BUS 1050 1nd Edition Lecture 23Outline of Last Lecture I. FinanceOutline of Current Lecture II. ManagementCurrent LectureFoundations of management thought. “The art of getting things done through people”Management: A Process designed to achieve an organization’s objectives by using its resources effectively and efficiently in a changing environment. Aquinas: Against the idea of borrowers and lendersP355. L 15. L58. Extortioner to charge interest rate. Take usury money is unjust. L78. Paying twice. - ------------------------------- + sin justice, virtue2nd Article P 357. L23. Lending money. Cathedrals would never lend money.L 80. Philosopher of ethics (Aristotle), Value measured by money. Sin against justice. P360. L20. No sin against borrowers. (Aristotle view). Franklin. Early treasury to create new currency to become richest man in colonies.With money, lend out. Praises money to be leant out. Protestants do not accept lenders. Better to pay cash. Credit leads to debt and losing 5% on principle. This is known as cost shifting.P362. L80 Productivity is an important issue to make you rich. P363. L78. Without industry and management, won’t be rich.P364. L7. Frugality. Cut costs.These notes represent a detailed interpretation of the professor’s lecture. GradeBuddy is best used as a supplement to your own notes, not as a substitute.P365. L8-20. Run in debt and can’t pay loans. P365. L69. Do not depend on industry. Must be charitable. John Stewart Mill, revelation at 18-19 that eventually became an economist.Marx, Ricardo, Mill. Important economists.P373. L1-35. Everyone who invests money deserves profit. Abstain**. Breaking from world of fame.Examples: Abstaining from meat, alcohol. Belief in eternality. Abstaining from lending. Instead, engage in world of finance to invest in money return.L73. Sufficient equivalent abstinence. Risk (real show of faith). Return for labor and skill.Assiduity- diligence in work. P374. L70. Minimum of profits, exceedingly variable. Different level of wages create different profit
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