SOSC 1800 Lecture Notes - Lecture 4: John Stuart Mill, Classical Liberalism, Homo Economicus
8 Feb 2017
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Document Summary
Liberal theory originated during the enlightenment era which was significant in the 19th century because new views were emerging. People started basing their views on scientific method and rationality as opposed to faith. Their ideas are based on the liberal theory -> advocates various personal freedoms and free markets (limited intervention of government). Adam smith was a professor in 18th century scotland. Developed an idea of the economic man. This idea said that society consists of rational individuals driven by their own self interests. If someone gives us something, they expect something in return. He argued that people do show compassion and cooperation, but still seek gain and profit from their efforts. Thought seeking profits is a fundamental characteristic of human nature. Society should be organized in such a way that promotes self-interest. The main role of the government is to make sure there is open exchange and open market.
