Adam Smith: Morality and Markets
How does self-interest differ from selfishness? How do fairness and empathy play a part in distinguishing the two?
In 18th century Scotland, wealth was in the hands of a few. How did this affect Smith’s view of trade as a zero-sum game vs one in which trade is beneficial for both sides? Briefly describe the market Smith witnessed in the 18th century Scotland/England that indicated a market which the government considered to be a zero-sum game? (this is around 40 minutes and is a few minutes long)
What did Smith consider to be the main source of wealth of a nation?
Early on Smith states that Peace, easy taxes, and a tolerable administration of justice are needed for a working market. Later what virtues does he add as needed?