Aristotle notable work Politics
Economics
Aristotle made substantial contributions to economic thought, especially to thought in the Middle Ages. In Politics, Aristotle addresses the city, property, and trade. His response to criticisms of private property, in Lionel Robbins's view, anticipated later proponents of private property among philosophers and economists, as it related to the overall utility of social arrangements. Aristotle believed that although communal arrangements may seem beneficial to society, and that although private property is often blamed for social strife, such evils in fact come from human nature. In Politics, Aristotle offers one of the earliest accounts of the origin of money. Money came into use because people became dependent on one another, importing what they needed and exporting the surplus. For the sake of convenience, people then agreed to deal in something that is intrinsically useful and easily applicable, such as iron or silver.Aristotle's discussions on retail and interest was a major influence on economic thought in the Middle Ages. He had a low opinion of retail, believing that contrary to using money to procure things one needs in managing the household, retail trade seeks to make a profit. It thus uses goods as a means to an end, rather than as an end unto itself. He believed that retail trade was in this way unnatural. Similarly, Aristotle considered making a profit through interest unnatural, as it makes a gain out of the money itself, and not from its use.Aristotle gave a summary of the function of money that was perhaps remarkably precocious for his time. He wrote that because it is impossible to determine the value of every good through a count of the number of other goods it is worth, the necessity arises of a single universal standard of measurement. Money thus allows for the association of different goods and makes them "commensurable". He goes on to state that money is also useful for future exchange, making it a sort of security. That is, "if we do not want a thing now, we shall be able to get it when we do want it".
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