What is contribution of Plato in economics?

Answer 1

Plato's contributions to economics are primarily found in his philosophical discussions about the ideal state and the role of justice in society. In works like "The Republic," he explores the division of labor and the importance of specialization, suggesting that individuals should perform roles best suited to their abilities for a harmonious society. Additionally, his ideas on property and wealth, particularly in advocating for communal ownership among the ruling class, highlight early thoughts on economic organization and resource distribution. While not an economist by modern standards, his philosophical inquiries laid foundational ideas for later economic thought.