PAPM 2000 Lecture Notes - Lecture 9: Mercantilism, Market Price, Capital Accumulation

• School: Carleton University
• Department: Public Affairs and Policy Management
• Course: PAPM 2000
• Professor: Markhanvelt

Document Summary

Division of labour + competition is the engine to economic growth. Theory of moral sentiments (1759) (debates about sympathy, capital accumulation as a virtue) Core values of liberalism liberty: free will linked to responsibility, equality: equality before the law, equal opportunity, property: judicial regime determining rights for each. Notion of social average, the value of things depends on the amount of labour time needed to produce it. Property rights is never a relationship between you and the object, when you exchange objects you simply exchange property rights not object for object. His views are way more grounded historically than the ideas of locke (state of nature social contract) a lot more focused on history. Theory of moral sentiments = main concept is sympathy (more na ve) Wealth of nations= more educated, main concept is self interest. Main ideas: 1- double sympathy 2- impartial spectator.