What makes prices? | Chapter 6, Book 1
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Күн бұрынThis video covers Chapter 6 - 'Of the Component Parts of the Price of Commodities' of The Wealth of Nations Book 1 by Adam Smith. In this chapter, Adam Smith goes into the different factors, that determine prices.
pages summarized: 8
@vivek9818 3 жыл бұрын
Thanks a lot for these short videos, it's really helpful, I'm reading a each chapter first then a quick summary in video format, perfectly balanced as it should be 😁💜
@simonk665 2 жыл бұрын
You should do summary first and then read the book. It will make you understand the book better.
@farlyn3 4 жыл бұрын
Thanks alot for your content! It is much appreciated. I noticed tho that there is a mistake in the video. The wages and profit increase in proportion to rent as a product becomes more manufactured. Hopefully you can change that in the video. Thanks alot!
@ChapterbyChapter 4 жыл бұрын
Where did you get this notion? From what I remember Smith believes rent is the factor with leverage (i.e. that can claim the surplus) although that is far from clear from a contemporary economic perspective -R
@farlyn3 4 жыл бұрын
@@ChapterbyChapter On page 44 from the third edition Adam smith writes: "As any particular commodity comes to be more manufactured, that part of the price which resolves itself into wages and profit comes to be greater in proportion to that which resolves itself into rent." . Hope this helps you.
@ChapterbyChapter 4 жыл бұрын
it does, thanks!
@stephenhemingway9435 5 жыл бұрын
This is a great book, but Smith's references to "civilization" and "naked savages" show embedded he was in Britain's colonial ethos.
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