Just superb! The common ignorance and false knowledge of today's "economic experts" needs to be swept aside. All freshmen and women need a course of Adam Smith's teaching to start college.
Thanks a lot for these 2 great documentaries on Adam Smith . I was motivated to purchase Wealth of Nations and Moral sentiments and am reading them now. These 2 documentaries were a much needed and useful intro to Adam Smith's life and his monumental works Kudos. Keep up the excellent work
Few actually read Adam Smith beyond the introduction. He does mention an "invisible hand" like once in Wealth of Nations, but it's in reference to the deleterious effects of free capital flow: what we now call neo-liberalism/globalization. He also says division of labor IS efficient, but, further on he says, it is the worse possible condition for man.
Have they mentioned this in this video series? I haven't finished watching but from reading about the author Johan Norberg it seems highly unlikely to me that he's going to cover Adam Smiths critique of capitalism and the nonsense about the invisible hand, that pretty much has nothing to do with Adam Smiths writings. PS: I forgot to mention that the author is obviously a libertarian, since he's a member of the cato institute - a conservative think tank, known for being largely funded by economic giants, who are obviously interested in spreading information that will make them more money. The cato institute is also known for it's spreading of climate science denial.
What a fantastic video. ***** 5/5 There is much more to Adam Smith than free market economics , for instance he put the boot into the Catholic Church :- Adam Smith : "The Church was the most formidable combination ever formed.......... against the liberty, reaosn and happiness of mankind "
@@lucioinnocenzo2328 Islam possessed southeastern Europe during his life, he probably should have commented on its dangers. He had no way of foreseeing that in the future, ignorant Europeans, and Americans, would let Muslims into their countries in large enough numbers to gain an influence. As for the Catholic church, it had been only 200 years before his birth that half of Europe had thrown off the grip of the Catholic church. The shadow of 1000 years of exploitative control by that group of organized criminals still darkened the memories of Protestants.
I can't help but think that leaving his estate to the poor was his mistake. I would bet that his fortune had long been frittered away, whereas had he created an Adam Smith Institute during his own time, then today's Adam Smith Institute might have covered more ground from an earlier starting point and been of significant influence over government intervention that there would be far less poverty today and far more charity to support the lesser remaining poor. Very well made and enjoyable to watch documentary.
Still not getting it. The whole video is on how Adam Smith wanted you to get out and make money now! And feed people now! Not figure out where some wealth is and figure out how to get your hands on it and figure out how to get it to the poor. That's what we do now and it is incredibly stupid according to Adam Smith.
Please open the online book Wealth of Nations. The concept of the invisible hand is mentioned only once. The sentence says that capitals and investment will not go to foreign countries because of the morality and patriotism itself, while "doing things" driven by self interest. Let the dear public now think for a second did it happen like this? And more interestingly, how did it happen that a distant idea of the book trying to patch the doubts that self-interest of the few (brexit?) will never harm national economies has been transformed into the central idea of modern capitalism. The invisible hand as described by Smith has nothing to do with markets, it has to do with morality and if we read his other works and put his theory in the context of today you will see that he was right: without morality the invisible hand is not there. Just open the book and read the single sentence for yourself.
Not really, he says that out of security and self interest, people will prefer to buy local over cheap goods from abroad. And in serving his own interest, he unwillingly serves the greater good , or the wealth of the nation as a whole(as if there was an invisible hand). There is actually nothing moral about it, on the contrary. It does not mean he was correct, or maybe he was in his days, when supplies were inconsistent, but today, it is just as secure to buy cheap goods from abroad, since the supply is always there. Moving production abroad is also fairly secure, which is why people do it today, but would not have done it in the past. There is a bigger problem in his book though, which is that the wealth of a nation is a completely useless concept, just like the GDP is useless. It does not mean that people are not starving, or that they share in that wealth. But then again, he was imagining small producers, not big corporations that employ lots of people and keep all the profits. He could not foresee that people would be forced into labor in factories and so on, since there were no factories. But the invisible hand is there, everybody that produces helps the GDP, it just makes no difference for the people that actually work and produce things. But even without this, someone can make huge amount of money, like some artist or trader, and it does not benefit anybody but them, yet it increases the wealth of the nation as a whole.
