Philosophy of Justice

Defining Justice

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

The Virtues of Justice

• Justice is one of the four cardinal virtues of classical moral philosophy, along with courage, temperance, and prudence.
• The ultimate purpose of all the virtues is to elevate the dignity and sovereignty of the human person.

Distinguishing Justice from Charity

• Justice is distinct from the virtue of charity.
• Charity is the soul of justice, supplying the material foundation for charity.
• Charity deals with exceptional cases where strict application of the rules is not appropriate or sufficient.

Philosophical Developments of the Concept of Justice

• The Old Testament reminds us that pursuing justice is a moral imperative.
• Aristotle divided justice into two parts: commutative justice and distributive justice.
• Commutative justice deals with exchanges of equal or equivalent value between individuals or groups.
• Distributive justice deals with a distribution or division of something among various people interacting together in shares proportionate to what each one deserves.

Defining Social and Economic Justice

• Social justice is the broader concept and encompasses economic justice.
• Social justice is the virtue that guides us in creating organized human interactions, which we call institutions.
• Economic justice touches the individual person as well as the social order and encompasses the moral principles that guide us in designing our economic institutions.

Property and Economic Justice

• Property is not the material object, but rather the relationships an owner justly acquires with respect to things.
• Private property is a set of rights, powers, and privileges that an individual enjoys in his relationship to things.
• Under the law, these rights include possessing, excluding others, disposing or transferring, using, enjoying the fruits, and destroying or injuring.

Private Property in Corporate Equity

• Corporate equity, represented by shares of common stock, allows many owners to share individually and "jointly" in the ownership, risks, and profits of a modern corporation.
• No shareholder has any legal title to the machinery or other assets owned by the corporation itself.

Why is Private Property Essential to Economic Justice?

• Joint or share ownership provides each shareholder with a definable private property stake in the corporation, decentralizing economic power.
• Property determines who has the right to share in profits, the "wages of ownership."
• Assuming that economic values are set democratically and freely in a competitive marketplace, property incomes become the key to distributive justice.

Rethinking Money as a Tool for Building a Just Free Market Economy

• Money is a social tool, an artifact of civilization invented to facilitate economic transactions.
• Money can be used justly or unjustly to shape the future, to concentrate power and property, or to make power and property equally accessible to every human being.

The Three Principles of Economic Justice

• The pursuit of justice is one of the ultimate ends of human life.
• There are three essential and interdependent pillars of the expanded ownership theory of economic justice:
  • The Principle of Participation (Participative Justice)
  • The Principle of Distribution (Distributive Justice)
  • The Principle of Harmony (Social Justice)

Participative Justice

• Participative justice involves how one makes an "input" to the economic process, through one's human contributions and non-human contributions.
• This principle requires that every person be provided by society's institutions with equal access to the means to make a productive contribution to the economy.

Distributive Justice

• The principle of distribution based on justice defines the "out-take" rights of an economic system matched to each person's labor and capital inputs.
• Through the distributional features of private property within a free and open marketplace, distributive justice becomes automatically linked to Participative Justice, and incomes to productive contributions.

Social Justice

• Social justice governs both "feedback" (detecting distortions of either the input or out-take principles) and "correction" (correcting systemic defects and imbalances between input and out-take) to restore a just and balanced economic order for all.### Economic Harmonies

• Defined as the laws of social adjustment that allow individual self-interest to produce maximum advantage for others and the community.

• Guidelines for controlling monopolies, building checks-and-balances, and synchronizing distribution with participation.

Principles of Economic Justice

• First principle: justice in participation (equal opportunity, removal of barriers) and justice in distribution (commensurate rewards).
• Second principle: balance between input and out-take, reflecting the concept of "to each according to what he is due".
• Third principle: pursuit of harmony and absolute values (Truth, Beauty, Love, and Justice).

Economic Justice and Say's Law of Markets

• Balancing between input and out-take reflected in Aristotle's commutative justice and double-entry bookkeeping.
• Say's Law: supply creates its own demand, and demand its own supply, in a free market economy.
• Historical attempts to repeal the laws of supply and demand led to the rejection of Say's Law by most modern economists.

