SOCB42H3 Lecture : Lecture 2
Document Summary
1the general themes of the wealth of nations and it s agenda: One thing about smith, is that he was a brilliant writer (every step of the way unfolds logically on to the next. Everything he says in the book is in the title) Nature and causes of the wealth of nations: - nature of wealth: he contrasts his definition of what it means to be rich, and he goes through two alternatives of what it means to be rich: 1. Natural resource (we have control over them, for ex: oil) 2. Gnp (gross national product)/capital = how much does a country produce that"s available for use by its people. The higher it is the richer you are. Those three theories at the top about the nature of wealth, lead to getting wealth. universal ways to get rich: productivity of labour, proportion of pop. So if it sucks, you aren"t getting rich. (exports good, imports can - birkism [random])
