Adam Smith
wealth is a labor product by the people, not [currency
Criticism of [mercantilism
Individuals thought that the pursuit of "egoism" would increase the benefits to society.
We are able to eat because the butchers have their own interests in mind, not because of their love for humanity.
the question of national wealth
work-value theory
The value of a thing depends on the labor put into it.
Market prices converge to "natural price" = wages + profit + land rent
specialization
Shoemakers buy clothes from clothing stores, and clothing stores buy shoes from shoe stores. division of labor and exchange.
This was an exchange for division of labor with absolute advantage, but Rickard showed that absolute advantage is not a necessary condition. See comparative advantage.
fair play
In the race for wealth, honor, and advancement, one may run with all one's might to overtake all competitors.
However, if you push or throw someone down, the people watching around you will no longer tolerate you.
That is a violation of fair play and will not be tolerated.
moral emotivism," translated by Hiroshi Mizuta.
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