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• W48589939 abstract "IT USED TO BE THAT being a millionaire was a sign of having made it. However, in today's economy, joining the millionaire's club doesn't mean you will be quitting your job any time soon. 2008, there were about 6.7 million US households with a million dollars in assets, excluding the value of their primary* residence. If families were living merely off the interest from these assets, they would not be living the high life at all - on the contrary, they would have to tighten their belts. With current interest rates gravitating around 1.5%, millionaires in America would have to live off just $15,000 per year in income in their golden years of retirement. Of course, the picture is far more grim if their assets were fully invested in the stock market during the economic downturn, when portfolio balances lost an average of 30-40% of their value. Obviously, being a millionaire isn't going to cut it in this economy; but if a million isn't enough to live on, then how much is? $5 million? $10 million? Money is one thing we could all use more of, yet is there some point at which we would say we had too much? And while that may seem like a ridiculous question, to many Americans concerned about corporate executives still receiving multi-million dollar salaries and bonuses in the midst of taxpayer bailouts, maybe it isn't. Although most of us continue to think that we are far from having too much, our ancient ancestors had a very different view of the material world. Like so many of the modern academic disciplines, the scientific study of economics began with the Ancient Greek philosophers. One significant difference, however, between ancient and modern studies of economics is that ancient economic thought was treated within the context of ethical investigations. fact, this was true of economic theorists up until relatively recent times; Adam Smith was thus considered a professor of moral philosophy rather than an economist. Considering the question of how much might be too much, let us consider how Ancient Greek writers approached the question of excess from an ethical standpoint. problem of greed is certainly not a new one. Solon, the great sixth -century Athenian politician, decries man's insatiable pursuit of gain in his Prayer to the Muses: In wealth no limit is set up within man's view; those of us who now have the largest fortune are doubling our efforts. He asks rhetorically, what amount would satisfy the greed of all? response, we might be tempted to justify the motives of the common man in trying to better himself and his family. However, Solon ominously warns of the perils that will befall a man who allows his greed for wealth to get the better of him: The wealth that the gods give stays with a man firm-planted from bottommost foundation to summit; whereas that which men pursue through arrogance comes not in orderly wise, but, under constraint of unjust deeds, against her will she follows; and swiftly is ruin mingled therewith. While Solon might have scared his audience with the idea that a man pursuing ill-gotten gain will be punished by divine retribution, Aristotle approached the question of acquisition from a purely scientific standpoint. Steeped in the biological sciences, Aristotle delineated a category of natural acquisition by which someone might procure those goods that are necessary for sustaining life. And just as someone can eat and drink too much, Aristode declares in his Politics that there is a natural limit to riches: For the amount of such property sufficient in itself for a good life is not unlimited. Although Aristotle recognizes that there are natural limits on how much wealth we need, his understanding of the mechanism of commercial instruments helps explain how men come to pursue unlimited acquisition. At first, individuals conducted exchanges by bartering one good for another; eventually, they establish currency in order to facilitate the exchange process. …" @default.
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• W48589939 date "2010-01-01" @default.
• W48589939 modified "2023-09-23" @default.
• W48589939 title "How Much Is Too Much? an Aristotelian View of Irrational Exuberance" @default.
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