Originally posted on Thursday, January 24th, 2013
Murray Rothbard, in Economic Thought Before Adam Smith: Austrian Perspective on the History of Economic Thought, referenced the great Greek poet Hesiod as the first economist.
From Hesiod we have many of the great Greek myths, such as that of Pandora. In Works and Days Hesiod retells the story about “a golden race of mortal men” who “lived like gods without sorrow of heart:”
(ll. 109-120) First of all the deathless gods who dwell on Olympus made a golden race of mortal men who lived in the time of Cronos when he was reigning in heaven. And they lived like gods without sorrow of heart, remote and free from toil and grief: miserable age rested not on them; but with legs and arms never failing they made merry with feasting beyond the reach of all evils. When they died, it was as though they were overcome with sleep, and they had all good things; for the fruitful earth unforced bare them fruit abundantly and without stint. They dwelt in ease and peace upon their lands with many good things, rich in flocks and loved by the blessed gods.
Hesiod and the Muse, by Gustave Moreau
Hesiod also anticipated Supply Side economics. “Give is a good girl, but Take is bad and she brings death.”
(ll. 352-369) Do not get base gain: base gain is as bad as ruin. Be friends with the friendly, and visit him who visits you. Give to one who gives, but do not give to one who does not give. A man gives to the free-handed, but no one gives to the close-fisted. Give is a good girl, but Take is bad and she brings death. For the man who gives willingly, even though he gives a great thing, rejoices in his gift and is glad in heart; but whoever gives way to shamelessness and takes something himself, even though it be a small thing, it freezes his heart. He who adds to what he has, will keep off bright-eyed hunger; for it you add only a little to a little and do this often, soon that little will become great. What a man has by him at home does not trouble him: it is better to have your stuff at home, for whatever is abroad may mean loss. It is a good thing to draw on what you have; but it grieves your heart to need something and not to have it, and I bid you mark this. Take your fill when the cask is first opened and when it is nearly spent, but midways be sparing: it is poor saving when you come to the lees.
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