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Aristotle on justice in exchange: commensurability by fiat

This essay offers an interpretation of Aristotle's remarks on the commensurability of goods in Book V of the Nicomachean Ethics It explores the term Tby hypothesis' (Ef UnoOéoemç) which Aristotle uses to describe the institution of currency through which commensurability is established. Th...

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Bibliographic Details
Published in:The journal of philosophical economics 2016-10, Vol.10 (1), p.5
Main Author: Peacock, Mark
Format: Article
Language:English
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Summary:This essay offers an interpretation of Aristotle's remarks on the commensurability of goods in Book V of the Nicomachean Ethics It explores the term Tby hypothesis' (Ef UnoOéoemç) which Aristotle uses to describe the institution of currency through which commensurability is established. The term implies that Aristotle conceives the origins of currency to lie in a conscious act of stipulation rather than through a spontaneous process in which currency is established via the unintended consequences of individual action. In conclusion, contemporary theories of money are considered and it is asked with which Aristotle's conception of money aligns most closely.
ISSN:1843-2298
1844-8208