Criticism of Say's Law

• Marx: rejected Say's Law due to the concentration of ownership, growing global supply of workers, and technological advancements.
• Keynes: dismissed Say's Law, focusing on the demand side of the economic equation and governmental intervention to stimulate the economy.

Reviving Say's Law

• Louis Kelso: proposed reviving Say's Law by providing universal access to capital credit, leading to widespread citizen ownership and profit distributions.
• This would create an equilibrium between aggregate supply and aggregate demand, allowing Say's Law to work in a market economy.

Applying the Principle of Social Justice

• Guidelines for Social Justice include providing equal opportunity, removing barriers to participation, and promoting widespread citizen access to capital credit.
• The pursuit of Social Justice is a moral imperative, requiring ongoing effort to restore harmony to the social order.

Defining Justice

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

The Virtues of Justice

• Justice is one of the four cardinal virtues of classical moral philosophy, along with courage, temperance, and prudence.
• The ultimate purpose of all the virtues is to elevate the dignity and sovereignty of the human person.

Distinguishing Justice from Charity

• Justice is distinct from the virtue of charity.
• Charity is the soul of justice, supplying the material foundation for charity.
• Charity deals with exceptional cases where strict application of the rules is not appropriate or sufficient.

Philosophical Developments of the Concept of Justice

• The Old Testament reminds us that pursuing justice is a moral imperative.
• Aristotle divided justice into two parts: commutative justice and distributive justice.
• Commutative justice deals with exchanges of equal or equivalent value between individuals or groups.
• Distributive justice deals with a distribution or division of something among various people interacting together in shares proportionate to what each one deserves.

Defining Social and Economic Justice

• Social justice is the broader concept and encompasses economic justice.
• Social justice is the virtue that guides us in creating organized human interactions, which we call institutions.
• Economic justice touches the individual person as well as the social order and encompasses the moral principles that guide us in designing our economic institutions.

Property and Economic Justice

• Property is not the material object, but rather the relationships an owner justly acquires with respect to things.
• Private property is a set of rights, powers, and privileges that an individual enjoys in his relationship to things.
• Under the law, these rights include possessing, excluding others, disposing or transferring, using, enjoying the fruits, and destroying or injuring.

Private Property in Corporate Equity

• Corporate equity, represented by shares of common stock, allows many owners to share individually and "jointly" in the ownership, risks, and profits of a modern corporation.
• No shareholder has any legal title to the machinery or other assets owned by the corporation itself.

Why is Private Property Essential to Economic Justice?

• Joint or share ownership provides each shareholder with a definable private property stake in the corporation, decentralizing economic power.
• Property determines who has the right to share in profits, the "wages of ownership."
• Assuming that economic values are set democratically and freely in a competitive marketplace, property incomes become the key to distributive justice.

Rethinking Money as a Tool for Building a Just Free Market Economy

• Money is a social tool, an artifact of civilization invented to facilitate economic transactions.
• Money can be used justly or unjustly to shape the future, to concentrate power and property, or to make power and property equally accessible to every human being.

The Three Principles of Economic Justice

• The pursuit of justice is one of the ultimate ends of human life.
• There are three essential and interdependent pillars of the expanded ownership theory of economic justice:
  • The Principle of Participation (Participative Justice)
  • The Principle of Distribution (Distributive Justice)
  • The Principle of Harmony (Social Justice)

Participative Justice

• Participative justice involves how one makes an "input" to the economic process, through one's human contributions and non-human contributions.
• This principle requires that every person be provided by society's institutions with equal access to the means to make a productive contribution to the economy.

Distributive Justice

• The principle of distribution based on justice defines the "out-take" rights of an economic system matched to each person's labor and capital inputs.
• Through the distributional features of private property within a free and open marketplace, distributive justice becomes automatically linked to Participative Justice, and incomes to productive contributions.

Social Justice

• Social justice governs both "feedback" (detecting distortions of either the input or out-take principles) and "correction" (correcting systemic defects and imbalances between input and out-take) to restore a just and balanced economic order for all.### Economic Harmonies

• Defined as the laws of social adjustment that allow individual self-interest to produce maximum advantage for others and the community.

