Ricardo F. Crespo's Philosophy of the economy: an Aristotelian approach, Springer, 2013, 154 pp.; and of A reassessment of Aristotle's economic thought, Routledge, 2014, 145 pp.

Abstract

Review of Ricardo F. Crespo's Philosophy of the economy: an Aristotelian approach, Springer, 2013, 154 pp.; and of A re-assessment of Aristotle's economic thought, Routledge, 2014, 145 pp.Ricardo Crespo's two short books are welcomed contributions to the small but growing literature on the relationship between Aristotle's work and contemporary economic theory and society. There is considerable overlap between the two books, both having basically the same goal: to demonstrate Aristotle's contribution to present day (2014, 6). Despite having been published earlier in 2013, Crespo's Philosophy of the economy seems to have been written after A re-assessment of Aristotle's economic thought. It is also a smoother read, and contains some provocative material in the later chapters not found in the other book, especially what he considers to be Aristotelian approaches to economic model building, business, and human labor. Hence, since the two books are such close substitutes, I recommend Philosophy of the economy: an Aristotelian approach as the better and more important book.Crespo has a PhD in both philosophy and economics, so he is a well-trained and sure guide to the subject. His main contribution-found in both books-is his articulation of what he thinks a properly constructed science of should be, based upon Aristotelian lines. By Crespo's interpretation of Aristotle, the term economics may denote an action, a capacity, a habit, as well as scientific knowledge associated with the use of the material things required to live a good life. Economics is a practical science, which should explicitly consider various values; hence it is also an essentially moral or evaluative science. Ideally, people ought to only acquire the goods needed to live a virtuous life for human fulfillment. Humans are also by nature political animals, so to live virtuously, people need to live in a polis. Hence, virtues are always developed and consolidated within a community. A polis is an association of families with the common goal of living the good life. Therefore, as a practical science should be subordinated to politics. Moreover, market exchange is natural, but, Crespo argues, the market itself should also be subordinated to the ends of both individuals and the polis. Hence, from an Aristotelian perspective, the proper education and development of economists should have a very broad curriculum, including instruction in political science, ethics, other branches of philosophy, cultural anthropology, history, economic history, and the history of economic thought. Crespo also argues for methodological pluralism in the study and practice of economics, including for example, various case studies which aim to develop the necessary practical wisdom and interdisciplinary abilities needed for skilled economists.Crespo claims that deals with general facts, which occur most times in the same way. Although he emphasizes that explanation (as opposed to prediction) is the main aim of and other sciences, he also insists that values must be placed on the table (2014, 123). Since is based upon generalizations which occur most of the time in the same way, its explanations and predictions will necessarily be inexact. So, to summarize, for Crespo, should be explicitly normative, concerned with the promotion of personal virtues, and taught as part of a virtue-based education, embedded in ethics and politics. It will help people deliberate with reason, to make good, proper choices to satisfy human needs and to live the good life. Along the way, Crespo-as to be expected-criticizes twentieth century mainstream from an Aristotelian perspective. These criticisms include, among other things, being too narrowly focused, overly concerned with mere technique, imperialistic forays into other social sciences with its instrumental maximizing rationality (epitomized by the research program of the late Gary Becker which is denigrated as being in an improper sense), its putative dichotomy between facts and values, and its claims to value neutrality. …