ECON 2233 Midterm: EC233 Midterm 1.docx
Document Summary
Aristotle: ethics, moral judgment: all normative analysis (way things should be, fairness in distribution, what is just is accord with merit, geometrical ratios for distribution, rectification, arithmetic, not based on merit, intermediary between what is lost and gained (go to judge, fair transaction if it restore prior relationship, reciprocity, ex: shoemaker and house builder, all things exchanged must be comparable (shackle: rendering incommensurables commensurable); through justice, money is a measuring tool making all things commensurate, politics, art of accumulation is natural and limited within household management, getting money (retail trade) is not natural, greatest profit available, not natural = money acquisition is not limited and men gain from other men, goes against reciprocity, usury immoral = money doesn"t breed money, brief discussion of monopoly, ex: man who bought iron mines; not in favor of monopolies, unnatural leading to money acquisition, private ownership = better able to take care of land, man loves things that are his.
