Here I will be investigating Plato's thoughts on economic matters, derived from his writings. Economics in its etymology refers to the management of a household, but already by Xenophon's "Economist" refers to managing the general estate of a man's property, for the ends of supplying wealth; understood as gain, rather than loss.¹ Economics can thus be seen as a science of wealth in general. So, we must begin with this category.
We see initially that Socrates expresses his humility by a lack of money, which at his trial, is one silver mina,² or 100 drachmae; a drachma being the daily wage of an Athenian labourer of this period. This is an important Platonic theme continued into Christianity, of the difference between internal and external riches. Plato writes, "the truly rich […] not those who are rich in gold but those who are rich in the wealth that the happy must have, namely, a good and rational life".³ Plato also writes, "those who have a lot of property must also need many of the things required […] so the wealthiest people would necessarily appear to us to be in the worst condition."⁴ Xenophon argued that the cause of wealth was not in things themselves, but in our relationship to them, such that money did not count as wealth if it had no purpose to its possessor.⁵ Plato has a connected but contrary argument, that all property is of use to its possessor: "everything which is property must also be useful".⁶ Plato makes property and wealth synonymous, while Xenophon distinguishes wealth as a condition of property. I feel that Xenophon avoids contradiction, for he assigns wealth to the propertyless, while Plato falls into confusion, central to the Paradox of Value, typified by Aristotle's diagnosis: "gold is a better thing than iron, though less useful: it is harder to get, and therefore more worth getting. In another way, the plentiful is a better thing than the rare, because we can make more use of it."⁷ If property is wealth, and wealth is utility, then iron counts "more" as property than gold. I sympathise with Eryxias here; "becoming seriously confused by the argument".⁸ This is then Plato's general view of wealth.
We see that Plato has a distaste for wealth, which as he continues, is the cause of war: "all wars are due to the desire to acquire wealth",⁹ and this ambition for wealth, he adds, "makes us too busy to practice philosophy."¹⁰ So then, wealth is his nemesis, which is why he critiques the freedom of prop
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