Wealth of Nations study guide

Wealth of Nations study guide - WEALTHofNATIONS Part1 Ch....

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WEALTH of NATIONS Part 1 Ch. 1 on the division of labor. Part 2: Chapter 7 on natural price versus market price Chapter 8 on wages of labour... increase with the increase in a nation's wealth.. is not in proportion to the size of the nation's wealth. High wages help industry and increases population. issues with poverty. increases of wages causes inflation but the cause of high wages causes an even greater decline in the price of commodities. Boom and bust in relation to the demand for labor. Part 3: chapter 1: division of labor causes stock accumulation. Stock is either circulating capital (yields revenue only if exchanged) and fixed capital (yields revenue without changing hands). chapter 2: Even the poorest in the wealthy nations are better off than the poor people in poor nations. Smith calls this political economy as does Marx. Why does wealth have to do with Politics? Basic notions of value. Labour theory of value. pg. 33.
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