A History of Greek Economic ThoughtTrever, Albert Augustus
History
A History of Greek Economic Thought
Trever, Albert Augustus
Economics -- Greece -- History; Thesis (Ph. D.)
The _Eryxias_ hints at a definition of capital in the distinction
between the direct consumption of wealth and its use for further
production.[972] But it is far from the author’s purpose to define
capital, and he makes nothing of the distinction. The relation of money
to wealth is also dealt with incidentally. Like Aristotle, he criticizes
the definition of wealth as “the possession of much money,”[973] on the
ground that the money of one country may not pass current in another,
and hence cannot be true wealth.[974] This is suggestive of the Cynic
theory of fiat money, since the examples used are those of the worthless
currency of Carthage, Sparta, and Ethiopia.[975] But the argument proves
too much, since it would be equally as effective against counting the
house of Polytion as true wealth. There is, moreover, a peculiar shift
in this part of the dialogue between money and property. The theory of
the author is further upheld by the argument that a condition can be
conceived in which our bodily needs might be supplied without silver or
gold, in which case these metals would be worthless.[976] However, the
necessity of intrinsic value for international currency is
recognized,[977] and it seems hardly probable that the purpose of the
dialogue was to contend that money is never wealth, since the very
implication of the argument is that current money is wealth.[978]
TELES
The fragments of Teles exhibit the same extreme asceticism of the Cynics
in relation to wealth.[979] His main thesis is that the possession of
money does not free from want and need.[980] Many who have great
possessions do not use them, because of stinginess and sordidness.[981]
But if wealth is not used, it is useless, and cannot free from need or
want.[982] Here we meet a different application of the criterion of
“use” from that with which we have become familiar in the Socratics, the
_Eryxias_, and Ruskin. It is based on refusal, rather than inability to
use, though the other idea is in the background. The author argues
further that wealth does not free from need, because the wealthy life is
always insatiate (ἄπληστος),[983] and wealth does not change the
disposition,[984] by which change alone the life can be freed from need
and slavery.[985] To try to accomplish this by wealth is like attempting
to cure a patient of dropsy by stuffing him with water until he
bursts.[986] Counsel is given, therefore, not to turn one’s sons to the
acquisition of wealth, but to study under Crates, who can set them free
from the vice of insatiety.[987]
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