ECO 3132 Lecture Notes - Lecture 4: Collective Ownership, Chartalism, Economic Equilibrium
12 Dec 2017
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Document Summary
Aristotelian thought: nature and the role of money, as in plato the presence of the division of labour requires money to facilitate exchange. He is saying commodities can produce other commodities and thus a surplus. Interest is therefore a form of exploitation: property and the state, to minimize conflict within the ruling class (the guardians). It was more a moral philosophy which were divided into ethics, economics and politics. Aristotle views on justice and equity: distributive justice: the way which wealth and honour is distributed in society. Not based on equality but on inequality: example: two individuals who pay taxes, those who pay more taxes should receive more services. In contrast to distributive justice which is based on the inequality of merits, whenever there is a situation involving a zero sum game. They hold different weights therefore when were setting prices depending on their social rank.
