Free Market Masters: Adam Smith

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Institute of Economic Affairs

Institute of Economic Affairs

Күн бұрын

Adam Smith is a name that will be familiar to most people. The ‘father of Economics’ is a famous historical figure with statues in his honour and his likeness on the £20 note. But most people have little idea why he is famous or what he said
This is a pity, because although Smith lived in Scotland in the eighteenth century, his ideas are as alive and relevant today as they have been at anytime in the last 250 years.
Craig Smith, Lecturer in the Scottish Enlightenment, University of Glasgow, explores how, in a world of globalisation, Smith’s study of international and domestic trade cuts straight to the heart of the forces that shape all our lives. When we look around the world at the millions being raised from poverty in India and China, we see the forces that Smith sought to understand. Smith helped to shape the world that we live in and there’s no better place to begin to understand that world than the writings of this modest Scottish Philosopher.

Пікірлер: 10
@moribundmurdoch
@moribundmurdoch 5 жыл бұрын
This should be played for high school students.
@mohamedabdulle6529
@mohamedabdulle6529 8 жыл бұрын
Very nice presentation
@GodGuy8
@GodGuy8 2 жыл бұрын
My favorite concept from Adam smith is the “invisible hand” an economic theistic
@moribundmurdoch
@moribundmurdoch 5 жыл бұрын
Is this a series because you had a fantastic segway into explaining "spontaneous order" at around 4:45 . You should have gotten into "spontaneous order" at around 4:45 .
@jabel6434
@jabel6434 3 жыл бұрын
Accumulated knowledge is part of the "commons". A resource that could be partly monetised to fund Unconditional Basic Income to buy the basic necessities of life: food/clothing/shelter. Without this there is no genuine individual freedom.
@SuperSlayer76
@SuperSlayer76 3 жыл бұрын
Accumulated knowledge cannot be monetized. Intellectual property is a false premise.
@jabel6434
@jabel6434 3 жыл бұрын
@@SuperSlayer76, This could be an interesting discussion if you have time for it. My comment referred to the idea of "labour supply" in the context of a free market . UBI ("U" also stands for "unconditional") is relevant when supply/demand mechanism is considered. For worker and employer to be negotiating as equal parties the worker has to be free to decline the offer of a job. This can only be if the worker has other income on which to rely. This is why John Locke includes "property" as the three fundamental human rights. In short, the individual's share in the value of the industrial/scientific/cultural heritage of humankind is the modern version of Locke's "property" (In those days "property" was a source of livelihood).
@moribundmurdoch
@moribundmurdoch 5 жыл бұрын
Urbicolous - cityish
@yydd4954
@yydd4954 2 жыл бұрын
But Socialists try to claim Adam Smith 🤣
@ronpaulrevered
@ronpaulrevered 3 жыл бұрын
As as a free marketeer I'm most often pigeon holed as an adherent to Rand, Friedman, or Smith,. My economic and political philosophy has almost nothing to do with these three. Smith's confusion about the nature of value as being from labor, much like Marx, and not understanding values subjective nature makes him a prime candidate to compare and contrast socialism and socialism with from the socialists perspective.
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