Philosophy of Justice

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Questions and Answers

What is the primary concern of citizens that leads to political interference with the market system?

Rising global supply of workers

Institutional barriers to equal access to productive credit and expanded ownership opportunities (correct)

Lack of access to consumer credit

Emerging technologies taking over tasks formerly performed by workers

What is the common criticism of Say's Law by Karl Marx and John Maynard Keynes?

It fails to account for the role of government in the economy

It is inconsistent with the principles of laissez-faire capitalism

It assumes that supply creates its own demand (correct)

It ignores the issue of unequal access to productive credit and expanded ownership opportunities

What is the consequence of the traditional system of capitalist finance, according to Marx?

The rich get poorer and the poor get poorer

The rich get richer and the poor get richer

The rich get richer and the poor get poorer (correct)

The rich get poorer and the poor get richer

What is the primary focus of Keynes' economic solution?

Artificially increasing mass purchasing power through governmental intervention Signup and view all the answers

What is the key contribution of Louis Kelso to the concept of Say's Law?

Reviving the logic of Say's Law as a means for promoting universal participation in ownership and profit distributions Signup and view all the answers

What is the consequence of widespread citizen participation in ownership and profit distributions, according to the text?

It creates a political buffer against historic attacks on free market principles Signup and view all the answers

What is the primary difference between Marx's and Keynes' criticisms of Say's Law?

Marx focused on the supply side, while Keynes focused on the demand side Signup and view all the answers

What is the primary consequence of 'laissez-faire capitalism' according to Marx?

The rich get richer and the poor get poorer Signup and view all the answers

What is the primary goal of Keynes' economic solution?

Generating full employment Signup and view all the answers

What is the primary condition necessary for Say's Law to work, according to the text?

Widespread access to productive credit and expanded ownership opportunities Signup and view all the answers

What is the primary historical context in which free market policies have been supported by a broad political constituency?

In settling America's vast land frontier Signup and view all the answers

What is the primary reason why Marx believed Say's Law would not work in a market economy?

The inability of workers to participate as owners Signup and view all the answers

What is the primary way in which Keynes attempted to make capitalism work?

By focusing exclusively on the demand side of the economic equation Signup and view all the answers

What is the primary consequence of widespread citizen participation in ownership and profit distributions, according to the text?

The creation of a political buffer against attacks on free market principles Signup and view all the answers

What is the primary way in which Louis Kelso revived the logic of Say's Law?

By reforming ownership patterns and promoting universal participation in ownership and profit distributions Signup and view all the answers

What is the primary critique of Say's Law shared by Marx and Keynes?

That it assumes an equilibrium between supply and demand Signup and view all the answers

What is the primary consequence of the traditional system of capitalist finance, according to Marx?

The rich get richer and the poor get poorer Signup and view all the answers

What is the primary role of government in Keynes' economic solution?

To artificially increase mass purchasing power through government intervention Signup and view all the answers

What is the primary condition necessary for Say's Law to work, according to the text?

Widespread citizen participation in ownership and profit distributions Signup and view all the answers

What is the primary way in which automation affects the economy, according to Marx?

It leads to the accumulation of productive assets in the hands of a small ownership class Signup and view all the answers

What is the primary reason why political interferences with the market system seem to occur historically?

The majority of citizens perceive unequal access to productive credit and expanded ownership opportunities Signup and view all the answers

Why do most modern political economists reject Say's Law?

They follow the ideas of Karl Marx and John Maynard Keynes Signup and view all the answers

What is the primary consequence of the growing global supply of workers due to rising populations and lowered world migration barriers?

Decreased purchasing power for the non-owning majority Signup and view all the answers

What is the primary goal of Keynes' economic solution in the short run?

Full employment and artificially increasing mass purchasing power Signup and view all the answers

What is the primary consequence of widespread citizen participation in ownership and profit distributions, according to Louis Kelso?

A more dynamic, decentralized, and just private sector Signup and view all the answers

What is the primary reason why Marx believed Say's Law would not work in a market economy?

Workers can only participate as workers, not owners Signup and view all the answers

What is the primary way in which Louis Kelso revived the logic of Say's Law?

By advocating for universal participation in ownership and profit distributions Signup and view all the answers

What is the primary consequence of 'laissez-faire capitalism' according to Marx?

The rich get richer and the poor get poorer Signup and view all the answers

What is the primary difference between Marx's and Keynes' criticisms of Say's Law?

