HoPE notes: June 4 I

The Greeks and the Scholastics, Medema
Pythagoras, beginning of abstract thinking about economics through logic.
Xenophon, defines the term 'economics', and Smith seemingly got his idea of division of labor from him. 
Reason for early economic thinking (plato, aristotle), driven most likely according to medema probably the economic liberalization that took place mainly under Solon, and the following economic collapse that followed. That had a dim view of the free market system, and the guidepost for their thinking was the question of what a reasonable standard of living is because they saw the collapse that growth could bring about.
(Plato blamed the collapse on the import of bad customs and culture)
Early writings mostly about money, interest, and banking.
[HE SAYS THERE'S NO RECOGNIZED ROLE FOR THE STORE OF VALUE OF MONEY]
The meaning of 'natural' changes a lot between writers. Mathematics is the language of what is natural for them. 
Aristotle is mostly talking/thinking about a context of two people interacting, while Aquinas is more thinking about a market context.
Scholastics: early from 1200's.
Major developments: start of universities, growth of commercial society (market towns, etc.).
In the summa, he tries to lay out a practical theology, part of which is concerned with economic issues. Gods truth manifests through: Aristotle, early church elders, and holy scripture. Then, where these three sources agree, there is a 'conclusion'. 
He considers money as a medium of exchange, and it value manifests only at the point of exchange, it is a consumable as a can of beans. Money yields no service while held. Hence, no case for usury when defining money as a consumable. Profit from business is okay though, as a compensation for work and compensation for taking risk. He thought it was fine to receive interest, but not to charge it. This also explains why jews ran banks, because they could charge interest. His allowing of profit, opens the door for later scholars.
Scholastics consider debasement, and judge it for its effect to create inflation. Gradually develops justifications for interest.