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Adam Smith and The Wealth of Nations:. In Context. Age of Enlightenment. Reason-Abandonment of superstitions Science and intellectual exchange Empiricism United States Rights and liberty Progress, tolerance, Abuses of church and state Egalitarian Equality for all? The Arts

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Adam smith and the wealth of nations

Adam Smith and The Wealth of Nations:

In Context


Age of enlightenment
Age of Enlightenment

  • Reason-Abandonment of superstitions

  • Science and intellectual exchange

    • Empiricism

  • United States

  • Rights and liberty

  • Progress, tolerance,

    • Abuses of church and state

  • Egalitarian

    • Equality for all?

  • The Arts

  • Scientific Revolution


Adam smith
Adam Smith

  • Scottish Philosopher

  • Founder of Classical Economics

    • Mercantilism

      • Mineral Wealth and Land

      • Hoarding metals

    • Free trade makes everyone better off

      • Saw wealth in all goods and services

  • Theory of Moral Sentiments

    • Sympathy moderates our behaviors


Adam smith socialist
Adam Smith-Socialist?

  • Government

    • should subsidize education

    • Build infrastructure

  • A living wage?!

  • WTF-a progressive tax rate?

    • Each pays according to their income

  • The market is not the key to solving all problems!

  • Spread the wealth!


Theory of moral sentiments
Theory of Moral Sentiments

  • Morality informs the economy

    • Egalitarian economy

    • Exchange of goods and services makes both better off

  • Minimum-do no harm

    • Try to do good!

  • Prudence, justice, beneficence and self-command


Shortcomings
Shortcomings

  • Growth is the end not the means

  • Egalitarian

    • Anti large corporation

    • Everyone on an equal footing

    • No class domination

      • Greed overrides morality

      • Concentration of wealth

  • Information as a commodity/advantage

  • Pre-industrial revolution


  • Both Classical Economists

  • Advantage-Marx

    • Industrial Revolution and its effects

    • Great poverty and concentration of wealth-not egalitarian-class oppression

      • Owners benefited while workers lost/suffered

  • Smith-producers isolated Marx-everyone connected

  • Alienation

  • Labor Theory of Value

  • Theory of Surplus Value

  • WON and Capital are complementaryand both have flaws


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