Purposeless Technology and Chrematistic
Pursuits: The Implicit Subordination of Homo-Economicus', Cosmos and History: The Journal of Natural and Social Philosophy, vol.
The first scenario examples could be taken from real estate bubbles which are formed when the demand is created artificially (speculative, Atistotel's chrematistic
Karl Marx, in Das Kapital, understood very well this issue and his reflections find its roots in the distinction between economy and chrematistic
postulated by Aristotle in his Politics.
Capital is able to engage in its chrematistic
operation of producing value and reaping surplus value or profit only if it meets the test of material economic reproducibility of any human society which requires that social demand for basic goods be met in a way that does not chronically misallocate resources and ensures that the direct producers receive, at minimum, the product of their necessary labour.
This is called Chrematistic
wealth and since it is without reference to the good of the family household and the state for the sake of the members of these associations or indeed for any other association for the sake of the good life, it seems that it does not have a limit.
paradigm involves the pursuit of money with the object of acquiring physical goods for the purpose of reselling them at a profit and thereby increasing one's stock of money.
However Aristotle was more influential, conveying the distinction between the concepts of economy and chrematistic
(6), defining the legal price and natural price (7), considering need as the result of the exchange (making a subjective approach to value (8)), as well as the ownership of the goods separating their domain and tenure, and finally defining the origin and functions of money.
But one also needs to recall the first volume of Capital where Marx drew on Aristotle's distinction between oeconomic, as the art of gaining a livelihood, and chrematistic
, or the skill of trafficking goods and money.
However, Aristotle also considered (and discredited) what he called chrematistic
, the art of gaining and making profit, which seemed an inevitable offspring of the overall economy of circulation.
is a perversion of nature for it does not satisfy natural needs).
3: (one unconvertible word in Greek Charact prizes are, as it were, chrematistic
tendency towards de-formation was not lost on Marx, whose works provide a humanistic antidote to the political economy of Adam Smith.