Adam Smith - Wealth of Nations

Adam Smith - Wealth of Nations

• Adam Smith, a Scottish economist and philosopher, lived from 1723 to 1790 and wrote "The Wealth of Nations."
• Division of Labour: Instead of individuals making entire products, multiple individuals perform specialized tasks, increasing productivity.
• Self-interest and competition can lead to economic prosperity, as individuals unintentionally promote the good of society.
• Labour theory of value: Exchange value of a good or service is determined by the socially necessary labour required to produce it.

The Invisible Hand

• In a free market economy, self-interested individuals operate through a system of mutual interdependence, creating an "invisible hand" that leads to economic prosperity.
• Division of labour increases productivity and efficiency, benefiting society.
• The invisible hand is a natural order, not a planned coordination, and arises from individuals pursuing their self-interest.

Role of the State

• The state's duties include protecting society from violence and invasion, enforcing civil law, and maintaining public works and institutions.
• The state should provide goods and services that the market cannot effectively produce.

Human Nature and Enlightenment

• Adam Smith's concept of human nature is individualistic, emphasizing self-interest and rational decision-making.
• His work reflects Enlightenment values, optimistically believing in human rationality and the potential for progress.

Immanuel Kant - What is Enlightenment?

• Enlightenment is "man's emergence from his self-imposed immaturity," where individuals think for themselves without guidance from others.
• Freedom is essential for enlightenment, as it allows people to question and challenge authority.
• The public sphere should facilitate debate and discussion, enabling individuals to participate in shaping society.

Autonomy and Morality

• Kant emphasizes individual autonomy, which requires rational thought and self-awareness, rather than simply freedom.
• Autonomy is the ability to separate oneself from external influences and make rational decisions.
• Moral choices require rational thought and discernment, rather than random or impulsive decisions.

Moral Imperative and Respect for Humanity

• Individuals should always be treated as ends in themselves, not solely as means to an end.
• The categorical imperative, "Act only in accordance with a universal law," guides moral decision-making.
• Respecting humanity involves recognizing individual autonomy and treating others as ends in themselves.