Generational Wealth: Hesiod versus Aristotle

It is a great irony that prosperity affords posterity the luxury of forgetting its origins. Though not a hard-and-fast rule of societal evolution, generations who grow up wealthy often lack respect for or understanding of the values and ideas that generated the very wealth from which they benefit.

There is an honesty, realism, and practical virtue often accompanying generations that have to endure difficult labor that is sometimes lost on later generations that inherit a comfortable material life. This is not a new phenomenon but is present throughout history. Compare, for example, the life and work of the ancient Greek poet Hesiod with that of the great philosopher Aristotle some 300 years later.

Hesiod lived sometime around 700 B.C. in the region of Boeotia, which he described in his Works and Days as a "cursed place, cruel in winter, hard in summer, never pleasant." Though little is known about his life, he was apparently a shepherd who claimed to have been given the gift of song by the Muses one day while tending his flock. Regardless of the source, Hesiod’s poetry is full of colorful mythology, practical wisdom, and sound ethics. The ancient poet wrote at a time near the end of the Greek Dark Ages and at the beginning of the Archaic period. Greece was a highly decentralized region made up of mostly small, self-governing societies, and the merchant class was just beginning to emerge.

It is in this context that Hesiod gives advice to his wayward brother Perses in his Works and Days. The poem is a very practical treatise on the value of hard work, the need to cultivate strong personal character and to focus on one’s own welfare rather than the affairs of others. There is a strong individualism throughout Works, and even a foreshadowing of Bernard de Mandeville’s Grumbling Hive and Adam Smith’s invisible hand, as Hesiod describes the value of self-interest and the ability of envy and strife to motivate hard work and wealth creation.

Read the rest of the article

January 9, 2009