Marx believed Say's Law would not work due to the nature of capitalism, while Keynes believed it would not work due to the lack of elasticity in prices and wage rates Signup and view all the answers

What is the primary historical context in which free market policies have been supported by a broad political constituency?

In settling America's vast land frontier Signup and view all the answers

What is the underlying reason for the majority of citizens perceiving institutional barriers to equal access to productive credit and expanded ownership opportunities?

Growing income inequality and poverty Signup and view all the answers

What is the common thread between Marx's and Keynes' criticisms of Say's Law?

Both believed that the law is not applicable in a market economy Signup and view all the answers

What is the key outcome of widespread citizen participation in ownership and profit distributions, according to Louis Kelso?

Improved equilibrium between aggregate supply and demand Signup and view all the answers

What is the primary reason for the historical lack of broad political support for free market policies?

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

What is the primary way in which automation and technological advancements affect the economy, according to Marx?

Growing wealth concentration among the ownership class Signup and view all the answers

What is the primary goal of Keynes' economic solution in the short run?

Generating full employment and stimulating economic growth Signup and view all the answers

What is the primary difference between Marx's and Keynes' approaches to addressing economic challenges?

Marx focused on ownership reform, while Keynes focused on government intervention Signup and view all the answers

What is the primary role of government in Keynes' economic solution?

Fine-tuning the economy through fiscal and monetary policy Signup and view all the answers

What is the primary consequence of the traditional system of capitalist finance, according to Marx?

Growing wealth concentration among the ownership class Signup and view all the answers

What is the primary condition necessary for Say's Law to work, according to the text?

Widespread citizen participation in ownership and profit distributions Signup and view all the answers

What is the underlying reason for the majority of citizens perceiving institutional barriers to equal access to productive credit and expanded ownership opportunities?

Historical political interferences with the market system Signup and view all the answers

What is the primary consequence of the traditional system of capitalist finance, according to Marx?

The rich get richer, and the poor get poorer Signup and view all the answers

What is the primary difference between Marx's and Keynes' approaches to addressing economic challenges?

Marx rejected Say's Law, while Keynes attempted to make it work Signup and view all the answers

What is the primary role of government in Keynes' economic solution?

To fine-tune the economy through taxation and welfare policies Signup and view all the answers

What is the primary condition necessary for Say's Law to work, according to the text?

Widespread citizen participation in ownership and profit distributions Signup and view all the answers

What is the primary consequence of 'laissez-faire capitalism' according to Marx?

The rich get richer, and the poor get poorer Signup and view all the answers

What is the primary way in which Louis Kelso revived the logic of Say's Law?

By promoting widespread citizen participation in ownership and profit distributions Signup and view all the answers

What is the primary reason why most modern political economists reject Say's Law?

They agree with Marx and Keynes' criticisms of Say's Law Signup and view all the answers

What is the primary consequence of widespread citizen participation in ownership and profit distributions, according to Louis Kelso?

The creation of a political buffer against attacks on free market principles Signup and view all the answers

What is the primary historical context in which free market policies have been supported by a broad political constituency?

During the settlement of America's vast land frontier Signup and view all the answers

Study Notes

Defining Justice

Justice is a set of universal principles that guide people in judging what is right and wrong, regardless of culture and society.
Justice involves "giving to each what he or she is due", but the problem is knowing what is "due".
Justice is one of the four cardinal virtues of classical moral philosophy, along with courage, temperance, and prudence.

Distinguishing Justice from Charity

Justice is distinct from the virtue of charity.
Charity is the soul of justice, supplying the material foundation for charity.
Justice deals with the substance and rules for guiding ordinary human interactions, while charity deals with the spirit of human interactions and exceptional cases.

Philosophical Developments of the Concept of Justice

The concept of justice involves a moral imperative, and it is not a zero-sum game where one gains only at the expense of another.
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 the distribution of something among various people in proportion to what each deserves.

Social justice is the broader concept and encompasses economic justice.
Social justice is the virtue that guides us in creating organized human interactions (institutions).
Social justice imposes a personal responsibility on each of us to work with others to design and perfect our institutions.
Economic justice determines how each person earns a living, enters into contracts, and exchanges goods and services with others.

