Podcast
Questions and Answers
What is the primary focus of Social Justice?
What is the primary focus of Social Justice?
What does the Principle of Limitation encompass?
What does the Principle of Limitation encompass?
What is the goal of Economic Justice at the individual level?
What is the goal of Economic Justice at the individual level?
What is the primary purpose of Distributive Justice?
What is the primary purpose of Distributive Justice?
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What is the relationship between Social Justice and Participative Justice?
What is the relationship between Social Justice and Participative Justice?
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What is the purpose of understanding the terminology?
What is the purpose of understanding the terminology?
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What is the focus of Individual Justice?
What is the focus of Individual Justice?
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What is the common good?
What is the common good?
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What is the key distinction in Social Justice?
What is the key distinction in Social Justice?
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What does Social Justice not mean?
What does Social Justice not mean?
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What is the moral basis of the Just Third Way?
What is the moral basis of the Just Third Way?
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What is the definition of a natural person?
What is the definition of a natural person?
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What is the relationship between power and rights?
What is the relationship between power and rights?
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What is the primary aspect of private property?
What is the primary aspect of private property?
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What is the primary way to acquire property?
What is the primary way to acquire property?
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What is the purpose of money?
What is the purpose of money?
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What is the proper use of future savings money?
What is the proper use of future savings money?
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What is the definition of justice?
What is the definition of justice?
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What is the primary characteristic of no savings money?
What is the primary characteristic of no savings money?
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What is the relationship between virtue and justice?
What is the relationship between virtue and justice?
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Study Notes
Foundational Definitions of the Just Third Way
- The Just Third Way is based on the dignity and empowerment of each person.
- The moral basis of the Just Third Way is focused on the dignity and empowerment of each person.
Definition of a Person
- Legally, a person is that which has rights.
- There are two types of persons:
- Natural persons (human beings)
- Artificial persons (business corporations, created entities)
Definition of Power
- Power means the ability to do or not do something.
- Power is related to rights, as a person needs power to exercise their rights.
Definition of Private Property
- Private property is a key right, alongside life and liberty.
- There are two aspects of private property:
- The natural, absolute right every person has to be an owner.
- The bundle of rights that define how an owner may use what is owned (e.g., control, enjoyment, uses).
- The rights of property are limited and socially determined.
Acquisition of Property
- Ways to acquire property:
- Inheritance
- Abandoned properties
- Access to money and credit
Money and Credit
- Money is a medium of exchange.
- Credit is a loan of money to be repaid.
- Money and credit are based on promises and trust.
- The value of money is measured by its ability to facilitate the exchange of things of value.
Types of Money
- Past savings money (results from consuming less than producing)
- Future savings money (present value of future increases in production)
- No savings money (created out of nothing, e.g., government debt)
Proper Use of Money
- Past savings money: consumption
- Future savings money: investment in new capital or projects
- No savings money: not to be used at all
Justice
- Justice is the classical virtue that says everyone gets what is due.
- Virtue is the habit of doing good, becoming more fully human.
- Justice is divided into:
- Individual Justice (how we render to others and ourselves what is due)
- Social Justice (the Justice directed at the common good)
- Distributive Justice (the justice of proportion, in group endeavors)
Common Good
- The common good is the capacity every single human being has to become more fully human.
- Socially, the common good is the vast network of institutions that help us become virtuous.
Social Justice
- Social justice is the Justice directed to the common good.
- It means organizing to correct our institutions so that they help us become virtuous.
Economic Justice
-
Individual level: behaving justly in the market (e.g., just price, just wage)
-
Social level: application of social justice to economic systems, enabling individual economic justice.
-
Principles of economic justice:
- Equal opportunity to participate as owners of labor and capital
- Distributions commensurate with contribution### Principles of Justice
-
Participative Justice: the input principle, where every individual has the right to participate with capital and labor.
-
Distributive Justice: the principle of receiving a distribution of results in proportion to the relative value of one's contribution.
Expansion of Principles
- Principle of Limitation expanded to Social Justice, which encompasses Participative Justice and Distributive Justice.
- Social Justice: the feedback and corrective principle, ensuring that economic institutions are structured to permit everyone to participate and receive a just distribution.
Key Distinctions
- Social Justice in the economic realm does not mean forcing participation, but rather creating an environment where everyone can participate.
- Social Justice does not mean paying a just wage, but rather making it possible for owners to receive what they are due and for wage earners to earn what they deserve.
Importance of Terminology
- Understanding the terminology is crucial, and the relationships between the terms will become clearer as they are applied in different contexts.
- Participants are encouraged to ask questions and engage with the material to solidify their understanding.
Foundational Definitions of the Just Third Way
- The Just Third Way is centered on promoting the dignity and empowerment of each person.
Definition of a Person
- Legally, a person is an entity with rights, which can be either:
- Natural persons (human beings)
- Artificial persons (business corporations, created entities)
Definition of Power
- Power is the ability to exercise one's rights, which is closely tied to having rights.
Definition of Private Property
- Private property is a fundamental right, alongside life and liberty, consisting of:
- The natural, absolute right to own property
- A bundle of rights that define how an owner can use their property (e.g., control, enjoyment, uses)
- The rights of property are limited and socially determined.
Acquisition of Property
- Ways to acquire property include:
- Inheritance
- Abandoned properties
- Access to money and credit
Money and Credit
- Money is a medium of exchange, and credit is a loan of money to be repaid.
- The value of money is measured by its ability to facilitate the exchange of valuable things.
Types of Money
- There are three types of money:
- Past savings money (resulting from consuming less than producing)
- Future savings money (present value of future increases in production)
- No savings money (created out of nothing, e.g., government debt)
Proper Use of Money
- Each type of money has a specific use:
- Past savings money: consumption
- Future savings money: investment in new capital or projects
- No savings money: should not be used at all
Justice
- Justice is the virtue of giving everyone what is due, consisting of:
- Individual Justice (rendering to others and ourselves what is due)
- Social Justice (directed at the common good)
- Distributive Justice (justice of proportion, in group endeavors)
Common Good
- The common good is the capacity for individuals to become more fully human, supported by a vast network of institutions.
Social Justice
- Social justice is the organization of institutions to correct injustices and promote the common good.
Economic Justice
- Economic justice involves:
- Individual level: behaving justly in the market (e.g., just price, just wage)
- Social level: applying social justice to economic systems, enabling individual economic justice
- Principles of economic justice include:
- Equal opportunity to participate as owners of labor and capital
- Distributions commensurate with contribution
Principles of Justice
- Participative Justice: the input principle, where every individual has the right to participate with capital and labor.
- Distributive Justice: the principle of receiving a distribution of results in proportion to the relative value of one's contribution.
Expansion of Principles
- The Principle of Limitation is expanded to Social Justice, which encompasses Participative Justice and Distributive Justice.
Key Distinctions
- Social Justice does not mean forcing participation, but rather creating an environment for participation.
- Social Justice does not mean paying a just wage, but rather enabling owners to receive what they are due and wage earners to earn what they deserve.
Importance of Terminology
- Understanding the terminology is crucial, and relationships between terms will become clearer as they are applied in different contexts.
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Description
Explore the foundational principles of the Just Third Way, including the dignity and empowerment of each person, and the definitions of a person and power.