• Guidelines for controlling monopolies, building checks-and-balances, and synchronizing distribution with participation.

Principles of Economic Justice

• First principle: justice in participation (equal opportunity, removal of barriers) and justice in distribution (commensurate rewards).
• Second principle: balance between input and out-take, reflecting the concept of "to each according to what he is due".
• Third principle: pursuit of harmony and absolute values (Truth, Beauty, Love, and Justice).

Economic Justice and Say's Law of Markets

• Balancing between input and out-take reflected in Aristotle's commutative justice and double-entry bookkeeping.
• Say's Law: supply creates its own demand, and demand its own supply, in a free market economy.
• Historical attempts to repeal the laws of supply and demand led to the rejection of Say's Law by most modern economists.

Criticism of Say's Law

• Marx: rejected Say's Law due to the concentration of ownership, growing global supply of workers, and technological advancements.
• Keynes: dismissed Say's Law, focusing on the demand side of the economic equation and governmental intervention to stimulate the economy.

Reviving Say's Law

• Louis Kelso: proposed reviving Say's Law by providing universal access to capital credit, leading to widespread citizen ownership and profit distributions.
• This would create an equilibrium between aggregate supply and aggregate demand, allowing Say's Law to work in a market economy.

Applying the Principle of Social Justice

• Guidelines for Social Justice include providing equal opportunity, removing barriers to participation, and promoting widespread citizen access to capital credit.
• The pursuit of Social Justice is a moral imperative, requiring ongoing effort to restore harmony to the social order.

Defining Justice

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

The Virtues of Justice

• Justice is one of the four cardinal virtues of classical moral philosophy, along with courage, temperance, and prudence.
• The ultimate purpose of all the virtues is to elevate the dignity and sovereignty of the human person.

Distinguishing Justice from Charity

• Justice is distinct from the virtue of charity.
• Charity is the soul of justice, supplying the material foundation for charity.
• Charity deals with exceptional cases where strict application of the rules is not appropriate or sufficient.

Philosophical Developments of the Concept of Justice

• The Old Testament reminds us that pursuing justice is a moral imperative.
• Aristotle divided justice into two parts: commutative justice and distributive justice.
• Commutative justice deals with exchanges of equal or equivalent value between individuals or groups.
• Distributive justice deals with a distribution or division of something among various people interacting together in shares proportionate to what each one deserves.

Defining Social and Economic Justice

• Social justice is the broader concept and encompasses economic justice.
• Social justice is the virtue that guides us in creating organized human interactions, which we call institutions.
• Economic justice touches the individual person as well as the social order and encompasses the moral principles that guide us in designing our economic institutions.

Property and Economic Justice

• Property is not the material object, but rather the relationships an owner justly acquires with respect to things.
• Private property is a set of rights, powers, and privileges that an individual enjoys in his relationship to things.
• Under the law, these rights include possessing, excluding others, disposing or transferring, using, enjoying the fruits, and destroying or injuring.

Private Property in Corporate Equity

• Corporate equity, represented by shares of common stock, allows many owners to share individually and "jointly" in the ownership, risks, and profits of a modern corporation.
• No shareholder has any legal title to the machinery or other assets owned by the corporation itself.

Why is Private Property Essential to Economic Justice?

• Joint or share ownership provides each shareholder with a definable private property stake in the corporation, decentralizing economic power.
• Property determines who has the right to share in profits, the "wages of ownership."
• Assuming that economic values are set democratically and freely in a competitive marketplace, property incomes become the key to distributive justice.

Rethinking Money as a Tool for Building a Just Free Market Economy

• Money is a social tool, an artifact of civilization invented to facilitate economic transactions.
• Money can be used justly or unjustly to shape the future, to concentrate power and property, or to make power and property equally accessible to every human being.

