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Economics a commodity or service that satisfies a human need



in ethics and philosophy, that which includes definite positive meaning. In philosophy the question of good was posed in attempts to explain the meaning of existence and human life and was treated as the problem of the greatest good (summum bonum in Latin, a term introduced by Aristotle); this greatest good determined the relative value of all other goods. The Greek philosophers viewed the greatest good as happiness— “eudaemonia” —the exact meaning of which was defined in various ways by representatives of different schools. For example, the Cyrenaics and Epicurus defined it as pleasure, the Cynics as abstention from passion, and Aristotle and the Stoics as virtue (in the sense of the supremacy of the higher and more rational forms of nature over the lower). Plato considered “the good” to be “the one” which is the basis of all existence. Aristotle distinguished three kinds of good: corporeal (health, strength), external (wealth, honor, glory), and spiritual (intelligence, moral virtue). In the Middle Ages, scholasticism attempted to rework the ideas of the ancient philosophers in terms of the principles of Christian theism. The result was the identification of the greatest good with god, the source of all good and the ultimate goal of human aspiration.

New European philosophy emphasized the role of the subject in determining any sort of good. T. Hobbes and B. Spinoza said that the good is that for which man is striving, that which he needs. Another development which was characteristic of new European ethics was the utilitarian interpretation of good, which reduces it to the idea of usefulness. Kant distinguished the supreme good from the absolute good. The former is good will and moral virtue; and latter requires that virtue be combined with happiness. Thereafter the concept of the good gradually lost its significance and, from the middle of the 19th century was replaced by the concept of value.

In the narrower and specifically ethical sense of the word, the concept of good is opposite to that of evil.


Material goods Economists consider material goods from two different points of view: in terms of their usefulness (their capacity for satisfying a particular human need) and in terms of how much man has contributed to their production. Accordingly, there are two kinds of value—use value and exchange value. Material goods are usually considered to include consumer goods (services as well as wares) which satisfy a great variety of human needs.


References in periodicals archive ?
Saying "Good morning/good afternoon/good evening" will be outlawed, as viewers/listeners who aren't having a good morning, good afternoon or good evening may feel judged, and be offended by that.
It was a good afternoon for the Hugheses as Jake and Liam also notched a goal apiece for the Colliers.
Labour group leader Cllr Paul Cotterill said: "We enjoyed a good afternoon.
Nuneaton continued to chase the game, and then came unstuck as Richard Wainwright's try cancelled out Bray's score, before Will Runciman and Roberts rounded off a good afternoon for Park with two late tries.
Ruby Walsh (above) looks set for a good afternoon in the saddle and he can take the opening maiden hurdle on the John Kiely-trained Visit Wexford.
Having left the beautiful sunshine in the Capital, the travelling party were anticipating a good afternoon of soccer in the sun.
Yesterday Stosur was up against the remarkable 42-year-old Kimiko Date-Krumm but it was not a good afternoon for the Japanese player, who failed to win a game until she was 6-0 3-0 down.
In the last minute, winger Matty Smith crossed for Widnes to round off a good afternoon for the Heath Road faithful.
And Joss Andrews completed a good afternoon for Rugby when he bagged the final try.
Erin Lees, manager of Heritage Exchange, said: "It was a really good afternoon.