 10.15057/27902
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    JEL classification:

    • B11 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Preclassical (Ancient, Medieval, Mercantilist, Physiocratic)
    • B12 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Classical (includes Adam Smith)
    • B31 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals - - - Individuals

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