Property and Economic Justice

Property is not the thing owned, but rather the relationships an owner justly acquires with respect to things.
Property is a set of rights, powers, and privileges that an individual enjoys in their relationship to things.
Private property is essential to economic justice, as it provides each person with a definable private property stake in the corporation and decentralizes economic power.

Rethinking Money and Economic Justice

Money is a social tool, invented to facilitate economic transactions.
Money can be used justly or unjustly, and its proper creation can free us from the "slavery of past savings".
Proper creation of money can provide equal opportunity and access to every person to become an economically independent owner of new capital assets.

The Three Principles of Economic Justice

The three essential and interdependent pillars of the expanded ownership theory of economic justice are:
- Participative Justice (Participative Justice): ensuring equal access to the means of making a productive contribution to the economy.
- Distributive Justice: defining the out-take rights of an economic system matched to each person's labor and capital inputs.
- Social Justice: governing feedback and correction in order to restore a just and balanced economic order for all.### Economic Harmonies
Economic harmonies refer to the laws of social adjustment that allow the self-interest of individuals or groups to produce maximum benefits for others and the community.
It involves controlling monopolies, building checks-and-balances, and synchronizing distribution with participation.

Principles of Economic Justice

The first principle involves justice in participation, including equal opportunity and removal of barriers to participation.
The second principle involves justice in distribution, ensuring rewards are commensurate with input.
The third principle reflects the pursuit of harmony, absolute values, and perfect understanding.

Economic Justice and Say's Law of Markets

Aristotle's commutative justice involves balancing input and out-take.
Double-entry bookkeeping and free market economies also reflect this principle.
Jean Baptiste Say's Law postulates that supply creates its own demand, and demand its own supply.
However, attempts to repeal or manipulate the laws of supply and demand have led to political and economic instability.

Criticisms of Say's Law

Karl Marx rejected Say's Law, citing factors such as workers not being owners, growing global supply of workers, technological advancements, and concentration of wealth among owners.
John Maynard Keynes also rejected Say's Law, focusing on demand-side economics and government intervention to stimulate aggregate demand.

Louis Kelso's Contribution

Kelso revived the logic of Say's Law, proposing universal participation in ownership and profit distributions through citizen access to capital credit.
This approach would restore equilibrium between supply and demand, even in the context of automation and artificial intelligence.

Social Justice involves the pursuit of harmony, absolute values, and perfect understanding.
Guidelines for achieving Social Justice include promoting equal opportunity, removing barriers to participation, and ensuring rewards are commensurate with input.
The pursuit of Social Justice is a moral imperative, and its implementation requires ongoing effort and restructuring of the social order.

Defining Justice

Justice is a set of universal principles that guide people in judging what is right and wrong, regardless of culture and society.
Justice involves "giving to each what he or she is due", but the problem is knowing what is "due".
Justice is one of the four cardinal virtues of classical moral philosophy, along with courage, temperance, and prudence.

Distinguishing Justice from Charity

Justice is distinct from the virtue of charity.
Charity is the soul of justice, supplying the material foundation for charity.
Justice deals with the substance and rules for guiding ordinary human interactions, while charity deals with the spirit of human interactions and exceptional cases.

Philosophical Developments of the Concept of Justice

The concept of justice involves a moral imperative, and it is not a zero-sum game where one gains only at the expense of another.
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 the distribution of something among various people in proportion to what each deserves.

Social justice is the broader concept and encompasses economic justice.
Social justice is the virtue that guides us in creating organized human interactions (institutions).
Social justice imposes a personal responsibility on each of us to work with others to design and perfect our institutions.
Economic justice determines how each person earns a living, enters into contracts, and exchanges goods and services with others.

Property and Economic Justice

Property is not the thing owned, but rather the relationships an owner justly acquires with respect to things.
Property is a set of rights, powers, and privileges that an individual enjoys in their relationship to things.
Private property is essential to economic justice, as it provides each person with a definable private property stake in the corporation and decentralizes economic power.

Rethinking Money and Economic Justice

Money is a social tool, invented to facilitate economic transactions.
Money can be used justly or unjustly, and its proper creation can free us from the "slavery of past savings".
Proper creation of money can provide equal opportunity and access to every person to become an economically independent owner of new capital assets.

