PAPM 1000 Study Guide - Final Guide: Thomas Robert Malthus, Factor Price, Just Price

• School: Carleton University
• Department: Public Affairs and Policy Management
• Course: PAPM 1000
• Professor: Marc Andre Gagnon

Document Summary

The state exists to help people towards the good life (virtue, wisdom, philia) Oikonomia: (1) management of household, husbandry, (2) regulation/plan/administration. Noble, necessary exchange/commerce for the purpose of living. Chrematistics or art of wealth getting is accumulation of wealth for the sake of wealth. There is an illusion that this will bring the good life, but aristotle says no, although oikonomia is needed to be happy excess amounts of wealth are not. Use value is what a commodity is immediately useful for (ex. Exchange value is what a commodity is worth in relation to other goods (ex. If x is needed 4 times as much as y, x"s exchange value is 4y. Just price: the moral price at which both the seller and buyer are honest about the value of the good to them. It is wrong to underpay or overpay b/c it violates the trust in your neighbour.