AVITAEAncient Greek texts

Hermes

The God of Commerce / of Entrepreneurship

«Κερδώος Ερμής»

HomerOdyssey - Iliad

Economical issues are tackled in his works like the division of labour, wealth, the value of goods

References of various production activities in agriculture, farming and industry ( eg. the construction of Achilles’ shield)

Hesiod 700 or 800 BCΈργα και Ημέραι (Works and Days)

First reference to the importance of work:

“ἔργον δ᾽ οὐδὲν ὄνειδος, ἀεργίη δέ τ᾽ὄνειδος”

Work is no disgrace: it is idleness which is a disgrace

Lines 380-828:

Advice on agriculture, farming, shipping, trading.

Thales 630/635-543 BC

The Thales case

The first entrepreneurial strategy to make profit.

Xenophon 427-355BC

ΟικονομικόςDialogue form.

Definition of Economy“ Ἡ οἰκονομία ἐπιστήμης τινός ὄνομα ἐστιν, ὥσπερἡ ἰατρική καί ἡ χαλκευτικη καί ἡ τεκτονική”The art of agriculture.

Πόροι ή Περί Προσόδων (Ways and Means)Ideas for the development of the Athenian economy after a disastrous war (357-355 BC).

( Refers to the example of an Athenian who bought abandoned fields, developed their productivity using the modern means of the time and resold them in a higher price.)

Plato 427-347 BCΠολιτεία

He advocated the idea of common wealth

Virtue vs ProfitProfit makes people vulgar

«πας γάρ ο τ’ επί γης και υπό γης χρυσός αρετής ουκ αντάξιος»

Cautious of entrepreneurial activities as they can make people avaricious.

Plato 427-347 BC

The State should define the price of goods so as to avoid speculation.

Money should have a symbolic value.

Aristotle 384-322 BCΠολιτικά, Οικονομικά He advocated the idea of ownership.

Value theory : a) of usage “οἰκείαν χρῆσιν” b) of transaction “ἀλλαγῇς ἕνεκεν”

Money can be used as a loan.

Utility theory

Laws of demand

Profit will issue from clever entrepreneurial activities.

Demosthenes 384-322 BCΚατά Τιμοκράτους (Against Timocrates)

Views on entrepreneurship. The entrepreneur should look for the best price a good is being sold in the various markets so as to make profit.

Speaks against a law * that, he thought, worked against the good of the public as it was in favouronly of three people who had embezzled public money.

*(If somebody had a public debt should be acquitted if three people could guarantee for his ability to pay it off in due time.)

Thank you