Examlex
In these short selections we get a glimpse of stoic philosophy from three of its greatest proponents-Marcus Aurelius, Seneca, and Epictetus, who gets the longest excerpt here. Marcus Aurelius urges that our every act should be done deliberately and attentively, following the dictates of reason and avoiding the distracting disorder of the passions. Seneca endorses suicide as a legitimate option in life because "mere living is not a good, but living well . . . [T]he wise man will live as long as he ought, not as long as he can." Epictetus distinguishes between those things in life that are up to us (intentions, desires, etc.) and those things that are not up to us (our bodies, property, reputation, etc.). If we confuse these two, we will be troubled and impeded. But if we keep them straight, we will be free of burdens, harm, and grief. "Don't seek for things to happen as you wish," he says, "but wish for things to happen as they do, and you will get on well."
-Epictetus believes that the only legitimate reactions to someone else's good fortune are jealousy and envy.
Gold Standard
A monetary system in which a country's currency or paper money has a value directly linked to gold, providing stability and confidence in the currency's value.
Self-Correcting Mechanism
In economics, a self-correcting mechanism refers to the natural adjustment of markets in response to imbalances, restoring them to equilibrium without outside intervention.
De Facto Dollar Standard
An international financial system in which the U.S. dollar is used as the primary reserve currency by other countries, even though it may not be officially designated.
Monetary Policy
Control of the rate of monetary growth by the Board of Governors of the Federal Reserve.
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