Theroy of moral sentiemnts
What happened to Smith in 1751?
He became a professor of logic at the University of Glasgow.
What does it describe?
It describes a metaphor that describes the unseen forces of self-interest that impact the free market
Did Adam Smith oppose it?
Adam Smith is opposed to the division of labor.
What are moral sentiments?
Moral sentiments are those feelings or emotions central to moral agency
What does the wealth of nations describe?
It describes how free markets can incentivize individuals, acting in their own self-interest, to produce what is societally necessary.
How did he define labor?
What are Smiths' central notions on moral philosophy?
Moral principles have social feeling or sympathy as their basis
What is the main purpose of the invisible hand
Individuals seeking their own self interest benefit the economy as a whole.
How does divisoon of labor relate to economics?