@@johnh1852 Hello, "john h" Looks like "craig robb" won't answer. Probably has moved on to other things. Question please?: Since you asked "How so?", eleven months ago, have you come up with any answers, or partial answers, to your question? How has the "Left" broken down his proposals? How has the "Right" broken down his proposals? Can you see any "weaknesses" in his philosophy?
It appears to me that the Left wishes Smith had never written, and that the world received Marx with open arms. As for the Right, they may not follow Smith completely, but at least they implement most of his ideas. That upsets the Left terribly, but they still enjoy the money brought in by free trade.
I agree. Would Adam Smith appreciate the 'Corporation', or is the corporation synonymous with the company (East India)? Is a free market possible and efficient, where every individual is fully liable for there actions and investments? Do we have Smith's capitalism?
Smith was probably the first to record the importance of _land._ Land absorbs a communities wealth, and needs reclaiming to pay for the communities services.
This video has important teachings of Adam Smith as he explained that the Invisible Hand was a term to describe what happens when we act in our own self interest and the “impartial spectator” as an analysis of the evolution of morality.
The Ambient Level of Corruption. At 7:00-ish, the biographer, backed by Norberg's commentary, explains Smith's observation of "trust" underpinning all trade; that trust is the founding principle which allows markets to prosper. This trust is measured by a society's/market's Ambient Level of Corruption. The lower the level, the higher the trust, and the greater the prosperity. What instills/establishes the various Ambient Levels of Corruption in each country/society is the ultimate question.
Cong DoThanh That is only one element, intellectual property is more valuable if you are a first ranked economy. This is one of the reason Marxism always collapses.
Great video, can you please make a video about Capitalism / Libertarianism and the environment? Specifically pollution, CO2 rise, damaging/bleaching of the great barrier reef, Chinese over-fishing, Japanese over-whaling, Cheap disposable products, planned obsolescence (products designed to fail), etc.. Basically the downsides of consumerism and the solution for it. Thank you.
Why is that there is no gap, chance of improvement or critique on Smith’s work? I motivate everyone to read his work with open mind and without thinking before hand that he is great philosopher who can’t be wrong about any thing. Only then your mind will start seeing the underlying problems in his theories.
I just want to encourage the viewer to look up the author of this documentary - Johan Norberg. You might want to think again if this man is really capable of being unbiased or interested in telling the truth about Adam Smith. He's a member of the cato institute and a libertarian. Maybe read what chomsky has to say about adam smith and preferably read Adam Smiths orignial work to figure out if Norberg or Chomsky gave a more realistic representation of Smiths body of work.
In a free market, morality is transactional. You give a fair deal, because you want that person's business TOMORROW and the NEXT day and the NEXT... You're nicer than you have to be, because it's competitive to do so. Very simple. It goes farther than that, though, because it's ALSO good for business to be SEEN doing good, charitable works. The payoff is status. Status is good for business!
Is this Adam Smith's documentary or Scotland Tourism Promotion. It gives a very scenic and romantic view of Scotland and It's making me want to visit there.
Some of the Boston Tea Partiers nicked the EIC ships' ensigns, which was red and white stripes with a British flag as the canton. Partly as a "two-fingers" gesture these flags became the emblem of the Continental Army (before Independence), and thus went down in American school textbooks as the "Continental Flag."
The problem is big industry dominates economics and creates an impossible barrier to entry, the general population cannot participate and we depend on big industry's "tricle down" for our own livelihoods.
