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MMW5 - natural laws Economic development(on the basis of...

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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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