Aristotle Analysis

        Coase points out that instead of eliminating smoke pollution by issuing tax to a factory, there should be the other way which optimizes the smoke to the level that maximizes the value of production and minimizes harm to people in the region. Virtue fits in Coase’s analysis in that it avoids extreme actions (like just issuing tax) and tries to balance between the two sides (factory and neighboring people).

        According to Aristotle, virtue or essence is a state of the soul of a reasonable person, concerning an optimization between extremes. He also states that happiness, which is a “chief good,” then is a “certain activity of soul in accord with complete virtue.” We cannot discern the 11 virtues because each virtue has its own good (we cannot compare them).

        Aristotlean approach is different from Kant’s duty ethics and utilitarianism because it focuses on “character” while duty ethics concerns universal law and intention, and utilitarianism concerns consequences of actions. If we apply Aristotlean to the cases we investigated, we have to consider one being moral worth not because of his/her actions by duties or consequences, but because of his/her reason and judgement.

        Liberality is one of the virtues Aristotle states. It is a mean between prodigality and stinginess, and it is an example to show how virtuous people act in contrast to others.

        Aristotle ends his Nicomachean ethics by stating the regime because politicians have to understand each character of individuals in a society. Moreover, in order to create an ordered and peaceful nation, politicians have to educate people to understand all the virtues.