If you know anything about complex systems, they're extremely difficult to predict, thus these systems (humans, climate, economy, disease) have a natural way to progress, optimize or heal. Considering the millions of inputs of an economy, to think central planning could ever optimize functionality is beyond ridiculous. The invisible hand, like herd immunity, is an optimization of the system via common sense logic, allowing for the common denominator to give solution. Smith, like most great thinkers, had a broad knowledge (like Einstein or da Vincci) that enabled him to see connections that produced common-sense solutions. As Einstein stated, solution is simple no simpler.
Host: How we gonna start and end every shot in this documentary? Director: Why don't you walk in frame and then walk out of frame after you said your lines? Host: Say no more.
ikr, this has to end lol. its look so fake and cringe, we all know that those "meetings" are not casual, why tf they want it to portray it like casuals meetings or whatever. smh
All seemingly selfless acts are to serve first and foremost, the giver’s own satisfaction to give. We will have built the best possible world, if we allow everyone to freely and honestly, to serve his legitimate self-interests. The single biggest reason to the darkness of this world, is dishonesty, and the coercion that enforces dishonesty.
Great philosopher even today. His ideal capitalist market is not remembered. Gave his wealth to charity and tried to share the wealth of Nations with its population.
Just be careful that you don't get too carried away with the notion of so-called "moral sentiment." There are many difficult decisions to be taken in economics and other areas of life, based on authentic moral philosophy, that are demanding to the point of sacrifice, not mere sentiment. Smith was a disciple of Hume, who inverted centuries of moral philosophy by basically making reason the slave of the passions, and that has caused no end of misery for many people.
Haven't we gotten too carried away with the Wealth of Nations in ushering in never before seen economic growth and not enough focus put on "Moral Sentiment"? People often don't even know abut the Theory of Moral Sentiments. Adam Smith leaves room for sacrifice in his theory. Adam Smith says that in the absence of government assistance, people naturally give to charity on their own accord. As long as you leave others alone, you are not a bad person, and if you go out of your way to give to others, you are a good person.
@@MaghoxFr, The first casualty of emotion is reason/logic/morality. As someone said, the first casualty of war is the truth. There is no such thing as a "good" excuse.
If he was Newton than we need Einstein to tweek for the better accuracy. He was right a lot but not everything he meant was absolute. And what if he knew even better truth and the invisible hand was not so invisible but he sold it to the highest bidder and than this guy made all the champions of industry that we think them as such .That would be a funny world. We need Cyrus the great mind shift when he decided first time in history to spend tributes from conquered peoples for their needs.The same ideas should foreign investors have for the indigenous
In music we say video killed the radio star; in economics, we might say Marx and Rand killed Smith, and we live in a hybrid system of those two thinkers now...Aided and abetted by what I said in an earlier comment.
Smith also understood that free markets are impossible when governments interfere by chartering artificial persons that abdicate responsibility through indemnification. Corporations, trusts, and trade unions have no place in a free market. Add private central banks to that list as well, dominating economies for their own private interests.
Not a word about Smiths's disdain for the merchants and his pronouncements that Government must step in to defend the market against Capitals monopolistic tendencies. Smith writing today would be completely opposed to our colitical and financial set up...
A sequel to Adam Smith: What the global economy must do to maintain free trade principles - regulate and reduce the population, regulate polluting industries, regulate the exploitation of natural resources, regulate a balanced trade between nations in order to achieve fair employment. ie You cannot have unrestrained growth at the expense of the environment.
Noam Chomsky says Adam Smith despised division of labor, and even wrote about it in Wealth of Nations. I wonder why that was not mentioned in this documentary? Smith said that the division of labor leads to "Mental Mutilation", workers become ignorant and insular confined to a single repetitive task. Maybe you should do a documentary on Karl Marx?
Will Griffin chompsky also said that Adam Smith was socialist... Adam Smith did not state that he “despised division” of labor, but knew of the consequences. He also stated that division of labor leads to high productivity at lower costs. He states that to combat the consequences it is important that people are not ‘forced’ into repetitive labor, stat educated, are free to enjoy goods and services that are provided around them by the market.
