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Related Flashcards
Cards In This Set
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Invisible Hand
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In a free market a person pursuing their own best interests benefits the whole although not intending to do so.
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Justification to Deliberate Amortality
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It results in systematic mortality due to the action of the invisible hand
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What does Milton Friedman see as social responsibility of corps?
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To only pursue profit but w/in the law
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According to Bishop what does Adam Smith say about laws or regulations proposed by those who live to profit?
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Should be considered with skepticism and caution
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According to Bishop when corps combine to restrict wages does smith see this as infringment?
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Yes outsourcing jobs
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According to Bishop how does Smith view international investment as opposed to domestic? Did he suggest that was the best way to increase national wealth?
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Only by investing in ones own country can one acheive the free market benfit of maximizing rev. There was no international free market nor did he believe one would exist.
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What did Adam smith say about forein trade?
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Trade for what you can buy cheaper then you can make it.
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Did he believe that foriegn trade could increase the wealth of a nation?
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Yes to a point. provided the profit made is rolled back into domestic production
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Did Adam Smith assume that profit made from foreign trade would be investd in traders own country? if so whats basis?
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he believed that profit made from foreign trade would be investd in traders own country so they could watch over and manage what is done with it.
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Are profits that are made today from US corps foreign trade being invstd more in the US or abroad? Is wealth in US increasing?
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Most accnt would say profits being invested abroad and often as a strategy to lower taxes. US wealth decreasing
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What did Adam Smith say about tariffs and duties imposed onm imported goods that are intended to protect domestic industry
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He said they aided in creating domestic monopolies that end up raising prices
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Under what two circumstances does smith believe tariffs and duties are justified?
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To protect Defense. And to impose a tariff or duty to imports equal to any taces or fees imposed domestically on domestic goods.
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The Commons
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Shared land
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Security
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Actual snd Psychological
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Community Life
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Civil, harmonious relations between individuals and groups
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