In brief, describe how the notion of "economy" has changed over history. Use specific examples to describe what economy has meant in a particular time/context.
The notion of an "economy" has changed exponentially throughout history as society itself changed and shifted according to technology and the world's scope. Within chapter two of "Economic Anthropology", Hann and Hart spend much of the chapter describing the different transitions of society and how the economy has grown and molded with it. The authors begin with the concept of "oikonomia", the Greek term for household management, which is widely used to describe the latter part of the Bronze Age. During this time of human development, society focused more on the intricacies of a household and due to the lack of technology, it was difficult for humans to have their economies span farther than their own household. The next transition isn't much larger, but it spans farther than just the household. Hann and Hart use the feudal period to describe how the notion of the economy changed and became something to describe a domestic market. Instead of only being concerned with household budgeting and management, the economy was now concerned with markets, commerce, and trade, spanning much further than its past identity of "oikonomia". The next development in the notion of economy came with the emergence of the political economy. After society incorporated markets, commerice, and trade into the economy, people began to see the value and power that came from having a significant hold in markets. Value of goods and commerce suddenly became a part of a larger scheme of sorts, and the economy was now a chip in a game to win political power on an international scale. This transformation of the economy from household management into a form of political power is one of the driving factors for the need to understand the economy and the power that society allows it to hold.
Over the course of history the notion of "economy" has changed a great deal in accordance with the constant evolution of human society. A few examples of this change can be found within chapter two of "Economic Anthropology". The chapter begins by discussing the economic concept of "Household Management" which is used to describe the economic structure of the late bronze age. This structure fell into two different systems one being Democracy in which the people controlled the government/economy and the other being the Aristocracy in which one person or a very small group of people controlled the government/economy. After the bronze age ended a new structure took prevalence over the household economy this being "Medieval Economic theory" or Feudalism. In this economic structure the economy was largely controlled by wealthy landowners such as kings, lords, or knights and the goods that they produced and sold on or around that land. Finally, from these economic structures a new idea was born this being "Political Economic Theory". Which was born from the creation of large markets in which many people were buying and selling many things resulting in a group of people acquiring enough wealth to sway their leaders decisions. As a result of all of this the timeline of economic change is an important tool in understanding economic's in today's societies around the world.
According to Hann and Hart's "Economic Anthropology," the definition and notion of "economy" has expanded and changed to suit contemporary society. For example, the Greek "oikonomia," the root of "economy," had little to do with markets, except to deprecate them. Oikonomia meant the frugal management of the household, specifically large estates with the goal of self-sufficiency. Markets were viewed negatively and suppressed by the landed elite. This tension between internal and external commerce continued into the Middle Ages, where philosophers attempted to reconcile agrarian feudal systems and growing markets. "Economy" had expanded past the household. The next breakthrough came with the notion of political economy in the eighteenth century. Suddenly "economy' was a primary social institution, which could determine the political sway of wealthy individuals, corporations, and countries alike. The definition had drifted away from- but never truly lost- its meaning of frugality and thrift and began describing production, trade, markets, and capitalism. Most modern usage involves this notion of economics. During the Industrial Revolution, additional emphasis was put on production and now, in the age of the internet, our notion of economics continues to change and expand.
The notion of economy originally comes from the word oikonomia, a meaning of economics credited to Aristotle (Hann & Hart, 18). Aristotle described oikonomia as ‘household management’, which referred to self-sufficiency and frugality or budgeting within complex households (owners, slaves, etc. )(18). Quickly, land and agriculture became a part of markets, allowing space for unequal proportions of ‘gains and losses’ (20) on behalf of owners vs non-owners. In the 1800s Marx then argued that economy is “above all production” (28), assigning labor and thus humans, as a commodity, with capital being the end goal. So the notion of economy came to refer to land, labor, and capital and the societal power struggles related to the ownership of each. Ultimately, the notion of the economy as the “imposition of order on the practical affairs of a household” (34) has remained the same, with only the breadth of the household expanding to include the world’s government and firms, and the complicated web of inequalities. The base notion, regardless of whether the economic system now includes trade, profit, taxes, etc, is that Aristotle’s oikonomia still holds true, and that these forces that push markets are just means of organizing the ‘household.’