The Three Principles of Economic Justice

The three essential and interdependent pillars of the expanded ownership theory of economic justice are:
- Participative Justice (Participative Justice): ensuring equal access to the means of making a productive contribution to the economy.
- Distributive Justice: defining the out-take rights of an economic system matched to each person's labor and capital inputs.
- Social Justice: governing feedback and correction in order to restore a just and balanced economic order for all.### Economic Harmonies
Economic harmonies refer to the laws of social adjustment that allow the self-interest of individuals or groups to produce maximum benefits for others and the community.
It involves controlling monopolies, building checks-and-balances, and synchronizing distribution with participation.

Principles of Economic Justice

The first principle involves justice in participation, including equal opportunity and removal of barriers to participation.
The second principle involves justice in distribution, ensuring rewards are commensurate with input.
The third principle reflects the pursuit of harmony, absolute values, and perfect understanding.

Economic Justice and Say's Law of Markets

Aristotle's commutative justice involves balancing input and out-take.
Double-entry bookkeeping and free market economies also reflect this principle.
Jean Baptiste Say's Law postulates that supply creates its own demand, and demand its own supply.
However, attempts to repeal or manipulate the laws of supply and demand have led to political and economic instability.

Criticisms of Say's Law

Karl Marx rejected Say's Law, citing factors such as workers not being owners, growing global supply of workers, technological advancements, and concentration of wealth among owners.
John Maynard Keynes also rejected Say's Law, focusing on demand-side economics and government intervention to stimulate aggregate demand.

Louis Kelso's Contribution

Kelso revived the logic of Say's Law, proposing universal participation in ownership and profit distributions through citizen access to capital credit.
This approach would restore equilibrium between supply and demand, even in the context of automation and artificial intelligence.

Social Justice involves the pursuit of harmony, absolute values, and perfect understanding.
Guidelines for achieving Social Justice include promoting equal opportunity, removing barriers to participation, and ensuring rewards are commensurate with input.
The pursuit of Social Justice is a moral imperative, and its implementation requires ongoing effort and restructuring of the social order.

Defining Justice

Justice is a set of universal principles that guide people in judging what is right and wrong, regardless of culture and society.
Justice involves "giving to each what he or she is due", but the problem is knowing what is "due".
Justice is one of the four cardinal virtues of classical moral philosophy, along with courage, temperance, and prudence.

Distinguishing Justice from Charity

Justice is distinct from the virtue of charity.
Charity is the soul of justice, supplying the material foundation for charity.
Justice deals with the substance and rules for guiding ordinary human interactions, while charity deals with the spirit of human interactions and exceptional cases.

Philosophical Developments of the Concept of Justice

The concept of justice involves a moral imperative, and it is not a zero-sum game where one gains only at the expense of another.
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 the distribution of something among various people in proportion to what each deserves.

Social justice is the broader concept and encompasses economic justice.
Social justice is the virtue that guides us in creating organized human interactions (institutions).
Social justice imposes a personal responsibility on each of us to work with others to design and perfect our institutions.
Economic justice determines how each person earns a living, enters into contracts, and exchanges goods and services with others.

Property and Economic Justice

Property is not the thing owned, but rather the relationships an owner justly acquires with respect to things.
Property is a set of rights, powers, and privileges that an individual enjoys in their relationship to things.
Private property is essential to economic justice, as it provides each person with a definable private property stake in the corporation and decentralizes economic power.

Rethinking Money and Economic Justice

Money is a social tool, invented to facilitate economic transactions.
Money can be used justly or unjustly, and its proper creation can free us from the "slavery of past savings".
Proper creation of money can provide equal opportunity and access to every person to become an economically independent owner of new capital assets.

The Three Principles of Economic Justice

The three essential and interdependent pillars of the expanded ownership theory of economic justice are:
- Participative Justice (Participative Justice): ensuring equal access to the means of making a productive contribution to the economy.
- Distributive Justice: defining the out-take rights of an economic system matched to each person's labor and capital inputs.
- Social Justice: governing feedback and correction in order to restore a just and balanced economic order for all.### Economic Harmonies
Economic harmonies refer to the laws of social adjustment that allow the self-interest of individuals or groups to produce maximum benefits for others and the community.
It involves controlling monopolies, building checks-and-balances, and synchronizing distribution with participation.

Principles of Economic Justice

The first principle involves justice in participation, including equal opportunity and removal of barriers to participation.
The second principle involves justice in distribution, ensuring rewards are commensurate with input.
The third principle reflects the pursuit of harmony, absolute values, and perfect understanding.