That is because adam smiths theory was about a market system, a well regulated but free market system. not about the system of production behind it. He never wrote a word about how the economy had to be organised, and capitalism wasn't a thing back then. He lived in a time where most people where self employed and where the few larger scale operations like factories etc. where cooperatives. The people working in and running those organisations owned them together. Wage labour was frowned upon and was conciderd something for the lowest clases and disposesed. Over time his work is somehow turned into a blueprint for capitalism. And some people even think a free market and capitalism are somehow the same thing, synonyms even. They are 2 different things, the market only discribes how products are distributed in society and the world. The way the products that are traded in this market are created has nothing to do with that and is actually not important for the market to opperate. The economy is a combination of these things, and a capitalistic system is definatly not nescesary to operate a free market. A free market functions just as well with a coop system or any other method for production supplying it.
@@willnoir781 He states that to combat the consequences it is important that people are not ‘forced’ Funny. Socialism can only exist through force. So i guess Chomsky got it wrong.
@@baronvonlimbourgh1716 Cute distortion. Now actually read other people of the time like, Fredrick Bastiat, and why socialism can only exist through force, and why communism can never exist because opportunity costs exist.
![ไข้ขึ้นเลย! เมื่อแฝดโดนจัดเต็มวัคซีนครบ2เดือน🤒 [cc] แดนแพทตี้ SS2 | EP.54 |](http://i.ytimg.com/vi/z2VHItnyyvY/mqdefault.jpg)
1:24 'It is not from the benevolence of the butcher, the brewer, or the baker that we expect our dinner, but from their regard to their own interest'
Perhaps this man's work has done more for humanity (in the last 250 years at least) than any other human being?
Just superb! The common ignorance and false knowledge of today's "economic experts" needs to be swept aside. All freshmen and women need a course of Adam Smith's teaching to start college.
Thanks a lot for these 2 great documentaries on Adam Smith . I was motivated to purchase Wealth of Nations and Moral sentiments and am reading them now. These 2 documentaries were a much needed and useful intro to Adam Smith's life and his monumental works
Kudos. Keep up the excellent work
Brilliant video as a aspiring economist I find this fascinating
Johan Norberg, du är bara bäst! Sluta aldrig.
Wonderful video. Now I need to read The Theory of Moral Sentiments.
A great production in both form and content to honor a great man. I enjoyed it. God bless you.
Adam Smith was not only a genius but also a saint-like figure.
Few actually read Adam Smith beyond the introduction. He does mention an "invisible hand" like once in Wealth of Nations, but it's in reference to the deleterious effects of free capital flow: what we now call neo-liberalism/globalization. He also says division of labor IS efficient, but, further on he says, it is the worse possible condition for man.
Have they mentioned this in this video series? I haven't finished watching but from reading about the author Johan Norberg it seems highly unlikely to me that he's going to cover Adam Smiths critique of capitalism and the nonsense about the invisible hand, that pretty much has nothing to do with Adam Smiths writings.
PS:
I forgot to mention that the author is obviously a libertarian, since he's a member of the cato institute - a conservative think tank, known for being largely funded by economic giants, who are obviously interested in spreading information that will make them more money. The cato institute is also known for it's spreading of climate science denial.
What a fantastic video. ***** 5/5
There is much more to Adam Smith than free market economics ,
for instance he put the boot into the Catholic Church :-
Adam Smith : "The Church was the most formidable combination ever formed.......... against the liberty, reaosn and happiness of mankind "
He clearly didn't consider islam, which is clearly worse.
@@lucioinnocenzo2328 Islam possessed southeastern Europe during his life, he probably should have commented on its dangers. He had no way of foreseeing that in the future, ignorant Europeans, and Americans, would let Muslims into their countries in large enough numbers to gain an influence. As for the Catholic church, it had been only 200 years before his birth that half of Europe had thrown off the grip of the Catholic church. The shadow of 1000 years of exploitative control by that group of organized criminals still darkened the memories of Protestants.
@@deezynar Christianity is the historically more violent and terroristic religion, dood.
