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This paper provides a philosophical contribution to the discourse on economic rationality. I refer to the thought of Aristotle, and provide a detailed analysis of the Aristotelian idea of the economy and the crucial meaning of the term logos, which is one of the origins of the modern concept of rationality. I identify the specific role Aristotle ascribes to the logos within the economy and, with this, specify the Aristotelian conception of economic rationality. In reference to the Aristotelian conception I suggest the introduction of a new integrative concept of economic ratio nality into modern discussions, which comprises several dimensions of rationality – particularly an ethical dimension – and simultaneously refers to substantial and instrumental aspects. I argue that this new concept of economic rationality allows us to fundamentally reconsider some methodological issues of modern economics as well as crucial ethical issues of modern business.
