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Dan Silver

Socb42classic sociological theory lec 029192011 10800 PMAdam SmithBorn in Scotlandwent to Glasgow university studying moral philosophygot professorship at univ of Glasgow teaching moral philosophylectures and written material were previously done in latin however Smith taught in Englishwrote Theory ofmade him famous no longer teaching taught a rich baron insteadthought of unheard economics subjectpublished book 1776inquiry of causes of wealth of nationsinvestigation of the nature and causes of the wealth of Nations y Nature Wealth o Natural resources o Stored treasure casho GNPgross national product capital production of goods and servicesbeing richwealthy is a social productbook is about understanding social conditions that enable great or poor productivity and what are the results of such actionsy Causes Wealth o Conquest going out to obtain resources taking over finding it etc o Exporting goods to other nationsmore than imports o Universal answersworks anywhere for causes of wealth 1 productivity of labour2 proportion of population employed in productive labour o Historical causes of wealthStress a country gives on ManufacturingCommerce vs AgricultureTheories that were prevalent at the timepolitical economy how do governments affect and increase the nations wealth defense impartial system institutional system roads etc and collecting taxesDivision of Laboury Specializing in a specific task y Forms of division of labour to smith1separation of employment and 2separation of tasks y Why does DOL increase productivity1 Improves Dexterity2 Time saving3 Leads to Technological Innovation workersfocused on one thing eventually will find improvementsmachine makers Scientists y Consequenceso Surplus value o Increased commerce o Increased connectivity interconnectivity in society y Causes Natural poopensity to truck barter and trade o Rooted in reasonspeech o Distinctive to humans o Generate impersonal markets o Marketsselfinterest specialization o Coordinating talents and activities through markets and connections y What limits growth o Extent of market Capital y a productive part of produce total produce more future produce y b replacementrentprofits y c more replacing more wealthWhat causes capital accumulation y d saving y e desire to better our condition
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