Aristotle condemned the earning on interest on money that was lent to others. Since money is only a medium of exchange, the facilitation of trading one commodity for another, all that a lender of money could “justly” ask for was a return of the sum – the “principle” – that had been lent.
In itself money was not productive, and as such, it should not be allowed to “breed” (obtain an amount in excess of the original amount lent), because, in his mind, this would be getting something for nothing. That which was “barren” (money) could not bare “offspring” (interest on a loan).
CNN, 9 January 2024, has Trump saying "I don’t want to be Herbert Hoover." CNN adds: "The US
stock market crashed during former President Herbert Hoover’s first year in office in 1929, which
signaled the beginning of the Great Depression." See my work on the Trump Depression
Wednesday, July 17, 2019
Aristotle: Money produces nothing
From Aristotle and Economics by Richard M. Ebeling in Capitalism Magazine:
Subscribe to:
Post Comments (Atom)
-
I've been hearing the phrase "late capitalism" for so long that I'm forced to conclude that the very concept of late cap...
-
It is surely true that the price level cannot rise without a corresponding increase in the quantity of money or velocity or use of credit. ...
-
As I write this it is mid-October in an even-numbered year. Elections are weeks away. Yesterday, I saw Republican candidates heavily adver...
-
Went to Harbor Freight the other day. When I left, there was so much traffic I had to fight my way out of the parking lot -- at one p.m. on ...
-
I'm not a fan of "diagrams" in economics, but sometimes... This is a screen capture of slide 36 from a SlideShare presentatio...
No comments:
Post a Comment