Questions tagged [adam-smith]

Economic questions that are related to a Scottish economist Adam Smith, the author of "An Inquiry into the Nature and Causes of the Wealth of Nations"

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Is Adam Smith's “stock” an archaic version of “capital”?

In The Wealth of Nations, Adam Smith uses the word "stock" many times, but not with the meaning we ascribe to it today (supply of an asset, inventory). I take it that he refers to capital, ...
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What does Smith mean by “price of work” in this context?

I've read these excerpts from The Wealth of Nations multiple times: In reality high profits tend much more to raise the price of work than high wages In raising the price of commodities the rise of ...
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Was Adam Smith correct about the relative marginal productivities of capital in agriculture, manufacturing, and trade?

Adam Smith (1776): No equal capital puts into motion a greater quantity of productive labour than that of the farmer. After agriculture, the capital employed in manufactures puts into motion the ...
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What does Adam Smith mean when he says wages are determined by: “advancing, stationary, or declining state of the society.”

I'm reading the Wealth of Nations. Smith explains in Book One that wages for labor are determined not by how wealthy a nation is but rather by its rate of growth. At the end of chapter seven he ...
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79 views

In Smith's theory, what is the difference between the “nominal price” vs. “market price” and “real price” vs. “natural price”?

In Adam's Fallacy, Foley writes: "Smith distinguishes what he calls the nominal price of a commodity (the amount of money for which it exchanges) from the real price of the commodity, the amount of ...
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29 views

Is There a Good Companion for Theory of Moral Sentiments

I am reading "The Theory of Moral Sentiments" by Adam Smith. There's a lot of technical, and/or dated language. Is there a good companion to read this with?
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114 views

What does Adam Smith mean by equality of condition?

According to Chomsky, Adam Smith distingushes between equality of opportunity and equality of condition and that he supported the latter over the former. Although I have come across the former term ...
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Where did Adam Smith write the following and in what context?

Contra the a certain fetishisation of Adam Smiths thought he wrote: The vile maxim of the masters of mankind: all for ourselves and nothing for other people. I'm assuming that this is from his ...
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Did the word “than” mean something different in The Wealth of Nations? [closed]

What does the last phrase after the last comma in this sentence mean? And, in the end, the civil magistrate will find that he has dearly paid for his intended frugality, in saving a fixed ...
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Zero-sum games being converted into positive-sum games

It seems as if "pure, naked self-interest", that is, self-interest without liberty, results often in a zero-sum game. (I'm using the term liberty in a Lockean sense, where it is taken to mean the ...