Economic Justice and Social Justice

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What is the primary focus of social justice according to Pope Pius XI?

Principles guiding human institutions

What is the relationship between individual virtues and social virtues?

Social virtues are separate but complementary to individual virtues

What is the role of social institutions in social justice?

They affect the behavior of individuals

What is the relationship between social justice and economic justice?

Economic justice is a subset of social justice Signup and view all the answers

What is the primary goal of social justice in relation to institutions?

To design and continually perfect institutions Signup and view all the answers

What is the outcome of justly organized social institutions?

They provide access to what is good for the person Signup and view all the answers

What is the scope of social justice?

It encompasses economic justice and guides human interactions Signup and view all the answers

What is the responsibility of individuals in social justice?

To design and continually perfect institutions Signup and view all the answers

What is the primary reason why people have rallied behind unjust causes throughout history?

Their confusion about the true meaning of justice Signup and view all the answers

What is the main challenge in pursuing and implementing justice in today's world?

Clarifying the terms 'economic and social justice' to avoid misuse Signup and view all the answers

What is the primary function of justice in guiding human behavior?

To establish a framework for judging what is right and what is wrong Signup and view all the answers

What is the relationship between the Age of the Robot and the potential for eliminating poverty?

The Age of the Robot has the potential to eliminate poverty Signup and view all the answers

What is the definition of justice mentioned in the text?

Giving to each what they are due Signup and view all the answers

What is the primary problem with the concept of justice?

It is often misused to describe social problems Signup and view all the answers

What is the role of universal moral values in achieving justice?

They are a set of principles that guide human behavior Signup and view all the answers

What is the significance of the four cardinal virtues of classical moral philosophy?

They are a set of universal principles that include justice, courage, temperance, and prudence Signup and view all the answers

What is the primary purpose of forming a just government, according to the Virginia Declaration of Rights?

To secure the highest purposes of life, liberty, and property Signup and view all the answers

What limitation on the rights of private property was achieved through the abolition of slavery and feudalism?

No person could become the property of another Signup and view all the answers

What is the role of government in relation to private property, according to the text?

To protect and promote private property Signup and view all the answers

What is the goal of the proposed system of economics and long-range strategy for restructuring the global economy?

To create a single common market based on private property and free markets Signup and view all the answers

What is one of the fundamental human rights that the proposed system of economics aims to provide?

The right to become an owner of privately-owned capital instruments Signup and view all the answers

What is the relationship between the pursuit of justice and the pursuit of economic goals?

The pursuit of justice is one of the ultimate ends of human life, alongside economic goals Signup and view all the answers

What is the role of the modern business corporation in the proposed system of economics?

To promote a free market economy Signup and view all the answers

What is the primary goal of the New Role of Private Property in a Just Global Marketplace?

To develop a system of economics and long-range strategy for restructuring the global economy Signup and view all the answers

What is the primary reason for the rare historical exception of free market policies in settling America's vast land frontier?

The lack of institutional barriers to equal access to productive credit and expanded ownership opportunities Signup and view all the answers

What is the implication of 'Capital breeds capital' according to Marx?

The ownership class will continue to accumulate more wealth Signup and view all the answers

According to Marx, why does Say's Law not work in a market economy?

Because of the growing global supply of workers due to rising populations and lowered world migration barriers Signup and view all the answers

What is the implication of 'Supply could not create its own demand'?

The economy will experience shortages and surpluses Signup and view all the answers

What is the primary reason for the rejection of Say's Law by most modern political economists?

The agreement with Marx and Keynes' criticisms of Say's Law Signup and view all the answers

What is the primary consequence of emerging technologies taking over tasks formerly performed by workers?

Increased profits for the ownership class Signup and view all the answers

What is the primary reason for the political interferences with the market system?

The perception of institutional barriers to equal access to productive credit and expanded ownership opportunities Signup and view all the answers

What is the primary consequence of the non-owning majority's purchasing power in a market economy?

The purchasing power will never be enough to purchase all marketable goods and services Signup and view all the answers

What is the primary function of Social Justice within an economy?

To detect and correct distortions and imbalances between input and out-take principles Signup and view all the answers

What is the definition of 'economic harmonies' according to The Oxford English Dictionary?

Laws of social adjustment under which the self-interest of one man or group of men, if given free play, will produce results offering the maximum advantage to other men and the community as a whole Signup and view all the answers

What is the primary goal of the first two principles of Economic Justice?

To ensure a balance between input and out-take Signup and view all the answers

What is the relationship between input and out-take in the principle of Economic Justice?

Input and out-take should be in balance Signup and view all the answers

What is the philosophical basis for the third principle of Social Justice?

The eternal human pursuit of harmony and realization of absolute values Signup and view all the answers

What is the name of the French economist who first suggested the concept of a free market economy, where supply creates its own demand and demand its own supply?

Jean Baptiste Say Signup and view all the answers

What is the concept of justice reflected in Aristotle's 'exchange' justice?

Commutative justice Signup and view all the answers

What is the relationship between double-entry bookkeeping and the principle of Economic Justice?

Double-entry bookkeeping is a direct application of the principle of Economic Justice Signup and view all the answers

Study Notes

Economic Justice in the Age of the Robot

Everyone has an innate sense of injustice, and justice involves applying principles to resolve conflicts and avoid injustices.
Throughout history, people have fought for justice, but often with confused or divisive ideas, leading to tragic consequences.

Defining Justice

One definition of justice is "giving to each what he or she is due," but the challenge lies in knowing what is due.
Functionally, justice is a set of universal principles guiding people in judging what is right and wrong, regardless of culture and society.

Social justice is the broader concept, encompassing economic justice, and guides us in creating organized human interactions (institutions).
Social justice focuses on the moral quality of institutions, not individual actions.
Economic justice encompasses the moral principles guiding the design of economic institutions, affecting both individuals and the social order.

The Three Principles of Economic Justice

Social Justice: The Feedback and Corrective Principle, which governs feedback and correction to restore a just and balanced economic order for all.
Economic harmonies are defined as "laws of social adjustment" that produce maximum advantage for all.
The first two principles of Economic Justice flow from the human instinct for justice in participation (input) and justice in distribution (out-take).

Economic Justice and Say's Law of Markets

Say's Law postulates that in a free market economy, supply creates its own demand, and demand its own supply.
The balancing principle is reflected in Aristotle's commutative or "exchange" justice and in double-entry bookkeeping.
The history of politics is largely a history of attempts to repeal the laws of supply and demand, and to monopolize economic power and privilege.

Criticisms of Say's Law

Karl Marx and John Maynard Keynes both condemned Say's Law, but for different reasons.
Marx argued that Say's Law would not work in a market economy where workers could only participate as workers, not owners, and where technology and profits flowed into the hands of a small ownership class.

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