BUS 1050 1st Edition Lecture 7 Outline of Last Lecture I. Plato, from The RepublicA. Efficiency B. Retailer C. Ideal State II.Aristotle, from The PoliticsA.Money used for household management B.Money used to make money C.Proper use of things D.Improper use of things III. Marx, Capitalist Production from Das KapitalA. Use Values B. Exchange ValuesOutline of Current Lecture IV. Mandeville, from The Fable of the BeesA. Prosperity and corruption V. Rand, from Atlas ShruggedA. Prosperity and morals Current LectureMandevilleMandeville was a Dutch man who spent the majority of his life in England and it was in this country that he was the most successful. He establishes a relationship between prosperity and corruption. Capitalists must take risks while workers put in units of human labor.In the Fable of Bees, there is a society of bees with a king circumscribed by law. This society has a prosperous economy that is founded off corruption and cheating. Everyone is in it for himself or herself. If one looks at the surface of the society one sees prosperity. But the more corrupt the society is, the more prosperous it is. 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.Eventually the God Jove intervenes, and makes the entire society honest. As a result, the economy collapses. The bees learn how to live rather than how to spend. One must have corruption, cheating, and dishonesty, and everything should be based off self-interest in order to have prosperity. If one removes this, prosperity will disappear.Rand According to Rand, prosperity comes from moral, virtuous, honest, and fair dealings. People who take advantage of other bring the economy down and those who produce wealth help build the economy.He tells a story about two men at a party, Francisco and James Tager. Francisco is a creator of wealth and James manages wealth for others. According to Rand James falls under the category of looters and moochers, because looters and moochers are those who take money without creating anything.James Tager says that money is the root of all evil. But Francisco refutes this by arguing that wealth makes the world a better place. Money is merely a representation of wealth and it’s worthless without virtue and morality. Economic prosperity is built of fair and honest business dealings. Francisco even states, “The man who damns money made it dishonestly, while the man who honors it made it honestly”. In other words, he is accusing James Tagar of making his money dishonestly.If economic prosperity is based on no regulation, then why do we have a government? This is because capitalists do not behave virtuously and consequently, the government sets up regulations.“A country of money is a country of reason and justice”. Rand praises America because she is from Russia, where the government controls all, but in the U.S. this does not happen. She praises the fact that America came up with the phrase “to make money” because before men used to think money was a static quantity that could only be acquired. The concept of making money holds the essence of human morality. If there is no growth then there is equal amount of supply and demand. If there is more consumption, than there is production we will eventually run out of resources. This would resultin a wealth of zero.If we want economic prosperity, production must always be greater than