Economic Justice and Say's Law of Markets

Aristotle's commutative justice involves balancing input and out-take.
Double-entry bookkeeping and free market economies also reflect this principle.
Jean Baptiste Say's Law postulates that supply creates its own demand, and demand its own supply.
However, attempts to repeal or manipulate the laws of supply and demand have led to political and economic instability.

Criticisms of Say's Law

Karl Marx rejected Say's Law, citing factors such as workers not being owners, growing global supply of workers, technological advancements, and concentration of wealth among owners.
John Maynard Keynes also rejected Say's Law, focusing on demand-side economics and government intervention to stimulate aggregate demand.

Louis Kelso's Contribution

Kelso revived the logic of Say's Law, proposing universal participation in ownership and profit distributions through citizen access to capital credit.
This approach would restore equilibrium between supply and demand, even in the context of automation and artificial intelligence.

Social Justice involves the pursuit of harmony, absolute values, and perfect understanding.
Guidelines for achieving Social Justice include promoting equal opportunity, removing barriers to participation, and ensuring rewards are commensurate with input.
The pursuit of Social Justice is a moral imperative, and its implementation requires ongoing effort and restructuring of the social order.

Defining Justice

Justice is a set of universal principles that guide people in judging what is right and wrong, regardless of culture and society.
Justice involves "giving to each what he or she is due", but the problem is knowing what is "due".
Justice is one of the four cardinal virtues of classical moral philosophy, along with courage, temperance, and prudence.

Distinguishing Justice from Charity

Justice is distinct from the virtue of charity.
Charity is the soul of justice, supplying the material foundation for charity.
Justice deals with the substance and rules for guiding ordinary human interactions, while charity deals with the spirit of human interactions and exceptional cases.

Philosophical Developments of the Concept of Justice

The concept of justice involves a moral imperative, and it is not a zero-sum game where one gains only at the expense of another.
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 the distribution of something among various people in proportion to what each deserves.

Social justice is the broader concept and encompasses economic justice.
Social justice is the virtue that guides us in creating organized human interactions (institutions).
Social justice imposes a personal responsibility on each of us to work with others to design and perfect our institutions.
Economic justice determines how each person earns a living, enters into contracts, and exchanges goods and services with others.

Property and Economic Justice

Property is not the thing owned, but rather the relationships an owner justly acquires with respect to things.
Property is a set of rights, powers, and privileges that an individual enjoys in their relationship to things.
Private property is essential to economic justice, as it provides each person with a definable private property stake in the corporation and decentralizes economic power.

Rethinking Money and Economic Justice

Money is a social tool, invented to facilitate economic transactions.
Money can be used justly or unjustly, and its proper creation can free us from the "slavery of past savings".
Proper creation of money can provide equal opportunity and access to every person to become an economically independent owner of new capital assets.

The Three Principles of Economic Justice

The three essential and interdependent pillars of the expanded ownership theory of economic justice are:
- Participative Justice (Participative Justice): ensuring equal access to the means of making a productive contribution to the economy.
- Distributive Justice: defining the out-take rights of an economic system matched to each person's labor and capital inputs.
- Social Justice: governing feedback and correction in order to restore a just and balanced economic order for all.### Economic Harmonies
Economic harmonies refer to the laws of social adjustment that allow the self-interest of individuals or groups to produce maximum benefits for others and the community.
It involves controlling monopolies, building checks-and-balances, and synchronizing distribution with participation.

Principles of Economic Justice

The first principle involves justice in participation, including equal opportunity and removal of barriers to participation.
The second principle involves justice in distribution, ensuring rewards are commensurate with input.
The third principle reflects the pursuit of harmony, absolute values, and perfect understanding.

Economic Justice and Say's Law of Markets

Aristotle's commutative justice involves balancing input and out-take.
Double-entry bookkeeping and free market economies also reflect this principle.
Jean Baptiste Say's Law postulates that supply creates its own demand, and demand its own supply.
However, attempts to repeal or manipulate the laws of supply and demand have led to political and economic instability.

Criticisms of Say's Law

Karl Marx rejected Say's Law, citing factors such as workers not being owners, growing global supply of workers, technological advancements, and concentration of wealth among owners.
John Maynard Keynes also rejected Say's Law, focusing on demand-side economics and government intervention to stimulate aggregate demand.

