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Adam Smith - Adam Smith Rise of wealth was a recent...

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Adam Smith: - Rise of wealth was a recent phenomenon - Wealth of nations from lecturing on moral philosophy - Hutcheson introduced moral sense, ability to be ethical and good - Concerned about balance between individual satisfaction and altruism - Recommended calm benevolence as opposed to self-interest - Human society going through well defined stages - Smith’s lectures on Expediency, appropriate actions in the world of everyday’s life, were beginnings of Wealth of Nations - Was recognized as laying out politics that would be important to the development of Great Britain of the future. - Natural System of Liberty: a system that’s neither mercantilist nor physiocratic - Typical peasant has a richer life and making more decisions than a factory worker doing one function - Believes most people to be in agriculture, nature has designed a system that if we permit to operate will produce benevolent results - Market prices in the natural system of liberty will gravitate towards natural prices - Law of Equal Return: Capital will tend to earn the same return on the margin, benevolent general equilibrium - Mercantile system and French Physiocrats didn’t produce greatest progress possible w.r.t. wealth - Government: 1. Defense 2. Police, 3.erecting and maintaining public works - Division of labor: major factor in increase of wealth, for Smith demand side determined - D. o.l. leads to lower unit costs “pin factory”, limited by the extent of market
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