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Capitalism Emerging Chapter 8

Capitalism Emerging Chapter 8 - Michael Morgenstern Intro...

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Michael Morgenstern Intro to Econ Perspectives February 6 th , 2008 Professor Zein-Elabdin Capitalism Emerging Chapter 8 1. Classical Political Economy a. b. Adam Smith i. Ws born in Scotland in 1723 and later in life wrote the book “Wealth of the Nations” and is of ten cited in support for a free- market capitalism. He was an outstanding figure in classical political economy. 1. Division of labor, exchange, the invisble hand a. The invisible hand is a metaphor coined by the economist Adam Smith . In a free market, an individual chasing his own self-interest tends to also promote the good of his community as a whole through a principle that he called “the invisible hand”. He argued that each individual maximizing revenue for himself maximizes the total revenue of society as a whole, as this is identical with the sum total of individual revenues. b. c. Division of Labor is the specialization of cooperative labor in specific, circumscribed tasks and roles, intended to increase efficiency of output.
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