The notion of an "economy" has changed exponentially throughout history as society itself changed and shifted according to technology and the world's scope. Within chapter two of "Economic Anthropology", Hann and Hart spend much of the chapter describing the different transitions of society and how the economy has grown and molded with it. The authors begin with the concept of "oikonomia", the Greek term for household management, which is widely used to describe the latter part of the Bronze Age. During this time of human development, society focused more on the intricacies of a household and due to the lack of technology, it was difficult for humans to have their economies span farther than their own household. The next transition isn't much larger, but it spans farther than just the household. Hann and Hart use the feudal period to describe how the notion of the economy changed and became something to describe a domestic market. Instead of only being concerned with household budgeting and management, the economy was now concerned with markets, commerce, and trade, spanning much further than its past identity of "oikonomia". The next development in the notion of economy came with the emergence of the political economy. After society incorporated markets, commerice, and trade into the economy, people began to see the value and power that came from having a significant hold in markets. Value of goods and commerce suddenly became a part of a larger scheme of sorts, and the economy was now a chip in a game to win political power on an international scale. This transformation of the economy from household management into a form of political power is one of the driving factors for the need to understand the economy and the power that society allows it to hold.
ReplyDeleteOver the course of history the notion of "economy" has changed a great deal in accordance with the constant evolution of human society. A few examples of this change can be found within chapter two of "Economic Anthropology". The chapter begins by discussing the economic concept of "Household Management" which is used to describe the economic structure of the late bronze age. This structure fell into two different systems one being Democracy in which the people controlled the government/economy and the other being the Aristocracy in which one person or a very small group of people controlled the government/economy. After the bronze age ended a new structure took prevalence over the household economy this being "Medieval Economic theory" or Feudalism. In this economic structure the economy was largely controlled by wealthy landowners such as kings, lords, or knights and the goods that they produced and sold on or around that land. Finally, from these economic structures a new idea was born this being "Political Economic Theory". Which was born from the creation of large markets in which many people were buying and selling many things resulting in a group of people acquiring enough wealth to sway their leaders decisions. As a result of all of this the timeline of economic change is an important tool in understanding economic's in today's societies around the world.
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ReplyDeleteAccording to Hann and Hart's "Economic Anthropology," the definition and notion of "economy" has expanded and changed to suit contemporary society. For example, the Greek "oikonomia," the root of "economy," had little to do with markets, except to deprecate them. Oikonomia meant the frugal management of the household, specifically large estates with the goal of self-sufficiency. Markets were viewed negatively and suppressed by the landed elite. This tension between internal and external commerce continued into the Middle Ages, where philosophers attempted to reconcile agrarian feudal systems and growing markets. "Economy" had expanded past the household. The next breakthrough came with the notion of political economy in the eighteenth century. Suddenly "economy' was a primary social institution, which could determine the political sway of wealthy individuals, corporations, and countries alike. The definition had drifted away from- but never truly lost- its meaning of frugality and thrift and began describing production, trade, markets, and capitalism. Most modern usage involves this notion of economics. During the Industrial Revolution, additional emphasis was put on production and now, in the age of the internet, our notion of economics continues to change and expand.
ReplyDeleteThe notion of economy originally comes from the word oikonomia, a meaning of economics credited to Aristotle (Hann & Hart, 18). Aristotle described oikonomia as ‘household management’, which referred to self-sufficiency and frugality or budgeting within complex households (owners, slaves, etc. )(18). Quickly, land and agriculture became a part of markets, allowing space for unequal proportions of ‘gains and losses’ (20) on behalf of owners vs non-owners. In the 1800s Marx then argued that economy is “above all production” (28), assigning labor and thus humans, as a commodity, with capital being the end goal. So the notion of economy came to refer to land, labor, and capital and the societal power struggles related to the ownership of each. Ultimately, the notion of the economy as the “imposition of order on the practical affairs of a household” (34) has remained the same, with only the breadth of the household expanding to include the world’s government and firms, and the complicated web of inequalities. The base notion, regardless of whether the economic system now includes trade, profit, taxes, etc, is that Aristotle’s oikonomia still holds true, and that these forces that push markets are just means of organizing the ‘household.’
ReplyDelete