Different wages and profits | Chapter 10, Book 1

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This video covers Chapter 10 - 'Of Wages and Profit in the Different Employments of Labour and Stock' of The Wealth of Nations Book 1 by Adam Smith. In this chapter, Adam Smith explains, what leads to different wages and profits.
This project is made by Lina Craighill and Raphael Schicho.
pages summarized: 46

Пікірлер: 13

@michaelpescatore4354 4 жыл бұрын

Thank you for this. I watch before and after I read each chapter so I can actually retain all the info. Bless.

@brentmarchbanks8783 4 жыл бұрын

Lina: I'm BrentMarchbanks, your uncle-in-law; married to Earl's sister Carrie. I got to know you in Sunnyvale and during your visit to Boise as a little girl! Carrie says Hi! I've long assumed that conservatives bastardized Adam Smith. I've read small parts that deal with the need for common sense regulations of markets. But, I think they get away with misrepresentation because nobody reads this rather laborious text. Good on you and your partner for this project. I PROMISE to listen to the whole thing! I have some time on my hands right now. Cheers, Brent

@yaycookiz 4 жыл бұрын

Brent Marchbanks Hi Brent and Carrie!! Happy to see you here! I certainly wouldn’t disagree with you. Although, even without bastardizing it, we should probably question how directly/literally we can apply 1776 economic theory to modern day situations? Maybe that should go for (economic) theory in general. To me, it seems to provide a great framework for analyzing issues, but we’re lazy to the point of ignorance when we stop short of applying relevant context and detail - which is often what I see done by pundits (named Ben Shapiro, cough cough)

@yaycookiz 4 жыл бұрын

Brent Marchbanks anyways, hopefully you’re not thrown by my private account. Looking forward to seeing your thoughts on everything else!

@WTAWWR08 3 жыл бұрын

@@yaycookiz sorry to barge in on the conversation, but I agree on the nuisance of everyday economic evolution. It is very dangerous to tread on bias territory and the reason I subscribe to the channel is because I saw a fresh, critical take on fundamentals of science. Is there a way to support you guys on patreon?

@williammuk886 3 жыл бұрын

Thank you! This is my favorite chapter: “a small pecuniary gain in some and counterbalance a great one in others” ... that quote explains the philosophy well!

@jyotibarman8809 2 жыл бұрын

Can you please explain the quote!

@peeonthepenski4729 Жыл бұрын

@@jyotibarman8809 I was about to ask the same thing

@qudizzle1 2 жыл бұрын

What you think he means by "corporations" or "incorporated trade" where people from the same trade come together and set rules and penalties. I dont think is this referring to what we now know as corporations. it sound like more of a "trade guild".

@m11jp 4 жыл бұрын

Great summary! No unearned free higher education, PLEASE. So much for people growing wiser over time. Adam Smith saw how detrimental such an idea was over 200 years ago.

@crystalc1ear 4 жыл бұрын

Why?

@pushuprizz 4 жыл бұрын

I agree to the certain degree but I can't help but think the education is quite too expensive in certain universities in America costing multi tens of thousands of dollars. I suppose the American people have freedom to choose community college or in-state tuition universities, so maybe they should be helped liable for their choices, but also it would be nice to have some room for redemption for those who made the wrong choice, so they could pay off their student loans at some point in their life. I don't think free college solves everything like the left would like to claim but I also think the extremely high cost of education could result in social polarization and increasing economic disparities which could lead to catastrophes. There is no easy solution for sure though.

@kennethconnally4356 3 жыл бұрын

Actually, as the video points out, Smith thought that it could be in the public's interest to subsidize certain kinds of education if the benefit of making that education (and the kinds of labor done with it) cheaper and more accessible outweighs the downsides. Here it is in his words: "This inequality [i.e. low wages for teachers, given their level of education] is upon the whole, perhaps, rather advantageous than hurtful to the public. It may somewhat degrade the profession of a public teacher; but the cheapness of literary education is surely an advantage which greatly overbalances this trifling inconveniency."