Louis Kelso's Contribution

Kelso revived the logic of Say's Law, proposing universal participation in ownership and profit distributions through citizen access to capital credit.
This approach would restore equilibrium between supply and demand, even in the context of automation and artificial intelligence.

Social Justice involves the pursuit of harmony, absolute values, and perfect understanding.
Guidelines for achieving Social Justice include promoting equal opportunity, removing barriers to participation, and ensuring rewards are commensurate with input.
The pursuit of Social Justice is a moral imperative, and its implementation requires ongoing effort and restructuring of the social order.

Defining Justice

Justice is a set of universal principles that guide people in judging what is right and wrong, regardless of culture and society.
Justice involves "giving to each what he or she is due", but the problem is knowing what is "due".
Justice is one of the four cardinal virtues of classical moral philosophy, along with courage, temperance, and prudence.

Distinguishing Justice from Charity

Justice is distinct from the virtue of charity.
Charity is the soul of justice, supplying the material foundation for charity.
Justice deals with the substance and rules for guiding ordinary human interactions, while charity deals with the spirit of human interactions and exceptional cases.

Philosophical Developments of the Concept of Justice

The concept of justice involves a moral imperative, and it is not a zero-sum game where one gains only at the expense of another.
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 the distribution of something among various people in proportion to what each deserves.

Social justice is the broader concept and encompasses economic justice.
Social justice is the virtue that guides us in creating organized human interactions (institutions).
Social justice imposes a personal responsibility on each of us to work with others to design and perfect our institutions.
Economic justice determines how each person earns a living, enters into contracts, and exchanges goods and services with others.

Property and Economic Justice

Property is not the thing owned, but rather the relationships an owner justly acquires with respect to things.
Property is a set of rights, powers, and privileges that an individual enjoys in their relationship to things.
Private property is essential to economic justice, as it provides each person with a definable private property stake in the corporation and decentralizes economic power.

Rethinking Money and Economic Justice

Money is a social tool, invented to facilitate economic transactions.
Money can be used justly or unjustly, and its proper creation can free us from the "slavery of past savings".
Proper creation of money can provide equal opportunity and access to every person to become an economically independent owner of new capital assets.

The Three Principles of Economic Justice

The three essential and interdependent pillars of the expanded ownership theory of economic justice are:
- Participative Justice (Participative Justice): ensuring equal access to the means of making a productive contribution to the economy.
- Distributive Justice: defining the out-take rights of an economic system matched to each person's labor and capital inputs.
- Social Justice: governing feedback and correction in order to restore a just and balanced economic order for all.### Economic Harmonies
Economic harmonies refer to the laws of social adjustment that allow the self-interest of individuals or groups to produce maximum benefits for others and the community.
It involves controlling monopolies, building checks-and-balances, and synchronizing distribution with participation.

Principles of Economic Justice

The first principle involves justice in participation, including equal opportunity and removal of barriers to participation.
The second principle involves justice in distribution, ensuring rewards are commensurate with input.
The third principle reflects the pursuit of harmony, absolute values, and perfect understanding.

Economic Justice and Say's Law of Markets

Aristotle's commutative justice involves balancing input and out-take.
Double-entry bookkeeping and free market economies also reflect this principle.
Jean Baptiste Say's Law postulates that supply creates its own demand, and demand its own supply.
However, attempts to repeal or manipulate the laws of supply and demand have led to political and economic instability.

Criticisms of Say's Law

Karl Marx rejected Say's Law, citing factors such as workers not being owners, growing global supply of workers, technological advancements, and concentration of wealth among owners.
John Maynard Keynes also rejected Say's Law, focusing on demand-side economics and government intervention to stimulate aggregate demand.

Louis Kelso's Contribution

Kelso revived the logic of Say's Law, proposing universal participation in ownership and profit distributions through citizen access to capital credit.
This approach would restore equilibrium between supply and demand, even in the context of automation and artificial intelligence.

Social Justice involves the pursuit of harmony, absolute values, and perfect understanding.
Guidelines for achieving Social Justice include promoting equal opportunity, removing barriers to participation, and ensuring rewards are commensurate with input.
The pursuit of Social Justice is a moral imperative, and its implementation requires ongoing effort and restructuring of the social order.

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Explore the concept of justice, its principles, and how it differs from charity. Learn about the cardinal virtues and moral philosophy.

Philosophy of Justice

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Questions and Answers

What is the primary concern of citizens that leads to political interference with the market system?

