History 1807 Lecture Notes - Lecture 4: Mathematical Economics, Social Darwinism, New Class
24 Apr 2019
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Adam smith we should see him as a philosopher, as a mind, not as an economist. Prior to the 21st century, there were theorists, a much more open field, understands market values, extensions of social interactions. People like smith wouldn"t have done that, they would have made their judgements on what they saw visually. He is not showing things through his mathematical thinking, rather than through his perception: philosophy. It is performing a public service by being selfishness. Making people believe that whatever they do to make money, there is going to be triple down effects that effect everyone else, helps them, helps move the economy forward. The baker in the society should not be compelled to bake bread for the poor, the baker will deduce by being in the marketplace that there is a demand for bread. The price he sells is going to be based on the market value. There should be no pity, charity, only self interest.
