ABSTRACT
The Greek philosophers had higher thoughts than these. Aristotle included in household management not only the management of the slaves but also the management of wife and children. The household to him was like a little kingdom, so that its management formed' a part of Politics. And it was thus, as a part of politics, that the earlier eighteenth-century philosophers in Great Britain still understood their" CEconomicks." Francis Hutcheson, Adam Smith's teacher and model, divided his Short Introduction to Moral Philosophy 1 into three Books: "I. Elements of Ethicks," " II. Elements of the Law of Nature," and" III. Principles of CEconomicks and Politicks." It is in the second of these Books that he deals with what we call the economic subjects of property, value and contract, while in the third Book, the" Principles of CEconomicks " are dealt with in three chapters, " Concerning Marriage," " The Duties of Parents and Children," and" The Rights of Masters and Servants." Of these the first is principally concerned with divorce, and the third with the injustice of slavery, and there is scarcely any economics in the modern sense in any of them except a slight reference in the second to the fact that sums spent on the education of children are ordinarily regarded as a donation and not as an investment. It is clear that Hutcheson took" CEconomicks " in the old Greek sense. I t is not by this road that we are to trace the origin of the modern Economics.