Whatsfreemasondicktastelike?
Excellent and fascinating, all at once. A compelling production. Thank you for sharing it with us all.
A well researched documentary, please produce more about other classics.
A proper intellectual giant. Conscientious yet practical
I can't help but think that leaving his estate to the poor was his mistake. I would bet that his fortune had long been frittered away, whereas had he created an Adam Smith Institute during his own time, then today's Adam Smith Institute might have covered more ground from an earlier starting point and been of significant influence over government intervention that there would be far less poverty today and far more charity to support the lesser remaining poor.
Very well made and enjoyable to watch documentary.
Still not getting it. The whole video is on how Adam Smith wanted you to get out and make money now! And feed people now! Not figure out where some wealth is and figure out how to get your hands on it and figure out how to get it to the poor. That's what we do now and it is incredibly stupid according to Adam Smith.
Also, Ayn Rand was mostly full of shit, thank god we had Adam smith ;).
Excellent documentary, please share with other people, youtube can be a very good tool to educate ourselves and others
this was a great documentary an excellent introduction to Adam Smith I will for sure be reading his books and studying his works, we all should
very good presentation....the Wealth of Nations lies within all of us.
Please open the online book Wealth of Nations. The concept of the invisible hand is mentioned
only once. The sentence says that capitals and investment will not go to foreign countries because of the morality and patriotism itself, while "doing things" driven by self interest. Let the dear public now think for a second did it happen like this? And more interestingly, how did it happen that a distant idea of the book trying to patch the doubts that self-interest of the few (brexit?) will never harm national economies has been transformed into the central idea of modern capitalism. The invisible hand as described by Smith has nothing to do with markets, it has to do with morality and if we read his other works and put his theory in the context of today you will see that he was right: without morality the invisible hand is not there. Just open the book and read the single sentence for yourself.
Not really, he says that out of security and self interest, people will prefer to buy local over cheap goods from abroad. And in serving his own interest, he unwillingly serves the greater good , or the wealth of the nation as a whole(as if there was an invisible hand). There is actually nothing moral about it, on the contrary.
It does not mean he was correct, or maybe he was in his days, when supplies were inconsistent, but today, it is just as secure to buy cheap goods from abroad, since the supply is always there. Moving production abroad is also fairly secure, which is why people do it today, but would not have done it in the past.
There is a bigger problem in his book though, which is that the wealth of a nation is a completely useless concept, just like the GDP is useless. It does not mean that people are not starving, or that they share in that wealth. But then again, he was imagining small producers, not big corporations that employ lots of people and keep all the profits. He could not foresee that people would be forced into labor in factories and so on, since there were no factories. But the invisible hand is there, everybody that produces helps the GDP, it just makes no difference for the people that actually work and produce things. But even without this, someone can make huge amount of money, like some artist or trader, and it does not benefit anybody but them, yet it increases the wealth of the nation as a whole.
Excellent documentary. What a great mind !
great videos, i think adam smith would be disgusted on how people break down his work nowadays. on the left and right btw.
How so?
@@johnh1852 Hello, "john h" Looks like "craig robb" won't answer. Probably has moved on to other things.
Question please?: Since you asked "How so?", eleven months ago, have you come up with any answers, or partial answers, to your question?
How has the "Left" broken down his proposals?
How has the "Right" broken down his proposals?
Can you see any "weaknesses" in his philosophy?
It appears to me that the Left wishes Smith had never written, and that the world received Marx with open arms. As for the Right, they may not follow Smith completely, but at least they implement most of his ideas. That upsets the Left terribly, but they still enjoy the money brought in by free trade.
I agree. Would Adam Smith appreciate the 'Corporation', or is the corporation synonymous with the company (East India)? Is a free market possible and efficient, where every individual is fully liable for there actions and investments? Do we have Smith's capitalism?
@@deezynar Keep voting for Trump the Totalitarian. I'm sure that Adam Smith would be proud of bootlickers like you.
