CPT529 : ADAM SMITH ECONOMICS : Book Paraphrase
--- ADAM SMITH (1723-1790) was a great Scottish expounder of economic liberalism and the policy of laissez-faire [n: 1- An economic doctrine that opposes governmental regulation of or interference in commerce beyond the minimum necessary for a free-enterprise system to operate according to its own economic laws.
2- Noninterference in the affairs of others].
Adam Smith's book "The Theory of Moral Sentiments" has the general idea that ethical systems develop by a natural process out of individual personal relationships - a view that reflects the 18th century interest in natural law.
THE INDIVIDUAL DECIDES THAT CERTAIN ACTIONS ARE PROPER OR IMPROPER BY OBSERVING THE REACTIONS OF OTHERS TO HIS OR HER BEHAVIOR. A SOCIAL CONSENSUS THEN DEVELOPS, APPROVING THOSE PATTERNS OF BEHAVIOR THAT BENEFIT BOTH THE SOCIETY AND THE INDIVIDUAL
Technological changes were building the foundations of Industrialism.
Progress was being made because of the efforts of thousands of people acting for themselves alone.
SELF-INTEREST IN A FREE SOCIETY WOULD LEAD TO THE MOST RAPID PROGRESS AND GROWTH A NATION WAS CAPABLE OF ACHIEVING.
"The uniform, constant and uninterrupted effort of every man to better his condition, the principle from which public and national, as well as private opulence is originally derived, is frequently powerful enough to maintain the natural progress of things toward improvement, in spite of both the extravagance of government, and of the greatest errors of administration."
INDIVIDUALISM AS A WHOLE RESULTS IN ORDER, NOT CHAOS. ---
- excerpts taken from: "THE AGE OF THE ECONOMIST" by Daniel R. Fusfeld
2- Noninterference in the affairs of others].
Adam Smith's book "The Theory of Moral Sentiments" has the general idea that ethical systems develop by a natural process out of individual personal relationships - a view that reflects the 18th century interest in natural law.
THE INDIVIDUAL DECIDES THAT CERTAIN ACTIONS ARE PROPER OR IMPROPER BY OBSERVING THE REACTIONS OF OTHERS TO HIS OR HER BEHAVIOR. A SOCIAL CONSENSUS THEN DEVELOPS, APPROVING THOSE PATTERNS OF BEHAVIOR THAT BENEFIT BOTH THE SOCIETY AND THE INDIVIDUAL
Technological changes were building the foundations of Industrialism.
Progress was being made because of the efforts of thousands of people acting for themselves alone.
SELF-INTEREST IN A FREE SOCIETY WOULD LEAD TO THE MOST RAPID PROGRESS AND GROWTH A NATION WAS CAPABLE OF ACHIEVING.
"The uniform, constant and uninterrupted effort of every man to better his condition, the principle from which public and national, as well as private opulence is originally derived, is frequently powerful enough to maintain the natural progress of things toward improvement, in spite of both the extravagance of government, and of the greatest errors of administration."
INDIVIDUALISM AS A WHOLE RESULTS IN ORDER, NOT CHAOS. ---
- excerpts taken from: "THE AGE OF THE ECONOMIST" by Daniel R. Fusfeld
posted by Sir Alfred Darknight at 8:29 PM
0 Comments:
Post a Comment
<< Home