How Did Aristotle's View Of The Good Life

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Aristotle viewed the good life as one in which one is happy meaning doing and living well. Human beings can act rationally and have both needs and wants. These needs and wants are fulfilled by acquiring material wealth. Karl Marx defined a commodity in terms of it having a use value and exchange value. In a capitalist society, commodities are produced using human labor for exchange and, this means only products that must value are exchanged to satisfy human wants. “A commodity is, therefore, a mysterious thing, simultaneously because in it the social character of men’s labor upon the product of that of labor; because the relation of the producers to the sum of their own labor is presented to them as a social…show more content…
Free markets result in efficiency and economic growth by improving the living standards of its participants. Adam Smith’s argument supports this idea where he suggested that an invisible hand moves the economy into prosperity. He argued that if people can participate in the economy freely, good consequences will follow and if one pursues his own interest, the society gains more effectually than he really intends. However, this may be true, people must keep in mind there are good and bad consequences. Social benefits are usually ignored because people exchange goods and services to benefit oneself. This results in inefficient allocation of resources. Thorstein Veblen argument in relates to how pecuniary emulation is a driving force to how consumers behave. He suggests that people want to accumulate more wealth thus buying more expensive things to become better than other people. Possessing wealth conveys honor (Veblen, 660) and free markets might promote this behavior which becomes problematic. For example, the desire to want more wealth promotes the struggle to possess more than other people thus creating artificial demand and greed since people do more than fulfilling their needs. Inequalities and exploitation are likely to arise since demand for goods is created and the rich take advantage of the poor. In addition, John Galbraith states that “wants depend on the process by which they are satisfied” (Galbraith, 331). This means that
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