I. BASICS What is economics?

Evolution of the term economics 

 Xenophon: Oikonomicos     Full Graphics

 

 I once heard him discuss the subject of economics in the following manner.

"Tell me, Critobulus, is economics the name of a branch of knowledge, like medicine, smithing and carpentry?"

"I think so," replied Critobulus.
"And can we say what the function of economics is, ...?"

"Well, I suppose that the business of a good economist is to manage his own estate well."

"Is it possible, then, for one who understands this art, even if he has no property of his own, to earn money by managing another man's estate...?"
"Yes, of course; and he would get a good salary ......"

"But what do we mean now by an estate? Is it the same thing as a house,....?"

"Well, I think that ...... everything a man possesses is part of his estate."...

"And you, I think, agree with me to this extent, that wealth is that from which a man can derive profit....."


Qouted from English translation of Xenophon's Oikonomikos by
 

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