What is the common criticism of Say's Law by Karl Marx and John Maynard Keynes?

What is the consequence of the traditional system of capitalist finance, according to Marx?

What is the primary focus of Keynes' economic solution?

What is the key contribution of Louis Kelso to the concept of Say's Law?

What is the consequence of widespread citizen participation in ownership and profit distributions, according to the text?

What is the primary difference between Marx's and Keynes' criticisms of Say's Law?

What is the primary consequence of 'laissez-faire capitalism' according to Marx?

What is the primary goal of Keynes' economic solution?

What is the primary condition necessary for Say's Law to work, according to the text?

What is the primary historical context in which free market policies have been supported by a broad political constituency?

What is the primary reason why Marx believed Say's Law would not work in a market economy?

What is the primary way in which Keynes attempted to make capitalism work?

What is the primary consequence of widespread citizen participation in ownership and profit distributions, according to the text?

What is the primary way in which Louis Kelso revived the logic of Say's Law?

What is the primary critique of Say's Law shared by Marx and Keynes?

What is the primary consequence of the traditional system of capitalist finance, according to Marx?

What is the primary role of government in Keynes' economic solution?

What is the primary condition necessary for Say's Law to work, according to the text?

What is the primary way in which automation affects the economy, according to Marx?

What is the primary reason why political interferences with the market system seem to occur historically?

Why do most modern political economists reject Say's Law?

What is the primary consequence of the growing global supply of workers due to rising populations and lowered world migration barriers?

What is the primary goal of Keynes' economic solution in the short run?

What is the primary consequence of widespread citizen participation in ownership and profit distributions, according to Louis Kelso?

What is the primary reason why Marx believed Say's Law would not work in a market economy?

What is the primary way in which Louis Kelso revived the logic of Say's Law?

What is the primary consequence of 'laissez-faire capitalism' according to Marx?

What is the primary difference between Marx's and Keynes' criticisms of Say's Law?

What is the primary historical context in which free market policies have been supported by a broad political constituency?

What is the underlying reason for the majority of citizens perceiving institutional barriers to equal access to productive credit and expanded ownership opportunities?

What is the common thread between Marx's and Keynes' criticisms of Say's Law?

What is the key outcome of widespread citizen participation in ownership and profit distributions, according to Louis Kelso?

What is the primary reason for the historical lack of broad political support for free market policies?

What is the primary way in which automation and technological advancements affect the economy, according to Marx?

What is the primary goal of Keynes' economic solution in the short run?

What is the primary difference between Marx's and Keynes' approaches to addressing economic challenges?

What is the primary role of government in Keynes' economic solution?

What is the primary consequence of the traditional system of capitalist finance, according to Marx?

What is the primary condition necessary for Say's Law to work, according to the text?

What is the underlying reason for the majority of citizens perceiving institutional barriers to equal access to productive credit and expanded ownership opportunities?

What is the primary consequence of the traditional system of capitalist finance, according to Marx?

What is the primary difference between Marx's and Keynes' approaches to addressing economic challenges?

What is the primary role of government in Keynes' economic solution?

What is the primary condition necessary for Say's Law to work, according to the text?

What is the primary consequence of 'laissez-faire capitalism' according to Marx?

What is the primary way in which Louis Kelso revived the logic of Say's Law?

What is the primary reason why most modern political economists reject Say's Law?

What is the primary consequence of widespread citizen participation in ownership and profit distributions, according to Louis Kelso?

What is the primary historical context in which free market policies have been supported by a broad political constituency?

Study Notes

Defining Justice

Distinguishing Justice from Charity

Philosophical Developments of the Concept of Justice

Defining Social and Economic Justice

Property and Economic Justice

Rethinking Money and Economic Justice

The Three Principles of Economic Justice

Principles of Economic Justice

Economic Justice and Say's Law of Markets

Criticisms of Say's Law

Louis Kelso's Contribution

Applying the Principle of Social Justice

Defining Justice

Distinguishing Justice from Charity

Philosophical Developments of the Concept of Justice

Defining Social and Economic Justice

Property and Economic Justice

Rethinking Money and Economic Justice

The Three Principles of Economic Justice

Principles of Economic Justice

Economic Justice and Say's Law of Markets

Criticisms of Say's Law

Louis Kelso's Contribution

Applying the Principle of Social Justice

Defining Justice