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Adam Smith and The Wealth of Nations:

Adam Smith and The Wealth of Nations:. In Context. Age of Enlightenment. Reason-Abandonment of superstitions Science and intellectual exchange Empiricism United States Rights and liberty Progress, tolerance, Abuses of church and state Egalitarian Equality for all? The Arts

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Adam Smith and The Wealth of Nations:

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  1. Adam Smith and The Wealth of Nations: In Context

  2. Age of Enlightenment • Reason-Abandonment of superstitions • Science and intellectual exchange • Empiricism • United States • Rights and liberty • Progress, tolerance, • Abuses of church and state • Egalitarian • Equality for all? • The Arts • Scientific Revolution

  3. Adam Smith • Scottish Philosopher • Founder of Classical Economics • Mercantilism • Mineral Wealth and Land • Hoarding metals • Free trade makes everyone better off • Saw wealth in all goods and services • Theory of Moral Sentiments • Sympathy moderates our behaviors

  4. Adam Smith-Socialist? • Government • should subsidize education • Build infrastructure • A living wage?! • WTF-a progressive tax rate? • Each pays according to their income • The market is not the key to solving all problems! • Spread the wealth!

  5. Theory of Moral Sentiments • Morality informs the economy • Egalitarian economy • Exchange of goods and services makes both better off • Minimum-do no harm • Try to do good! • Prudence, justice, beneficence and self-command

  6. Shortcomings • Growth is the end not the means • Egalitarian • Anti large corporation • Everyone on an equal footing • No class domination • Greed overrides morality • Concentration of wealth • Information as a commodity/advantage • Pre-industrial revolution

  7. Both Classical Economists • Advantage-Marx • Industrial Revolution and its effects • Great poverty and concentration of wealth-not egalitarian-class oppression • Owners benefited while workers lost/suffered • Smith-producers isolated Marx-everyone connected • Alienation • Labor Theory of Value • Theory of Surplus Value • WON and Capital are complementaryand both have flaws

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