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By Dinneen, Nathan Michael

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94 Exchange only becomes unnatural when unlimited gain rather than self-sufficiency marks the end of the transaction. It should be mentioned in this context, which neither Polanyi nor Booth discuss in any depth, that the friendship associated with the economy exists on different levels. The sort of friendship involved in commercial exchange, regardless of whether it fully 91 Aristotle, Politics, 65 (1265a27-37). Aristotle, Nichomachean Ethics, 10 (1097b7-11). , 90 (1133b11-21). 94 Polanyi, “Aristotle Discovers the Economy,” 96, 97, 101, 113.

70 William James Booth, Households: On the Moral Architecture of the Economy (Ithaca: Cornell University Press, 1993), 7. his queer admission, reminiscent of Aesop’s “The Fox and the Grapes” fable, that 34 they could have should they have so desired, but for some reason they decided such an inquiry would only yield sour results. In turn, Polanyi makes the case that Aristotle had a concept of the economy, even a systematic one to use Booth’s language, 71 which so happened not to be formal but rather substantive.

Both, for instance, subordinate political economy to statesmanship. 102 Like Smith, Aristotle understood that household economics was an activity that an individual engaged in to supply the daily needs of his family as well as necessary for the polis, since “many cities need business and revenues,” even more so than households. Aristotle concludes, “there are some even among those engaged in 99 See Aristotle, Nichomachean Ethics, 192 (1177a11-1178a9), where the contemplative man is the most self-sufficient and the political man is considered to be unleisured.

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