Good man - Adam Smith
Smith was probably the first to record the importance of _land._ Land absorbs a communities wealth, and needs reclaiming to pay for the communities services.
This video has important teachings of Adam Smith as he explained that the Invisible Hand was a term to describe what happens when we act in our own self interest and the “impartial spectator” as an analysis of the evolution of morality.
Great vídeo, delicate production, every politician should watch!
Thank you for this video. Professionally made and incredibly informative. It's videos like these that help the world.
If this had an open rating (ironically) it would have a lot more views.
Adam Smith worked out economics 250 years ago and they have been corrupting it ever since.
Free markets! How dare you abject to the results!
Wonderful : ) a big thank you from the heart
The Ambient Level of Corruption. At 7:00-ish, the biographer, backed by Norberg's commentary, explains Smith's observation of "trust" underpinning all trade; that trust is the founding principle which allows markets to prosper. This trust is measured by a society's/market's Ambient Level of Corruption. The lower the level, the higher the trust, and the greater the prosperity. What instills/establishes the various Ambient Levels of Corruption in each country/society is the ultimate question.
Good video. Very well balanced with good insights.
Excelent video, even greater man Adam Smith. Good job.
Thanks for this. Always love understanding the man behind the idea.
Is there a transcript to this video so I don't have to pause and replay to take notes?
Yes.... More > Transcript
Checked "more", couldn't find "transcript ". Help please
Yes Read the 📖 from Adam Smith
Im pretty sure the transcript is called the theories of moral sentiment and the wealth of nations.
@@ASMA9933412 3 settings dots to the right of the save option: click here and select 2nd option - open transcript
Excellent piece. Easily among the very best on this topic to be found anywhere.
Man, I love this youtube channel.
Adam smith taught the world that brilliant idea 'invisible hand' which is only choice in face of reality.Hats off
The wealth of nation is the productive of its labor force!
Cong DoThanh That is only one element, intellectual property is more valuable if you are a first ranked economy. This is one of the reason Marxism always collapses.
A job well done. Thanks for this video.
I WAS BORN NEXT STREET TO HIS.
Roy Rodger Most feel superb! 🤩
Are you a Capitalist or Socialist
wow you are so lucky.
I thoroughly enjoyed that.
Great show.
Let's compare and contrast the strengths and Weakness of the proponents of the theories
Great video, important ideas and many thanks
Such a nice work of documentations. Thank you from Indonesia!
Great Man True genius
Very good documentary
Great video, can you please make a video about Capitalism / Libertarianism and the environment? Specifically pollution, CO2 rise, damaging/bleaching of the great barrier reef, Chinese over-fishing, Japanese over-whaling, Cheap disposable products, planned obsolescence (products designed to fail), etc.. Basically the downsides of consumerism and the solution for it.
Thank you.
+AreteVirtus All great subjects! Thanks for the suggestion.
Excellent explanation
Amazing film. Just fantastic!
great show. It gave me many new useful info..
It is a great video! I love this.
Why is that there is no gap, chance of improvement or critique on Smith’s work? I motivate everyone to read his work with open mind and without thinking before hand that he is great philosopher who can’t be wrong about any thing. Only then your mind will start seeing the underlying problems in his theories.
I just want to encourage the viewer to look up the author of this documentary - Johan Norberg. You might want to think again if this man is really capable of being unbiased or interested in telling the truth about Adam Smith. He's a member of the cato institute and a libertarian.
Maybe read what chomsky has to say about adam smith and preferably read Adam Smiths orignial work to figure out if Norberg or Chomsky gave a more realistic representation of Smiths body of work.
In a free market, morality is transactional. You give a fair deal, because you want that person's business TOMORROW and the NEXT day and the NEXT... You're nicer than you have to be, because it's competitive to do so. Very simple.
It goes farther than that, though, because it's ALSO good for business to be SEEN doing good, charitable works. The payoff is status. Status is good for business!