The Three Principles of Economic Justice

• The pursuit of justice is one of the ultimate ends of human life.
• There are three essential and interdependent pillars of the expanded ownership theory of economic justice:
  • The Principle of Participation (Participative Justice)
  • The Principle of Distribution (Distributive Justice)
  • The Principle of Harmony (Social Justice)

Participative Justice

• Participative justice involves how one makes an "input" to the economic process, through one's human contributions and non-human contributions.
• This principle requires that every person be provided by society's institutions with equal access to the means to make a productive contribution to the economy.

Distributive Justice

• The principle of distribution based on justice defines the "out-take" rights of an economic system matched to each person's labor and capital inputs.
• Through the distributional features of private property within a free and open marketplace, distributive justice becomes automatically linked to Participative Justice, and incomes to productive contributions.

Social Justice

• Social justice governs both "feedback" (detecting distortions of either the input or out-take principles) and "correction" (correcting systemic defects and imbalances between input and out-take) to restore a just and balanced economic order for all.### Economic Harmonies

• Defined as the laws of social adjustment that allow individual self-interest to produce maximum advantage for others and the community.

• Guidelines for controlling monopolies, building checks-and-balances, and synchronizing distribution with participation.

Principles of Economic Justice

• First principle: justice in participation (equal opportunity, removal of barriers) and justice in distribution (commensurate rewards).
• Second principle: balance between input and out-take, reflecting the concept of "to each according to what he is due".
• Third principle: pursuit of harmony and absolute values (Truth, Beauty, Love, and Justice).

Economic Justice and Say's Law of Markets

• Balancing between input and out-take reflected in Aristotle's commutative justice and double-entry bookkeeping.
• Say's Law: supply creates its own demand, and demand its own supply, in a free market economy.
• Historical attempts to repeal the laws of supply and demand led to the rejection of Say's Law by most modern economists.

Criticism of Say's Law

• Marx: rejected Say's Law due to the concentration of ownership, growing global supply of workers, and technological advancements.
• Keynes: dismissed Say's Law, focusing on the demand side of the economic equation and governmental intervention to stimulate the economy.

Reviving Say's Law

• Louis Kelso: proposed reviving Say's Law by providing universal access to capital credit, leading to widespread citizen ownership and profit distributions.
• This would create an equilibrium between aggregate supply and aggregate demand, allowing Say's Law to work in a market economy.

Applying the Principle of Social Justice

• Guidelines for Social Justice include providing equal opportunity, removing barriers to participation, and promoting widespread citizen access to capital credit.
• The pursuit of Social Justice is a moral imperative, requiring ongoing effort to restore harmony to the social order.

Defining Justice

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

The Virtues of Justice

• Justice is one of the four cardinal virtues of classical moral philosophy, along with courage, temperance, and prudence.
• The ultimate purpose of all the virtues is to elevate the dignity and sovereignty of the human person.

Distinguishing Justice from Charity

• Justice is distinct from the virtue of charity.
• Charity is the soul of justice, supplying the material foundation for charity.
• Charity deals with exceptional cases where strict application of the rules is not appropriate or sufficient.

Philosophical Developments of the Concept of Justice

• The Old Testament reminds us that pursuing justice is a moral imperative.
• Aristotle divided justice into two parts: commutative justice and distributive justice.
• Commutative justice deals with exchanges of equal or equivalent value between individuals or groups.
• Distributive justice deals with a distribution or division of something among various people interacting together in shares proportionate to what each one deserves.

Defining Social and Economic Justice

• Social justice is the broader concept and encompasses economic justice.
• Social justice is the virtue that guides us in creating organized human interactions, which we call institutions.
• Economic justice touches the individual person as well as the social order and encompasses the moral principles that guide us in designing our economic institutions.

Property and Economic Justice

• Property is not the material object, but rather the relationships an owner justly acquires with respect to things.
• Private property is a set of rights, powers, and privileges that an individual enjoys in his relationship to things.
• Under the law, these rights include possessing, excluding others, disposing or transferring, using, enjoying the fruits, and destroying or injuring.

Private Property in Corporate Equity

• Corporate equity, represented by shares of common stock, allows many owners to share individually and "jointly" in the ownership, risks, and profits of a modern corporation.
• No shareholder has any legal title to the machinery or other assets owned by the corporation itself.

