business week 4
business week 4
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- According to Rand how is money related to excellence and human values?
- It is ok to have money.
- AR-Money represents:
- The principle of trade and "value for value"
- Conwell says that money isn't the problem, but?
- The love of money.
- Confucius-Five excellent things:
- Bounteousness, Lead, teach, Regulate(some), Don't fight.
- Smith-The only thing that could change wealth?
- Labor.
- Emerson's 5 measures:
- Value-integrity and character. Genius-ideas, creativity, and intellect(rational thinking). Impera Parendo-know when to stop. All things ascend/elevate.
- Smith and Plato parallel on what?
- Division(specialization) of labor.
- Aristotle had warned against what?
- Having a lot of money.
- How does Rand describe money and its motivation?
- It should be for the good of the community.
- Rand-Is money evil?
- No, it is a tool of trade. This idea of production behind it is.
- AR-Money's Value=
- the idea of production behind it; money is not intrinsically evil.
- Government should only exist passively to provide 3 basic needs:
- Protection(army), provide justice and peace, maintenance of infrastructure.
- RWE-The "craft" of a merchant is to?
- Move goods from where abundant to scarce.
- Smith-Self interest=
- not locking anyone out, it is in self interest to invest near home(like Toyota plants). Self interest leads to profits; market force will push commerce in best interest of society; ultimately benefit society; self interest assumed in free market.
- Rand-Is the love of money evil?
- No, they are willing to work for it.
- Smith-Manufacturing or trade=
- want to gain wealth or power.
- Zeno
- Influenced by Aristotle; Founded 'stoic' school of philosophy. Excess is bad, everything in moderation. Simple living. Nature is orderly and rational; a life in harmony with nature is good. Virtue is good, vice is evil. Similar to Aristoltes ideas.
- Smith-More goods attract more manufacturers=
- increased competition. Competition leads to lower prices; all this creates jobs.
- Smith-More goods made=
- the more people will have, the more they will want.
- RWE-Commerce is a game of?
- Skill. Man's faculties=ideas, energy, ambition, vision.
- Ayn Rand-Atlas Shrugged
- Okay to be rich. Business must be done with mutual benefit ; survival of the fittest. Money will not purchase happiness, this is capitalism. Money comes with a price tag-virtue; is a barometer. Money doesn't give you code of values, essence of human morality. Money doesn't create anything.
- Motivation for Conwell's speech?
- Was a camel caravan, inspired by the story of Ali Hafed.
- How does foreign trade relate to everyday business?
- We need it. Also not one country can specialize in any one thing, so need other countries to get best product.
- Why did Rand feel that money was the barometer of a society's virtue?
- The mafia, drugs, stealing money.
- What did Smith feel about regulation?
- Is against it. Invisible Hand.
- Smith-Empathy:
- Essential for business.
- Ralph Waldo Emerson-Essays and Journals
- Don't go where the path may lead-make your own. Truth is summit of being. Matter pays her debt. Everything begins with needs; Pre-emptory pursuit of needs. Wants become needs. Man will consume riches and resources of earth. Wealth will spoil you; Power is goal of wealth. Clear sighted man is the realist. Man was born to be rich. Property is an intellectual production.
- Ayn Rand-Philosophy of business/greed:
- Money is not the root of all evil, money is a tool/mechanism of trade.
- Confucius(K'ung Fu-Tzu)-Analects:
- Never wrote anything down, Mencius wrote down Confucius. 20th century of Confucian thinking, Lassez-Faire but with a little(good) regulation. Doctrine of the mean. Production should exceed consumptions and combined with distribution=access. Strive for universal equality-universal opportunity-universal freedom. Was against Aristotle and Plato; profit of the people; if production up-must hire people-increase in cash in the market(due to salaries) which increases demand.
- What was Rand's opinion of American's?
- Good, that we were the first to understand that wealth had to be created.
- Confucius-Economics:
- Production and consumption; Equal in rank but production should exceed consumption.
- Zeno's Cardinal Virtues:
- Prudence, justice, fortitude, temperance.
- Russell H. Conwell
- Converted to Baptist faith, Founded Temple College, now Temple University. Should not feel guilty about seeking money; it is your duty to get rich. Men who get rich are honest men. Largest salary=most power if the spirit is right. Money is power...if gained quickly or dishonestly, will fall into snares.
- Smith-Invisible hand:
- Law of unintended purposes.
- Russell H. Conwell : Acres of Diamonds
- Speech that Conwell would give near the turn of the 20 th century
- What is Smith's view about barriers to foreign trade?
- That there shouldn't be a lot, we should trade little.
- Confucius-Universal equality-Universal opportunity-Economic Freedom=
- Bedrock of American economic and political thinking; legislation and laissez faire needed, ideal when government gives few regulations.
- Smith-Economic Principles:
- Self-interest, free trade, division of labor, invisible hand.
- How does the invisible hand work?
- The economy will take care of itself.
- How does Smith's ideas mirror Plato's?
- Individualization.