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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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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
slide7

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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