Why is Private Property Essential to Economic Justice?

• Joint or share ownership provides each shareholder with a definable private property stake in the corporation, decentralizing economic power.
• Property determines who has the right to share in profits, the "wages of ownership."
• Assuming that economic values are set democratically and freely in a competitive marketplace, property incomes become the key to distributive justice.

Rethinking Money as a Tool for Building a Just Free Market Economy

• Money is a social tool, an artifact of civilization invented to facilitate economic transactions.
• Money can be used justly or unjustly to shape the future, to concentrate power and property, or to make power and property equally accessible to every human being.

The Three Principles of Economic Justice

• The pursuit of justice is one of the ultimate ends of human life.
• There are three essential and interdependent pillars of the expanded ownership theory of economic justice:
  • The Principle of Participation (Participative Justice)
  • The Principle of Distribution (Distributive Justice)
  • The Principle of Harmony (Social Justice)

Participative Justice

• Participative justice involves how one makes an "input" to the economic process, through one's human contributions and non-human contributions.
• This principle requires that every person be provided by society's institutions with equal access to the means to make a productive contribution to the economy.

Distributive Justice

• The principle of distribution based on justice defines the "out-take" rights of an economic system matched to each person's labor and capital inputs.
• Through the distributional features of private property within a free and open marketplace, distributive justice becomes automatically linked to Participative Justice, and incomes to productive contributions.

Social Justice

• Social justice governs both "feedback" (detecting distortions of either the input or out-take principles) and "correction" (correcting systemic defects and imbalances between input and out-take) to restore a just and balanced economic order for all.### Economic Harmonies

• Defined as the laws of social adjustment that allow individual self-interest to produce maximum advantage for others and the community.

• Guidelines for controlling monopolies, building checks-and-balances, and synchronizing distribution with participation.

Principles of Economic Justice

• First principle: justice in participation (equal opportunity, removal of barriers) and justice in distribution (commensurate rewards).
• Second principle: balance between input and out-take, reflecting the concept of "to each according to what he is due".
• Third principle: pursuit of harmony and absolute values (Truth, Beauty, Love, and Justice).

Economic Justice and Say's Law of Markets

• Balancing between input and out-take reflected in Aristotle's commutative justice and double-entry bookkeeping.
• Say's Law: supply creates its own demand, and demand its own supply, in a free market economy.
• Historical attempts to repeal the laws of supply and demand led to the rejection of Say's Law by most modern economists.

Criticism of Say's Law

• Marx: rejected Say's Law due to the concentration of ownership, growing global supply of workers, and technological advancements.
• Keynes: dismissed Say's Law, focusing on the demand side of the economic equation and governmental intervention to stimulate the economy.

Reviving Say's Law

• Louis Kelso: proposed reviving Say's Law by providing universal access to capital credit, leading to widespread citizen ownership and profit distributions.
• This would create an equilibrium between aggregate supply and aggregate demand, allowing Say's Law to work in a market economy.

Applying the Principle of Social Justice

• Guidelines for Social Justice include providing equal opportunity, removing barriers to participation, and promoting widespread citizen access to capital credit.
• The pursuit of Social Justice is a moral imperative, requiring ongoing effort to restore harmony to the social order.

Defining Justice

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

The Virtues of Justice

• Justice is one of the four cardinal virtues of classical moral philosophy, along with courage, temperance, and prudence.
• The ultimate purpose of all the virtues is to elevate the dignity and sovereignty of the human person.

Distinguishing Justice from Charity

• Justice is distinct from the virtue of charity.
• Charity is the soul of justice, supplying the material foundation for charity.
• Charity deals with exceptional cases where strict application of the rules is not appropriate or sufficient.

Philosophical Developments of the Concept of Justice

• The Old Testament reminds us that pursuing justice is a moral imperative.
• Aristotle divided justice into two parts: commutative justice and distributive justice.
• Commutative justice deals with exchanges of equal or equivalent value between individuals or groups.
• Distributive justice deals with a distribution or division of something among various people interacting together in shares proportionate to what each one deserves.

