Sunday, June 17, 2018

Negative Economics

Michal Hudson’s talk from approximately 36 minutes to 1:18.
A story told by Micharl Hudson from a different source: “Consider Plato’s Republic, another product of fourth-century Athens. The book begins when Socrates visits an old friend, a wealthy arms manufacturer, at the port of Piraeus. They get into a discussion of justice, which begins when the old man proposes that money cannot be a bad thing, since it allows those who have it to be just, and that justice consists in two things: telling the truth and always paying one’s debts. The proposal is easily demolished. What, Socrates asks, if someone lent you his sword, went violently insane, and then asked for it back (presumably so he could kill someone)? Clearly, it can never be right to arm a lunatic whatever the circumstances. The old man cheerfully shrugs the problem off and heads off to attend to some ritual, leaving his son to carry on the argument.”

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