If Yale were Socrates in the endowment approach world, MIT would be Plato. In Philosophy 101, we learned: Socrates believed in being just, he states that everything has a role to play, and must play it well enough. He also believed that everything is characterized by a virtue that has a direct relationship with the performance of its function. While Plato, argues that injustice cannot be better than justice, he argues that each function is dependent on the community one finds himself. That is, a person's function and his ability to carry it out effectively is highly dependent on the community in which one lives.
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Emerging Managers - Socrates and Plato
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If Yale were Socrates in the endowment approach world, MIT would be Plato. In Philosophy 101, we learned: Socrates believed in being just, he states that everything has a role to play, and must play it well enough. He also believed that everything is characterized by a virtue that has a direct relationship with the performance of its function. While Plato, argues that injustice cannot be better than justice, he argues that each function is dependent on the community one finds himself. That is, a person's function and his ability to carry it out effectively is highly dependent on the community in which one lives.