Daniel Morena Viton

While Aristotle did not have advanced knowledge of economics, his causal-based view of reality set the stage for the development of the Austrian School.

The Austrian School of economics isn’t a 20th century or even 19th century creation. Instead, Austrian economics is rooted in the logical thought, as developed by Aristotle and Thomas Aquinas.

The importance of hierarchies lies in the fact that not all individuals possess the same abilities or interests, and there exists a natural elite with a greater capacity to lead.