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Reading Notes September 2nd

Reading Notes September 2nd - Carter Whittington Jordan...

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Carter Whittington Jordan Radke SOCI 415 2 September 2011 Reading Notes 8/2 The reading starts off with a brief background and bibliography of Adam Smith in order to shed some light on how his views came about and how he got to the point in his life where he started to come up with his ideas. According to the article his greatest insight was seeing value in labor instead of nature. Moving forward, Heilbroner describes Smith’s book “The Wealth of Nations” and talks about how it is a blueprint for his age and in a sense a textbook. Economics came, for the most part, from Adam Smith. The rest of the article talks about Smith’s view on all aspects of the economy from laissez-faire to competition and self-regulation. According to Smith, within a market system self -interest works in society's interest because it leads to the best provision of socially desired goods and services and to increased wealth and standards of living for everyone in society. The reason self interest does this in the
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