PAPM 1000 Lecture 4: PAPM 1000 January 25th 2016 wrd

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Monday January 25th 2016
PAPM 1000
Adam Smith: Reconciling Morals with Economics
The age of Enlightenment (XVIIIth century)
concept of property is fundamental
Core Values of Liberalism
Liberty: Free Will linked to Responsibility
Men defined as the core rational being, the measure of all things, exclude women
Equality: Equality before the law, equality of opportunity
eliminating private laws given to come people (privileges)
Property: Judicial regime determining rights for each
social capacity to restrain
everyone respecting each others property
to each according to his merits
appeals to the masses and presents at the time
the value of things depends on the amount of time it takes to produce it
not the value of things depends on the social average it take to produce it
property rights are not between yourself and the object but between yourself and the property
rights/ social capacity to restrain
Adam Smith (1723-1790)
wrote on astronomy, economic, politics etc
two main books
Theory of Moral Sentiments (1759) - sympathy and empathy
Inquiry into the Nature and Causes of the Wealth of Nations (1776) - self interest
Problem of Moral Judgement
Francis Hutcheson
developed idea of how can we have the right moral judgement to things
develops the concept of sympathy - to put yourself in the position of someone else and feel
what they are feeling
believes it is enough to be able to decide of a moral judgement is right or wrong
David Hume disagreed with this
reason is, and ought only to be the slave of the passions
no basis of moral judgments because of passions
the way people act is not based on their reason, but rather their passions
impossible to find a fundamental standard to determine moral judgements and what is right or
laws in our society should be based on artificial rules put in place and as a society we must
respect these rules in when it means that what would is right would be not to respect the rules
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