Economic Theory

If you refuse to take account of theory, then you have forgotten that practice is often an offspring of theory.

All men suppose what is called Wisdom to deal with the first causes and the principles of things; so that, as has been said before, the man of experience is thought to be wiser than the possessors of any sense-perception whatever, the artist wiser than the men of experience, the masterworker than the mechanic, and the theoretical kinds of knowledge to be more of the nature of Wisdom than the productive.

Practical life is not necessarily directed toward other people, as some think; and it is not the case that practical thoughts are only those which result from action for the sake of what ensues. On the contrary, much more practical are those mental activities and reflections which have their goal in themselves and take place for their own sake.