What was the fundamental aim of the mercantilists?
The goal of mercantilism was to run trade surpluses to benefit the government.
Who is the father of mercantilism?
Arguably the most influential proponent of mercantilism, French Controller General of Finance Jean-Baptiste Colbert (1619-1683) studied foreign-trade economic theories and was uniquely positioned to execute these ideas.
What is the contribution of Aristotle in economics?
Aristotle was the first to draw a distinction between value in use and exchange value. His pre-marginal utility theory also rejected the labor theory of value that later was held by many of the classical economists. In addition, he was the first thinker to analyze the problem of commensurability.
What is the concept of mercantilism?
What is mercantilism? Mercantilism is an economic practice by which governments used their economies to augment state power at the expense of other countries. Governments sought to ensure that exports exceeded imports and to accumulate wealth in the form of bullion (mostly gold and silver).
What is theory of mercantilism?
Mercantilism is an economic theory that emphasizes self-sufficiency through a favorable balance of trade. Mercantilist economic policies rely on government intervention to restrict imports and protect domestic industries.
What was Aristotle’s theory of value?
Aristotle Aristotle’s notion of value is subjective, that is to say is based upon the usefulness of the commodity concerned. All the commodities which are exchanged must be comparable through some standard of measure, and the standard of that measure is to be found in the man’s wants.
Did Aristotle write economics?
The Economics (Greek: Οἰκονομικά; Latin: Oeconomica) is a work ascribed to Aristotle.
What are Aristotle’s teachings?
“Knowing yourself is the beginning of all wisdom.” “He who overcomes his fears is truly free.” “I find more courageous him who overcomes his desires than he who defeats his enemies, for the most difficult victory is against the evil self.” “The inevitable war must end with the consolidation of peace.”