Speaking of Smith Archives
Searching for Adam Smith in Serbia
January 24, 2022
Adam Smith favored private enterprise, knowing that individual actors and not the state promote economic growth and social justice. It was markets, consisting of people who, although unintentionally, care for each other, that needed to be freed, not the government guiding the economy.
Adam Smith favored private enterprise, knowing that individual actors and not the state promote economic growth and social justice. It was markets, consisting of people who, although unintentionally, care for each other, that needed to be freed, not the government guiding the economy.
Could Too Much Division of Labor Be Bad?
January 5, 2022
Division of labor is working, but is everyone made better off, as we’ve come to expect from Adam Smith? Horwitz describes how women tend to invest more in household capital than men, who invest more in market human capital. So long as control over financial resources remained in the hands of men, this increased domestic specialization rendered women arguably more dependent on marriage.
Division of labor is working, but is everyone made better off, as we’ve come to expect from Adam Smith? Horwitz describes how women tend to invest more in household capital than men, who invest more in market human capital. So long as control over financial resources remained in the hands of men, this increased domestic specialization rendered women arguably more dependent on marriage.
Adam Smith and the Donor Priority Rule
January 3, 2022
Adam Smith maintained that altruism is more important towards those close to us, like families and friends, and that “Every man is, no doubt, by nature, first and principally recommended to his own care; and as he is fitter to take care of himself than of any other person, it is fit and right that it should be so (TMS, 2,ii,2).” Taking this into account, Smith found reciprocity as mechanism that promotes benevolence towards others and supports cooperation.
Adam Smith maintained that altruism is more important towards those close to us, like families and friends, and that “Every man is, no doubt, by nature, first and principally recommended to his own care; and as he is fitter to take care of himself than of any other person, it is fit and right that it should be so (TMS, 2,ii,2).” Taking this into account, Smith found reciprocity as mechanism that promotes benevolence towards others and supports cooperation.
