all authors Flashcards
Plato (1)
Specialization to achieve more than what they could alone
Have greater luxuries in life and the ordinary convenience
Have things beyond your needs
Adam Smith
Free market and invisible hand
Little to no government interference to create a free market
People need to work for their own self-ish needs and this will in turn have a higher benefit to society.
Foreign trade and exchange increases revenue and supports domestic production as well.
Milton Freedman
Social responsibility of business to increase profits and revenue in any way possible as long as it follows social norms
Businesses should use their own money for social responsibility and not use the business’s money
Andrew Carnegie
Luxuries of the past are necessities of the present
Poor people now are enjoying what the rich has years ago
Rich people must give back to the poor in their lifetime to close the financial gap in society. A rich man who dies with all his money left unused is a disgrace to society.
Ayn Rand
Money is a tool for exchange and it is produced only when goods are distributed
Money is not the root of evil, the people who use it are the evil. It will help take you where you want to go but it will not drive you to do things
People in america learned to make their own money (Self-made man)
Until you determine that moen is the root for all GOOD, you will be the cause for our own destruction
John Burr Williams
Investors looks for the best price (most effective)
Stock (value of dividends to be paid) → bonds (present worth of coupons/principal)
Stocks get value from dividends NOT earnings.
Luca Pacioli
Basis of accounting and keeping proper records of inventory and disposition
Ensure that book keeping is kept organized (where there is no order there is chaos)
Credit (what is owed by me) and debit (what is owed to me)
Don’t drive away from religious connections because it drives you in the right direction
Daniel Defoe
You must keep everything organized and entered in the book
Being organized ensures you have accurate record of the inventory and helps you keep track of debt and borrowing
When you have an organized book, people are unable to cheat you and steal money/resources
John Stuart Mill
Capitalist: one who gains from the expenses of production
3 purposes of gross profits: compensation for not consuming capital, protection from risk, and pay/appreciate labor for their skill and purpose
Political economy should concern itself. Humans should be seen as individuals who are narrowly concerned with acquiring wealth and are rational in the pursuit of this wealth.
Francis Bacon
Riches are a baggage of virtue
Wealth must be accumulated through hard work, and getting it through unethical ways or inheritance can overwhelm a person and make them choose the wrong route
Wealth is measured not in quantity but how you manage it
Usury: violates the first law of accumulated wealth by your own means and not anyone else
Pro
Advances trade
Allows people to mortgage and borrow
Cons
Discourage growth of merchants and makes them poorer
Struggle to manage business with high interest payments
Fluctuation is currency and revenue
Depreciation of land prices
Wealth stands in the hands of few and this can lead to increasing poverty.
Web Du Bois
Black belt: achievement of hard work through demonstrating perseverance and non-quitting attitude
Many african people worked long brutal hours on cotton and plantation farms but their work goes unrecognized. Studying their lifestyles and growth allows us to get a deeper understanding of them and increases their historical significance.
Sun Tzu
Believes tactics of war can be applied to business and leadership (strategic thinking about knowing oneself and knowing the enemy)
speed and preparation, adaptability, and effective intelligence to counteract the enemy
Emphasizes on deception psychology in warfare. Manipulating the enemy can be crucial to gaining an advantage
Victory should be achieved with the least amount of expended resources
War should be the last resort. Best victory is when war is not used
Barnum
Advertising in business: product must be genuine and satisfying to the customers
Spend money on advertising and marketing to get the product across
consistency and perseverance in advertising are essential for it to be effective.
Hatter example: people first bought it for 25 and customers kept returning due to unique advertisement
Cicero
Antipater: disclose the facts fully to the buyer (hiding something where there is proof shows that you meant to hurt the individual)
Diogenesis: no need to disclose everything to the consumer.
There is a difference between concealing information and not relieving information
Ford
Skilled labor + unskilled labor are both required to maintain efficiency of the industry
Physically demanding jobs are now replaced by machines that can take over the tasks
Assembly line: bring work to workers rather than making the workers move around for the work
As operations were split across multiple lines: time for production decreased
Company doesn’t look for skilled workers because they don’t have as much room for improvement
Only 10% of the machines are specialized. The rest of the machieves are regular machines that are slightly tweaked for the task
