Adam Smith (1723-1790)
The best version of these notes is available here. I would download and use them to study.
Biography
Humans Are The Animal That Bargains
- People are self interested + We can receive goods and services from other people -----> Ability to bargain for mutual self-interest
- Money makes this possible
Division of Labor
- People no longer need to be self-sufficient
- Allows focus on craftsmanship
- Flourishes under a free market place
- Leads to improved human condition
Market Equality
- Freedom to buy/ sell = natural liberty
- Leads to more resources for whole society
- Potential for equal resources
- Jack of all trades can no longer survive
Free Market
- "The Invisible Hand"
- The market regulates itself
- Mutual benefit
- Based on rationality
- Motivated by mutual self-interest, not competition
- Government has a few, limited functions
- Education, laws (crime), taxes, regulation
- International trade is awesome
Limits
- Child labor is bad
- Production line = dangerous
- if it's repetitive and too specialized
Comments (4)
karlil said
at 9:59 am on Feb 27, 2009
Seth fix the format ha that's your job bye=]]
Don Pogreba said
at 10:38 pm on Mar 5, 2009
Bit of formatting to clean up here, more quotes. You might go a bit broader than just economics, as well.
http://plato.stanford.edu/entries/scottish-18th/
jesser said
at 10:23 pm on Mar 6, 2009
Hey Greg, this is really good.
Check out my Karl Popper one.
gregf said
at 8:08 am on Mar 9, 2009
Seth copy some quotes into word for me
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