Econ 1050 1st Edition Lecture 15 Outline of Last Lecture I.Aquinas, of Cheating, Which is Committed in Buying and Selling, from The Summa TheologicaA. First Article B. Second Article Outline of Current Lecture II. Aquinas, of Cheating, Which is Committed in Buying and Selling, from The Summa TheologicaA. Third Article B. Fourth Article Current LectureAquinas Third Article Whether the seller is bound to state the defects of the thing sold There must be a middle ground. On page 254, line 30 it states that one does not have to announce the defects beforehand, but once the transaction is taking place then one needs to. When it comes down to the house example, if the defects are obvious and the house is priced appropriately, that is, lowered to the correct level, then the seller is not required to mention these obvious defects. These rules are so complex because this is what the law does. Laws are based off of precedents.In the 13th century Aquinas was essentially a judge. He had seen many disputes between partiesand established precedents.Fourth Article Whether in trading, is it lawful to sell a thing at a higher price than what was paid for? 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.Not everyone that sells something at a higher price than what one bought it for is a tradesman. It’s about the intent. If one buys something with the intent of selling it immediately in order to make a profit off of it, then that individual is considered a trader. In other words, if it’s your intent to do this then it’s a trade transaction. But if one purchases something, keeps it for a while, and eventually decides to sell it because they no longer need it then it’s not considered a trader transaction. In this case, if you sell the item for more than you paid for it then it would be ok because it wasn’t your intent to sell it for more than you paid for it. - In this case, the value of the item has changed with the place or the time or both. - After having something for a while, you may make it better and it’s acceptable to sell it for more than you paid. A trade transaction is a transaction where you buy something with the intention of turning around and selling it at a profit without changing it. People who do day trading are speculators. Investing is a long-term profit. Has Aquinas addressed the problem that he has with traders in this reply? No, but he will eventually. In his summary view he calls Aristotle a Philosopher, a capital P. There are two kinds of exchange: one is for household means and another is simply to make money. He has not permitted trading for profit and he actually views this as evil. But the transaction in itself is not necessarily good or bad, and it’s permitted to sell something for more than you paid for as long as your intent was to make the money to upkeep your household, or give to the needy, or give back to your country, but not simply for the sake of making money. The intent of making a profitas a trader is not to provide the necessities of life but to seek gains for the purpose of seeking gains. We as people should pursue money not as an end, but as a means. Has Aquinas resolved the discrepancy by allowing the retailer to make a profit and the argument he makes in article one? The answer is no because the discrepancy still exists. For example, if I purchase something for $200 and sell it for $1000 for the right reasons, then in thiscase this item is worth two values and this contradicts article