Is this Adam Smith's documentary or Scotland Tourism Promotion. It gives a very scenic and romantic view of Scotland and It's making me want to visit there.
What a great man.
A fantastic video! Great going!
what a banger of a vid
Excellent work.
I was in Edinburgh a few months ago and stopped into Canongate Kirkyard to visit his grave site. Intellectual giant.
Thomas Jefferson The AUTHOR of Our CONSTITUTION wrote Frequently about ADAM SMITH,
Great Job. Learnt a lot from this video. If possible then make one video on Theory of Moral Sentiments.
A cultivator of healthy human gardens, Smith was.
It's a pity that few modern Scots appreciate him.
amazing man. can anyone wright me the name of that soundrack please?
Great video 👍,
Some of the Boston Tea Partiers nicked the EIC ships' ensigns, which was red and white stripes with a British flag as the canton. Partly as a "two-fingers" gesture these flags became the emblem of the Continental Army (before Independence), and thus went down in American school textbooks as the "Continental Flag."
The problem is big industry dominates economics and creates an impossible barrier to entry, the general population cannot participate and we depend on big industry's "tricle down" for our own livelihoods.
Thanks, could you do a video on how Adam Smith developed his ideas and those shoulders he stood on. like the phisocrates and Bastiate
Harjinder rughai
FYI, Bastiat came after (born 1807)
Yeap
STOP BEING A JERKOFFSKI AND ARGUE THE POINTS! : )
If you know anything about complex systems, they're extremely difficult to predict, thus these systems (humans, climate, economy, disease) have a natural way to progress, optimize or heal. Considering the millions of inputs of an economy, to think central planning could ever optimize functionality is beyond ridiculous. The invisible hand, like herd immunity, is an optimization of the system via common sense logic, allowing for the common denominator to give solution. Smith, like most great thinkers, had a broad knowledge (like Einstein or da Vincci) that enabled him to see connections that produced common-sense solutions. As Einstein stated, solution is simple no simpler.
What a Beautiful mind. This Video is fascinating and very interesting. thank you for this great job.
Host: How we gonna start and end every shot in this documentary?
Director: Why don't you walk in frame and then walk out of frame after you said your lines?
Host: Say no more.
ikr, this has to end lol. its look so fake and cringe, we all know that those "meetings" are not casual, why tf they want it to portray it like casuals meetings or whatever. smh
Market Liberty,Free Market system
6:55 Nicholas Phillipson looks like he would really enjoy a nostalgic dish of Ratatouille
Very well done ! Sharp dresser!
Interesting
All seemingly selfless acts are to serve first and foremost, the giver’s own satisfaction to give.
We will have built the best possible world, if we allow everyone to freely and honestly, to serve his legitimate self-interests.
The single biggest reason to the darkness of this world, is dishonesty, and the coercion that enforces dishonesty.
Fascinating...
hi, where can I find a transcript of the video? I'd like to translate it to Portuguese.
auto-translate
Interesting points beginning at 48:00 roughly...
Great philosopher even today. His ideal capitalist market is not remembered. Gave his wealth to charity and tried to share the wealth of Nations with its population.
4:43 John Cleese as Robin Hood in Time Bandits nearly said the same, but...
Love this! Thank you!
Just be careful that you don't get too carried away with the notion of so-called "moral sentiment." There are many difficult decisions to be taken in economics and other areas of life, based on authentic moral philosophy, that are demanding to the point of sacrifice, not mere sentiment. Smith was a disciple of Hume, who inverted centuries of moral philosophy by basically making reason the slave of the passions, and that has caused no end of misery for many people.
We are humans, passions and emotions come first. That's how it is.
Haven't we gotten too carried away with the Wealth of Nations in ushering in never before seen economic growth and not enough focus put on "Moral Sentiment"? People often don't even know abut the Theory of Moral Sentiments. Adam Smith leaves room for sacrifice in his theory. Adam Smith says that in the absence of government assistance, people naturally give to charity on their own accord. As long as you leave others alone, you are not a bad person, and if you go out of your way to give to others, you are a good person.
