Smith was right about excess profits, beyond first mover advantage these must be economic rents (an uneanred income) because in a free market competition would drive them down to a level sufficient only to keep firms in the market. Though Smith differed from the Physiocrats on many issues he was influenced by them and like them favoured a tax on land rents or ground rents as he put it. Indeed much of the excess profit today is still land rent, even in the stock market much of the value via REIT'S, corporate land holdings, bank stocks and mortgage derivatives is just land value. Smith's labour theory of value was elaborated on by Henry George, as he made the distinction between labour created value and the way legal contracts creating this monopoly rent. George reverted and again built upon the Physiocrat position of a single tax upon land, whereas Smith merely favoured it as a particularly good and fair tax.
I would greatly appreciate if you explored African philosophers at some point in the future. I have noticed in your lectures that you’re aware of African philosophers whose work both precedes and parallels of more famous thinkers. You’ve given me introductions to a lot of important thinkers. I’d love to have that same guidance to help direct my exploration of the intellectual history from that (personally) under-appreciated and neglected continent.
Note that the way we're currently planning to deal with the experiment of laborers being able to choose better employment is to use monetary policy to slow the economy so they no longer have as many choices.
Wes, two British philosophers in such a short time frame? Must be Christmas. I started off in philosophy and finished with a degree in finance, purely “economical” decision. Your videos help the more important “enrichment”, and are much appreciated. Consider doing a series on Western Canon? I think the Iliad tied in with The Birth of Tragedy would be great. The Apollonian and Dyonesian take center stage, but I think the true message is the virtues of the Homeric age and what this meant to Greek culture. Also I haven’t read the Aeneid by Virgil, so a podcast comparing the Aeneid to the Odyssey would really be Christmas!
There should be a distinction between free movement between countries and free movement within the country. The former can cause brain drain and social instability.
u think ur statement (or Adam smith's), that our society, as opposed to other societies, even in the recent past, is solely focused on money, is wrong. perhaps that was primarily his perception of westen society, but other societies are far more focused on the accumulation of wealth than Westen societies.
Adam Smith said leave the people alone... Enters Edward Bernays. Look him up, he had a at least as big an impact on the economy. He is arguably the reason why we live in a lobbycracy.
@iforget6940 Edward Bernaise is the came up with the idea, of public relations. He stated once that the American people don't know how to vote, so we will tell them how. (Consumerism)
Smith was right about excess profits, beyond first mover advantage these must be economic rents (an uneanred income) because in a free market competition would drive them down to a level sufficient only to keep firms in the market.
Though Smith differed from the Physiocrats on many issues he was influenced by them and like them favoured a tax on land rents or ground rents as he put it. Indeed much of the excess profit today is still land rent, even in the stock market much of the value via REIT'S, corporate land holdings, bank stocks and mortgage derivatives is just land value.
Smith's labour theory of value was elaborated on by Henry George, as he made the distinction between labour created value and the way legal contracts creating this monopoly rent. George reverted and again built upon the Physiocrat position of a single tax upon land, whereas Smith merely favoured it as a particularly good and fair tax.
I like him and his books, especially The Wealth of Nations.
I would greatly appreciate if you explored African philosophers at some point in the future.
I have noticed in your lectures that you’re aware of African philosophers whose work both precedes and parallels of more famous thinkers.
You’ve given me introductions to a lot of important thinkers. I’d love to have that same guidance to help direct my exploration of the intellectual history from that (personally) under-appreciated and neglected continent.
There is little to no African philosophy
Note that the way we're currently planning to deal with the experiment of laborers being able to choose better employment is to use monetary policy to slow the economy so they no longer have as many choices.
I really appreciate this nice overview, it really puts into context a lot of stuff Adam Smith said
Wes, two British philosophers in such a short time frame? Must be Christmas.
I started off in philosophy and finished with a degree in finance, purely “economical” decision. Your videos help the more important “enrichment”, and are much appreciated.
Consider doing a series on Western Canon? I think the Iliad tied in with The Birth of Tragedy would be great. The Apollonian and Dyonesian take center stage, but I think the true message is the virtues of the Homeric age and what this meant to Greek culture.
Also I haven’t read the Aeneid by Virgil, so a podcast comparing the Aeneid to the Odyssey would really be Christmas!
I wonder what Wes thinks of "The Good Place"
There should be a distinction between free movement between countries and free movement within the country.
The former can cause brain drain and social instability.
13:40
George Berkeley would be very interesting too
Well.., It’s an introduction, but ?
Watched. C6, F7, R2, I1. 13233.
u think ur statement (or Adam smith's), that our society, as opposed to other societies, even in the recent past, is solely focused on money, is wrong. perhaps that was primarily his perception of westen society, but other societies are far more focused on the accumulation of wealth than Westen societies.
Please list them, I'd be interested to know who they are and on what basis you make that claim.
@@rcmrcm3370 i can't. it would be seen as discriminatory and insulting in my culture.
Money is always the means
Labour creates wealth, but doesn't instil value
W.
He's not a mandevillian in the sense that he's not a musical instrument.
Scottish.....
We act in our own interests, but that has very little to do with logic.
Often enough with no interest. Darwin Awards...
Not the best summay. Better to read the Wealth of Natons.
Adam Smith said leave the people alone... Enters Edward Bernays. Look him up, he had a at least as big an impact on the economy. He is arguably the reason why we live in a lobbycracy.
Explain position please.
@iforget6940
Edward Bernaise is the came up with the idea, of public relations. He stated once that the American people don't know how to vote, so we will tell them how. (Consumerism)
Adam Smith economists.
They sure are.