2011最新(英文)南洋理工大学NTU国际经济思想及方法(Internationa

2011最新(英文)南洋理工大学NTU国际经济思想及方法(International Economy)教程4共10

LECTURE 4: ADAM SMITHReading: EH, Ch. 5 Distributed notes

2011最新(英文)南洋理工大学NTU国际经济思想及方法(International Economy)教程4共10

The Market Economy in the Moral Sentiments Self-interest and the impartial spectator ‘Regard to our own private happiness and interest appear upon many occasions very laudable principles….which deserve the esteem and approbation of every body.’ Justice and the invisible spectator ‘If he should justle, or throw down any of [his competitors], the indulgence of the spectators is entirely at an end.’ Status symbols and emulation ‘It is chiefly from this regard to the sentiments of mankind, that we pursue riches and avoid poverty’ ‘Place, that great object which pides the wives of aldermen, is the end of half the labours of human life; and is the cause of all the tumult and bustle, all the rapine and injustice, which avarice and ambition have introduced into this world.’ Unintended consequences: redistribution and employment ‘The rich…. are led by an invisible hand to make nearly the same distribution of the necessaries of life, which would have been made had the earth been pided into equal portions among all its inhabitants; and thus, without intending it, advance the interest of society.’2

2011最新(英文)南洋理工大学NTU国际经济思想及方法(International Economy)教程4共10

AN INQUIRY INTO THE NATURE AND CAUSES OF THE WEALTH OF NATIONS (1776) Why economic growth? From WN: ‘Consumption is the sole end and purpose of production…. The interest of the producer ought to be attended to, only so far as it may be necessary for promoting that of the consumer.’ From MS: ‘In ease of body and peace of mind, all the different ranks of life are nearly upon a level, and the beggar, who suns himself by the side of the highway, possesses that security which kings are fighting for ….Happiness consists in tranquillity and enjoyment. Without tranquillity there can be no enjoyment; and where there is perfect tranquillity there is scarce anything which is not capable of amusing.’ From WN: ‘…..trinkets and baubles, fitter to be the playthings of children than the serious pursuits of men.’

2011最新(英文)南洋理工大学NTU国际经济思想及方法(International Economy)教程4共10

Economic Growth: The Causes1. Ambition 2. The pision of labour 3. The balance of labour: productive and unproductive 4. The supply of labour 5. Capital accumulation 6. Foreign trade 7. The market: value and price 8. The State: laissez-faire or pragmatic?4

2011最新(英文)南洋理工大学NTU国际经济思想及方法(International Economy)教程4共10

Economic Growth 1: Ambition From WN: ‘The desire of bettering our condition comes to us from the womb, and never leaves us until we go into the grave.’ From MS: ‘It is chiefly from this regard to the sentiments of mankind, that we pursue riches and avoid poverty…. The rich man glories in his riches, because he feels they naturally draw upon him the attention of the world.’5

2011最新(英文)南洋理工大学NTU国际经济思想及方法(International Economy)教程4共10

Economic Growth 2: The Division of Labour The Pin Factory: ‘Each person…. might be considered as making four thousand eight hundred pins in a day. But if they all had wrought separately and independently, and without any of them having been educated to this particular busin

ess, they certainly could not each of them have made twenty, perhaps not even one pin in a day.’ The Origin of the Division of Labour (unintended outcome): ‘The propensity to truck, barter and exchange.’ Not: Natural Endowments: ‘The difference between the most dissimilar characters, between a philosopher or a common street porter, for example, seems to arise not so much from nature, as from habit, custom and education.’ The Market: Domestic and Foreign: ‘The pision of labour is limited by the size of the market.’ Alienation: ‘…..as stupid and ignorant as it is possible for a human creature to become’

2011最新(英文)南洋理工大学NTU国际经济思想及方法(International Economy)教程4共10

Economic Growth 3: The Balance of Labour Goods versus services: services add no lasting value Examples of services: Government bureaucracy (civil service), military, ‘churchmen, lawyers, physicians, buffoons, musicians’: ‘some both of the gravest and most important, and some of the most frivolous professions’ ‘A man grows rich by employing a multitude of manufacturers; he grows poor by maintaining a multitude of menial servants.’7

2011最新(英文)南洋理工大学NTU国际经济思想及方法(International Economy)教程4共10

Economic Growth 4: The Supply of Labour The population mechanism: ‘Every species of animals naturally multiplies in proportion to the means of their subsistence, and no species can ever multiply beyond it.’ Wage capital: The demand for labour depends on ‘the funds which are destined for the payment of wages’. The high wage and economic growth: ‘To complain of it is to lament over the necessary effect and cause of the greatest public prosperity.’ The high wage and Hutcheson’s utilitarianism: ‘Servants, labourers and workmen of different kinds make up the far greater part of every great political society. But what improves the circumstances of the greater part can never be regarded as an inconveniency to the whole. No society can surely be flourishing and happy, of which the far greater part of the members are poor and miserable.’

2011最新(英文)南洋理工大学NTU国际经济思想及方法(International Economy)教程4共10

The Supply of Labour - continued Full employment: North America ‘It is not the actual greatness of national wealth, but its continual increase, which occasions a rise in the wages of labour….There is a continual complaint of the scarcity o …… 此处隐藏：7511字，全部文档内容请下载后查看。喜欢就下载吧 ……