@@MaghoxFr, The first casualty of emotion is reason/logic/morality. As someone said, the first casualty of war is the truth. There is no such thing as a "good" excuse.
Thanks Free To Choose Network.:) "He left His considerable Estate to the Poor.":D
Access to Nation and international markets
Very recommendable
Any transcript of this video?? To take notes
4:45, yes, the most efficient means of taking care of the poor is through free markets. But that requires that everyone has access to it.
If he was Newton than we need Einstein to tweek for the better accuracy.
He was right a lot but not everything he meant was absolute.
And what if he knew even better truth and the invisible hand was not so invisible but he sold it to the highest bidder and than this guy made all the champions of industry that we think them as such .That would be a funny world.
We need Cyrus the great mind shift when he decided first time in history to spend tributes from conquered peoples for their needs.The same ideas should foreign investors have for the indigenous
Message for present /recent Human specie : 16:29
In music we say video killed the radio star; in economics, we might say Marx and Rand killed Smith, and we live in a hybrid system of those two thinkers now...Aided and abetted by what I said in an earlier comment.
America is dealing with the same mindset with the Federal Reserve.
Smith also understood that free markets are impossible when governments interfere by chartering artificial persons that abdicate responsibility through indemnification. Corporations, trusts, and trade unions have no place in a free market. Add private central banks to that list as well, dominating economies for their own private interests.
Funny that you mention the Scientific Method, since that was scrapped for politics and consensus rather than proof. Corruption runs deep indeed.
Not a word about Smiths's disdain for the merchants and his pronouncements that Government must step in to defend the market against Capitals monopolistic tendencies. Smith writing today would be completely opposed to our colitical and financial set up...
A sequel to Adam Smith: What the global economy must do to maintain free trade principles - regulate and reduce the population, regulate polluting industries, regulate the exploitation of natural resources, regulate a balanced trade between nations in order to achieve fair employment. ie You cannot have unrestrained growth at the expense of the environment.
Noam Chomsky says Adam Smith despised division of labor, and even wrote about it in Wealth of Nations. I wonder why that was not mentioned in this documentary? Smith said that the division of labor leads to "Mental Mutilation", workers become ignorant and insular confined to a single repetitive task.
Maybe you should do a documentary on Karl Marx?
Will Griffin chompsky also said that Adam Smith was socialist...
Adam Smith did not state that he “despised division” of labor, but knew of the consequences. He also stated that division of labor leads to high productivity at lower costs.
He states that to combat the consequences it is important that people are not ‘forced’ into repetitive labor, stat educated, are free to enjoy goods and services that are provided around them by the market.
That is because adam smiths theory was about a market system, a well regulated but free market system. not about the system of production behind it.
He never wrote a word about how the economy had to be organised, and capitalism wasn't a thing back then.
He lived in a time where most people where self employed and where the few larger scale operations like factories etc. where cooperatives. The people working in and running those organisations owned them together. Wage labour was frowned upon and was conciderd something for the lowest clases and disposesed.
Over time his work is somehow turned into a blueprint for capitalism. And some people even think a free market and capitalism are somehow the same thing, synonyms even.
They are 2 different things, the market only discribes how products are distributed in society and the world.
The way the products that are traded in this market are created has nothing to do with that and is actually not important for the market to opperate.
The economy is a combination of these things, and a capitalistic system is definatly not nescesary to operate a free market. A free market functions just as well with a coop system or any other method for production supplying it.
@@willnoir781 He states that to combat the consequences it is important that people are not ‘forced’
Funny. Socialism can only exist through force. So i guess Chomsky got it wrong.
@@baronvonlimbourgh1716 Cute distortion. Now actually read other people of the time like, Fredrick Bastiat, and why socialism can only exist through force, and why communism can never exist because opportunity costs exist.
NorQuest College : Social study 30-2
Monopoly = company as government
Father of Economics he looked the world with an eye of an eagle.