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Adam Smith Lectures (Got A+ on the test)

6 Pages

Course Code
SOCL 3101

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Adam Smith Lectures 1 Frederick Weil February 1999Adam SmithLecture 1 The Character of Market SocietySmith makes a number of claims about the natural state of things human nature natural prices or rates of wages rent and profit natural character of the market and market society In this lecture I explore the picture of market society he gives mainly in Book I of the Wealth of Nations In this and the following lectures we will see how Smith contradicts most of his basic assertions about the naturalness of these thingsBenefits of Market Society Increase of productivity through division of labor WN 13ff Affluence of all WN 22 Reduction of class differences WN 24AssumptionsEquality but diversity WN 28f Accepts analysis of Hobbes says differences arise in upbringing Will have to ask then why different classes have different outlooks Will answer in part due to material conditions classes per se and in part due to different values esp comparing ruling groupsSelfinterest tendency to barter leads to harmony WN 25f Like Hobbes does not argue from altruism but also does not ascribe deadly competition here Will have to ask later whether Smith sees this under all conditions or whether he wants this as a result of market society Ie is it really part of human nature or does it stem from social conditionsNB propensity to barter and division of labor are limited by extent of market WN 31 Characteristics and inner dynamics WN 448 72fNatural and market prices value Higgling entering and leaving market supply and demandAdam Smith Lectures 2 Frederick Weil February 1999Classes and class conflict Component parts of price wages profits rent WN 65f Principles which regulate eachsupply of labor WN 86 85 accumulation of capital WN 73 84f appropriation of land WN 160 67Reasons for conflict of interests question of subsistence of individual workers and race of workers WN 83fPrivate and public interests Interests of classes and interests of society and who knows selfinterest WN 265fNB that capitalism is in public interest but interests of capitalists against public interestPreconditions in abstractAppropriation of land and accumulation of stock WN 82f Before that labor was only measure of value cf Locke later profit and rent addedAlso NB limitations due to restrictions policy of Europe WN 135f restrictions on competition and free marketGeneral disabilities and dysfunctions mortality cf Malthus WN 96f conspiracy to raise prices WN 145Developmental Observations NB effect of growth on wages profits and how it makes for conflict of interests Stagnation hurts workers most helps employersAdam Smith Lectures 3 Frederick Weil February 1999In new colonies everyone benefits WN 109 Question is naturalness believable What about power etc
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