Xenophon was a man of affairs, whose interests touched the practical life of the world on many sides, as is evidenced by the broad scope of his extant works. He was also, however, a pupil of Socrates. In his economic thought, therefore, he vacillates between the positive interest of the practical economist and the negative criticism of the Socratics.375 On the whole, his practical bent dominates, and is especially exhibited in his essay on the Revenues of Athens,376 as also in the fact that he was the first writer to produce a work devoted entirely to economics.377 The spirit of the moral philosopher, on the other hand, is prominent wherever the influence of Socrates is felt, as in the first chapters of the Economicus and in the Memorabilia. When the Socratic ideal dominates, he, in common with other Greek thinkers, confuses economics with ethics, and private with public economy.378 He makes the science of economy deal with the management of private estates,379 and believes with Plato and Ruskin that the same qualities are necessary for the successful handling of the affairs of either house or state.380
VALUE
Xenophon insists strongly on utility or serviceableness as a necessary quality of property (χρήματα, κτήματα). By this, however, he means primarily, not potential utility in the object, but ability of the owner to use rightly.381 Even exchangeability does not insure value in anything, unless the seller can use to advantage that which he receives in return.382 This idea of value is true enough from the ethical standpoint, and should not be left out of account, as is being recognized by modern economists. But to attempt to build a theory of economic value on such a basis, as Ruskin does,383 would result in hopeless confusion. Value is not merely an individual and moral, but also a social and economic, fact.