SUSTAINABLE ECONOMIC DEVELOPMENT

A Comparative Study Of The Different Political, Social And Economic Theories Of Development

by

ALLAN D. TOCA
Master in Economics

ATTY. DANILO S. AZANA
Professor
1st Semester, 2011-2012

CONTENTS
Chapter 1 Introduction
Chapter 2 Political, Social And Economic Theories Of Development I. Political Theorists A. John Locke: The Labor Theory Of Value B. Jean-Jacques Rousseau: The Social Contract C. Jeremy Bentham: The Greatest Good II. Economic Theorists A. Aristotle B. Plato C. Xenophon D. Thomas Aquinas E. Nicolo Machiavelli F. Jean Bodin G. Antonio Serra H. Thomas Mun I. Physiocrats J. Merchantilists K. Adam Smith L. W.W. Rostow M. Thomas Malthus N. David Ricardo O. Karl Marx P. Jean Sismondi Q. Friedrich List R. Henry Charles Carey S. Henry George T. John Maynard Keynes U. Joseph Schumpeter V. Friedrich Hayek W. John Kenneth Galbraith
Chapter 3 Summary, Conclusion and Sources

Although the idea of a natural or just price or wage is very noble, prices in reality are subjective. As a human I agree. I mean in the ideal world it would be nice if a fair days work for a fair days pay. Further a fair price based on, I do not know what, something fair and just. But the reality is different. Prices and wages in the real world not the Platonic world are determined subjectively, by supply and demand. That is something in the market is worth exactly what someone will pay for it.

Aristotle influenced economic thought because he formulated a coherent idea about the development and uses of money. He also recognized that private property is "natural", and that community of property would not work in the real world.

In conclusion, Plato's contribution to economic thought, while a starting point, is very small.