PSYC 170 Lecture Notes - Lecture 3: Spontaneous Order, Market Power, Unintended Consequences

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12 Dec 2016
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Smith and humes were two major representatives of the scottish enlightenment. Smith professor of philosophy at university of glasgow: took job from humes because he wasn"t an atheist. 1776 the wealth of nations most important book every written in economics: did not see himself as an economist, but rather, a moral philosopher. System of natural liberties = capitalism: smith"s argument of capitalism rests on his argument about the invisible. Naturally predisposed to approve of actions/circumstances that cause happiness. Naturally inclined to disapprove of actions/laws of actions that cause disutility: need an explanation other than self-interest self love is the answer! Sympathy explains why we approve of good deeds of others, and disapprove of actions that harm others or do them injustice. Smith explains how it is possible for us to act for the public good, even against our own interests.

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