outline_adam_smith_s108 - natural laws • Economic...

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1 MMW 5 Cassedy OUTLINE ADAM SMITH His Theory of History Four natural stages of development , each based on a mode of subsistence 1. Hunting 2. Pasturage 3. Farming 4. Commerce Basic Principles underlying his economics Man is self-regarding Man has natural propensity to engage with others on basis of self-love Economic forces follow
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Unformatted text preview: natural laws • Economic development (on the basis of these laws) is prior to social change • Economic development should be characterized by freedom from interference from government, monopolists Smith’s version of law of supply and demand, how it differs from 20 th-century versions...
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