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Homer: A Forerunner of Neoclassical Economics

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  • Carlos Esteban Posada

Abstract

Homer clearly expressed the economic problem of choosing the best option among several alternatives given a certain set of restrictions. In the Odyssey he specifically wrote about the minimum cost choice. This kind of problem, as is well known, is at the heart of the neoclassical economics. We can therefore consider Homer a forerunner of this school of thought. This hypothesis contrasts with those of Trever (1916), Schumpeter (1954) and Schefold (1997).

Suggested Citation

  • Carlos Esteban Posada, 2012. "Homer: A Forerunner of Neoclassical Economics," Documentos de Trabajo de Valor Público 12544, Universidad EAFIT.
    • Handle: RePEc:col:000122:012544
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    File URL: http://hdl.handle.net/10784/4989
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    Keywords

    Odyssey; minimum cost choice; neoclassical economics;
    All these keywords.

    JEL classification:

    • B13 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Neoclassical through 1925 (Austrian, Marshallian, Walrasian, Wicksellian)
    • B31 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals - - - Individuals

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