Wealth of Nations study guide - WEALTHofNATIONS Part1...

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WEALTH of NATIONSPart 1Ch. 1 on the division of labor.Part 2: Chapter 7 on natural price versus market priceChapter 8 on wages of labour... increase with the increase in a nation's wealth.. is not inproportion to the size of the nation's wealth. High wages help industry and increasespopulation. issues with poverty. increases of wages causes inflation but the cause of highwages causes an even greater decline in the price of commodities. Boom and bust in relationto the demand for labor.Part 3: chapter 1: division of labor causes stock accumulation. Stock is either circulatingcapital (yields revenue only if exchanged) and fixed capital (yields revenue without changinghands).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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Term
Spring
Professor
Wolff

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