lect3notes - which they are skilled which will raise...

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Don’t have money to get candy bar, you can prob grab it, run out of store, no one will know diff Observers watch you at aisle, thinking about it, and you don’t take it, just walk away leave store; you are observing, why didn’t the person take the candy bar? Explanations: morally wrong to steal, afraid of getting caught Costs of getting caught are greater than benefit of taking candy bar; operate according to self interest Societies held together by fact that we internalize norms No such thing as human nature--how we behave is affected by what situation we are in Wealth of nations: 1776; prior, published book on moral philosophy It is a human nature to…natural out roar of a genuine human tendency When people specialize, you can devote attention to it and get good at it; if each of us finds a particular aspect of production we are good at, everyone will be dping something
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Unformatted text preview: which they are skilled, which will raise productions and benefits; basis how great wealth is created Most of the time, somebody else is making things for you (buy your own clothes, don’t make them) Tendency to exchange leads to specialization If we are going to exchange, you need to have something to give to that person Pg. 16 of book wealth of nations, pg 9 cp You give me what I want, Ill take care of getting you what you want Make sure you can convey to employer what you can do for them--what you will contribute in their organization Driven my self interest, natural tendency to exchange If each one of us pursues our own self interest, outcome will be best possible situation for society as a whole-- Invisible Hand Protectionism: If you have to pay people 7.50 what you would for 5, hire less ppl World has changed since Adam Smith wrote this...
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