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13 Cards in this Set
- Front
- Back
- 3rd side (hint)
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Xenophon |
*valued individual decisión making. *efficient management = skill, ÷ L *Oeconomicus - Farmer and Soldier *Attained prominence in politics |
Disciple of Socrates |
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Four Pivotal Events |
*Adoption of Phoenician alphabet *Colonies founded Mediterranean/Black seas *Coined money invented Lydia, Asia minor *Rise of interest charged on loans |
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Hesiod |
*His ideas were presented orally *Scarcity = Pandora 's box *Works & Days - ECON ideas *Unemployment = Slavery, starvation |
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Plato |
*He analyzed the entire political and economic structure of the State. *Argued that cities owe their origin to specialization ÷ Labor. *What is justice? *"A tyrant must always be provoking war." *Inherited Vs Acquired wealth - Acquired wealth is more attached to money. Bad people. *Limit to private property for citizen *Trade = bilateral exch, good 4 both. *money = token of exchange. |
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Platos' división of goods. |
1. Harmless pleasures for own sake. 2. Pursuit themselves burde. Not done for own sake, rather for result. 3. Highest class = value for themselves, their consequences. Knowledge, health |
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Aristotle |
*Fundamental inequality of men *Natural = Right *Slavery = Natural *Defended private property 4 all. *Interest is unnatural. Condemned *People's needs are moderate, but people's desires are limitless. *Scarcity can be addressed by reducing consumption. |
Lower poverty? Limit population not property. |
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ARISTOTLE |
1. Trade arises only when surpluses exist. 2. There must be differing subjective estimate among trades of the worth of each surplus. 3. Traders must establish mutual advantage from exchange. 4. If dispute, the authority will mediate. |
Gleaners - protection for the poor. |
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Aristotle & Gold |
1. Durability - Gold makes good money because it won't evaporate, mildew, rust, crumble, break ir rot. Last in medium of exchange. 2. Disivility - whether bullion, dust, or coin. One ounce of gold is exactly 1/100 of one hundred ounces. No depreciation. 3. Convincente - Gold allows the owner to carry his money with him. Convinient. 4. Uniformity - Pure gold is the same mo matter what. 5. Intrinsic Value - Gold finds many uses other than money. |
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Medieval Arab - Islamic Economics |
1. Reintroduced Aristotle to the West 2. Blessed if follow the rules 3. Self-love is ok 4. Slavery - Periodically freed 5. Sabbath - Weekend/holy day 6. Sabbatical year - Evry 7 years, All debts cancel Land lies until harvested, so poor can eat.
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In 6 days god created the world, on the 7th day he rest. |
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Abu Hamid al-Ghazali |
*Developed social welfare *Salvation is the ultimate goal of human action. 1. Voluntary exchange and markets 2. The nature of production 3. Money and interest 4. Public finance. |
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RIBA An-Nesia |
Interest on lent money |
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RIBA An-Fadl |
Mix lf inferior + superior goods |
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Our'an |
Forbids interest in all forms 1. Lender should share the risk with borrower 2. Comparison with Bankruptcy. |
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