Defining Social and Economic Justice

• Social justice is the broader concept and encompasses economic justice.
• Social justice is the virtue that guides us in creating organized human interactions, which we call institutions.
• Economic justice touches the individual person as well as the social order and encompasses the moral principles that guide us in designing our economic institutions.

Property and Economic Justice

• Property is not the material object, but rather the relationships an owner justly acquires with respect to things.
• Private property is a set of rights, powers, and privileges that an individual enjoys in his relationship to things.
• Under the law, these rights include possessing, excluding others, disposing or transferring, using, enjoying the fruits, and destroying or injuring.

Private Property in Corporate Equity

• Corporate equity, represented by shares of common stock, allows many owners to share individually and "jointly" in the ownership, risks, and profits of a modern corporation.
• No shareholder has any legal title to the machinery or other assets owned by the corporation itself.

Why is Private Property Essential to Economic Justice?

• Joint or share ownership provides each shareholder with a definable private property stake in the corporation, decentralizing economic power.
• Property determines who has the right to share in profits, the "wages of ownership."
• Assuming that economic values are set democratically and freely in a competitive marketplace, property incomes become the key to distributive justice.

Rethinking Money as a Tool for Building a Just Free Market Economy

• Money is a social tool, an artifact of civilization invented to facilitate economic transactions.
• Money can be used justly or unjustly to shape the future, to concentrate power and property, or to make power and property equally accessible to every human being.

The Three Principles of Economic Justice

• The pursuit of justice is one of the ultimate ends of human life.
• There are three essential and interdependent pillars of the expanded ownership theory of economic justice:
  • The Principle of Participation (Participative Justice)
  • The Principle of Distribution (Distributive Justice)
  • The Principle of Harmony (Social Justice)

Participative Justice

• Participative justice involves how one makes an "input" to the economic process, through one's human contributions and non-human contributions.
• This principle requires that every person be provided by society's institutions with equal access to the means to make a productive contribution to the economy.

Distributive Justice

• The principle of distribution based on justice defines the "out-take" rights of an economic system matched to each person's labor and capital inputs.
• Through the distributional features of private property within a free and open marketplace, distributive justice becomes automatically linked to Participative Justice, and incomes to productive contributions.

Social Justice

• Social justice governs both "feedback" (detecting distortions of either the input or out-take principles) and "correction" (correcting systemic defects and imbalances between input and out-take) to restore a just and balanced economic order for all.### Economic Harmonies

• Defined as the laws of social adjustment that allow individual self-interest to produce maximum advantage for others and the community.

• Guidelines for controlling monopolies, building checks-and-balances, and synchronizing distribution with participation.

Principles of Economic Justice

• First principle: justice in participation (equal opportunity, removal of barriers) and justice in distribution (commensurate rewards).
• Second principle: balance between input and out-take, reflecting the concept of "to each according to what he is due".
• Third principle: pursuit of harmony and absolute values (Truth, Beauty, Love, and Justice).

Economic Justice and Say's Law of Markets

• Balancing between input and out-take reflected in Aristotle's commutative justice and double-entry bookkeeping.
• Say's Law: supply creates its own demand, and demand its own supply, in a free market economy.
• Historical attempts to repeal the laws of supply and demand led to the rejection of Say's Law by most modern economists.

Criticism of Say's Law

• Marx: rejected Say's Law due to the concentration of ownership, growing global supply of workers, and technological advancements.
• Keynes: dismissed Say's Law, focusing on the demand side of the economic equation and governmental intervention to stimulate the economy.

Reviving Say's Law

• Louis Kelso: proposed reviving Say's Law by providing universal access to capital credit, leading to widespread citizen ownership and profit distributions.
• This would create an equilibrium between aggregate supply and aggregate demand, allowing Say's Law to work in a market economy.

Applying the Principle of Social Justice

• Guidelines for Social Justice include providing equal opportunity, removing barriers to participation, and promoting widespread citizen access to capital credit.
• The pursuit of Social Justice is a moral imperative, requiring ongoing effort to restore harmony to the social order.

Understanding the concept of justice, its principles, and virtues in classical moral philosophy.