The document discusses ancient economic thought from the Hebrews and Greeks. It provides an overview of key economic ideas from these early civilizations, including Plato's concept of the ideal state. For the Hebrews, it outlines their simple economic philosophy and notes characteristics like a lack of individualism. For the Greeks, it examines Plato's view of the division of labor and origin of the city-state. Plato proposed a rigid social hierarchy and strict regulation of all activities in his ideal state. The summary then focuses on specific aspects of Plato's ideal state model, including his concept of money, interest, and regulated trade and commerce.

1. Introduction, The Hebrew, Greek
philosophers (Plato)
Presented by
Reg. 2014231002
2014231003
2014231005
2014231007
2014231009

2. Presented By : Mahfuja Humayra

3. Nature and importance of
economic thought:
 Deals with the origin and development of
economic ideas and their interrelations.
 Difference from history of economics
 Economic ideas influenced by slavery institution.
(similarity)
 Socialist ideas of Karl Marx
 “Wealth of Nation” by Adam Smith in 1776

4. Definition of economic thought
 According to Bell, “economic thought is a study of
heritage left by writers on economic subjects over a
period of about 2500 years and it freely draws upon of
all phases human knowledge.”
 Prof Haney defined ,” The subject , the history
Economic thought , may be defined a critical account
of the development of economic ideas , search into
their origins, interrelations and manifestation.
 Divided into two parts.

5. Importance of Economic Thought
&
The Hebrew Economic Thought
Presented by
Susmita Das
Reg. No:2014231003

6. Importance of Studying History of
Economic Thought:
Though some people think that there is no need to study
this history before physiocrats , it is necessary-
For realizing certain unity
To understand the origin of Economics
To Realize economic ideas properly
For making comparison among different ideas
For taking an objective point of view
To formulate the principle for constituting economic
framework

7. Ancient Economic Thought:
It refers to the ideas from people before
middle age. Among ancient economic
thought Hebrews , Greeks and Romans are
main.

8. Hebrew Economic thought:
The beginnings of the science of economics and economic
institutions are often traced back to the Hebrew times . The
Hebrews belong to the ancient civilizations of the world.
Their period dates back to 2500 B.C.
Characteristics:
Simple Economic philosophy
Economic , political , ethical and philosophical ideas were
interlinked
Lack of individualism
Existence of passivity and fatalism
No active social planning

9. Some important economic
ideas of Hebrews
1. Usury
2. Commerce and just price
3. Labour
4. Agriculture and industry
5. The seventh year
6. The jubilee year
7. Money
8. The sabbath

10. The social philosophy of the Hebrews
Simple
Morality
Religion
Equality of wealth

11. THE GREEK THOUGHT
Presented By : Radia Tabassum

12. INTRODUCTION
• A part of European culture
• According to Henry Maine,” Except for the
blind forces of nature , nothing moves in the
world which is not Greek in origin.”
• The word “economics” is of Greek origin
meaning “management of the household”
• Parallelism between Greek ideas and
economic thoughts.

13. Features of ancient Greek period
• Establishment of private property institution.
• High degree of division of labor and trade
• Establishment of using money.
• Ruled by aristocracy
• Lived into city-state and Practiced direct
democracy.
• Acceptance of slavery in Greek social life.

14. PLATO
• Great thinker of ancient Greece
• Belonged to the city state of Athens
• Regarded as an aristocrat
• Achievement: Division of labor and Origin of city
state.
• Gave a systematic explanation of principles of
society.
• Main ideas are found in “The Republic” and
“Laws”

15. Origin of City-state
• According to Plato, "A state arises out of the
needs of man-kind , no one is self-sufficing , but
all of us have many wants.”
• The division of labor emerged from the natural
inequalities among human beings.
• “All things are produced more plentifully and
easily, and of a better quality, when one man
does one thing which is natural to him and does it
at the right time, and leaves other things.”

16. Division of Labour
• Basis of social organizations
• Inequalities in human being result in
specialization.
• Division of labour is nothing but idealization of
caste system.
Adam Smith's division of labour: a device for
ultimate advantage who uses it. Specialization
results in improvement in productivity.

17. PLATO’S IDEAL STATE & MONEY,
INTEREST, TRADE
Presented by
Sharha Tasnuva Bristi
Reg. 2014231009

18. Plato’s Ideal State
• A city state
• Constant number of citizens (5040 citizens)
• Population stationary
• Wealth will be more or less stationary
• All economic & noneconomic activity will be strictly regulated

19. Division of Class
• Plato’s ideal state
Citizens
Rulers
Ruled
Guardians
(pass)
Auxiliaries
(can’t pass)Artisans
→ Production
→ Exchange of
wealth
→Set apart from early
childhood
→Education on
philosophy & arts of war
Philosopher
kings (real
rurels)
Administrative
duties (soldiers)
At the age of 30
Passing through
an examination

20. Plato’s Ruling Class
Communistic way of life (Spartan life)
• Must not have any property beyond necessary
• Does not acquire home, land, money of their own
• Living together, sharing things (meals, women)
• Will not possess gold or silver

21. Divergent Views on Plato’s Ideal State
• Plato would have been the reddest of red
• Mr. Beer → Advocated communism for all Hellens (Greeks) on
economic, political & moral condition
• Alexander Gray → Prescribed only for limited class of the guardians
living a semi military life
• Schumpeter → Though it influenced many communistic schemes of
later ages, there is little labelling him a communist or socialist

22. Money, Interest & Trade
• Token money
• No permission for accumulating wealth in the form of full bodied
money
• No practicing of craft or trade for citizens; reversed for resident
foreigners
• Full control of foreign trade
• Only necessities may be imported & not needed goods exported
• Retail trade is forbidden
• No interest on lending money
• Inequalities of wealth reduced by imposing a ceiling amount of wealth

23. Overviews
• Ideal state was an utopia
• Value of money is independent of stuff it’s made of
• Different from Athenian democracy & aristocratic Sparta
• In 19th century the utopians and the romantics have drawn inspiration
• First made an economic interpretation of history
• Does not question the institution of slavery

24. THANK YOU