ADMS 1010 Chapter : ADMS 1010 Notes Week 5

• School: York University
• Department: Administrative Studies
• Course: ADMS 1010
• Professor: Eytan Lasry

Document Summary

History of economic thought: economic = business. The social science that studies the processes that govern the production, distribution o and consumption of goods and services in an exchange economy. (wikipedia) Provide a system of rewards that would motivate individuals to perform valuable o social duties without relying on love". (sir dennis robertson) o. Strip away social obligation from transactions: foundations of economic thought o o o. 1776, adam smith, a scottish philosopher, authors wealth of nations. This great increase of the quantity of work which, in consequence of the division of labour, the same number of people are capable of performing . It is not from the benevolence of the butcher, the brewer, or the baker that we expect our dinner, but from their regard to their own interest. We address ourselves, not to their humanity, but to their self-love, and never talk to them of our own necessities, but of their advantages.