IE Focus | By Miguel Herrero de Jáuregui. Professor. IE School of Arts & HumanitiesIn the light of recent events the dogmas of economic theory have been brought into question, with perhaps one exception: free competition, as defended by the Ancient Greeks.
Many dogmas of classical economical theory have been hastily reviewed in recent times. But I am led to believe that there is one which resists criticism from almost all sides, apart from a few nostalgic diehards. Free competition seems to stand today as a pillar of new and revised models much as it always has from the times of Adam Smith. The first theories on the benefits of competition are, however, much older. In Greece, more than 2,700 years ago, Hesiod began his Works and Days with these lines (see this previous post on translation of ancient poetry).
So there was not only one race of Strifes, but all over the earth
there are two. A man would praise the first one after understanding her.
The other is blameworthy: and their spirit is wholly different.
For one fosters evil war and battle,
being cruel. No man loves her, but men, forced
by the will of the inmortals, pay honour to harsh Strife.
But the other was born the first from dark Night,
and the son of Cronos, who sits above and dwells in the aether, set her
in the roots of the earth: and she is much better for men.
She wakes up even the shiftless to work;
for a man grows eager to work when he sees another
rich man who hastens to plough and plant
and put his house in good order; and neighbour vies with his neighbour
as he hurries after wealth. This Strife is good for mortals
And potter is angry with potter, and craftsman with craftsman,
and beggar is jealous of beggar, and bard of bard.
there are two. A man would praise the first one after understanding her.
The other is blameworthy: and their spirit is wholly different.
For one fosters evil war and battle,
being cruel. No man loves her, but men, forced
by the will of the inmortals, pay honour to harsh Strife.
But the other was born the first from dark Night,
and the son of Cronos, who sits above and dwells in the aether, set her
in the roots of the earth: and she is much better for men.
She wakes up even the shiftless to work;
for a man grows eager to work when he sees another
rich man who hastens to plough and plant
and put his house in good order; and neighbour vies with his neighbour
as he hurries after wealth. This Strife is good for mortals
And potter is angry with potter, and craftsman with craftsman,
and beggar is jealous of beggar, and bard of bard.
IE Focus | By Antonio Rivela and Ignacio de la Torre. Professors. IE Business School
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