{[ promptMessage ]}

Bookmark it

{[ promptMessage ]}

Phil- - Phil 205 10-6 The Ethics of Wealth Creation Adam...

Info icon This preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
Phil 205 10-6 The Ethics of Wealth Creation Adam Smith Famous parable of the beaver and the deer o The exchange in its primitive condition o Something that is worth two hours of labor should be the same price as something worth two hours of labor o Two hours of labor is worth more than one hour o However it will take more time to kill a beaver than a deer Quality of labor can complicate things o If the only thing that differs between the two commodities and the rate of exchange is the amount of labor o It takes twice as long to get a beaver than a deer In a primitive market two deers would equal one deer Marx and Smith both find this to be true However Smith does believe that in a modern economy this can work o When capital is created the primitive view doesn’t function o Capital gives rise to entrepreneurs that would lend money to producers o So Smith here says that not only is the price of goods the labor, but also the cost of the people that advanced them money to produce Farmers would need this loan to produce But those farmers would also want a little return on his goods The loaners want more than they gave though
Image of page 1

Info icon This preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern