Adam_smith

Summary As was the fashion in 1759, Adam Smith endeavors to explain what we call right and wrong, as well as why we arrive at these conclusions. The cornerstone of his theory is based on the concept of sympathy. Smith posits that, just as humans are endowed with the sense of sight, they are also equipped with a sense of sympathy. The brief definition of sympathy is the ability for one human to “enter into” the experience of another. This “entering in” does not perfectly mirror the original experience, but critically, it is perceived through the lens of an impartial spectator. This impartiality forms the foundation of all morality. ...

Summary Adam Smith lays out one of the first exhaustive accounts of how a complex, developed economy functions. Published in 1776 during some “difficulties” in the relationship between Britain and one of its colonies, Smith makes the case for fundamental economic concepts like free markets and the division of labor. The first book, by far my favorite, presents the fundamentals of Smith’s concepts of value, wages, and labor. One of his key observations concerns the transport of goods. He argues that without the capacity of water to transport heavy items easily, civilization itself would have been greatly hampered. This insight helps explain why civilizations emerged near bodies of water that were easily navigable, most notably in the Mediterranean. It is always fascinating to observe how the limitations imposed by an environment affect the systems that find ways to thrive within those given constraints. ...