In the video David discusses the lessons learned about Adam Smith's approach to capitalism. Some of the subjects Dave discusses include: Self Interest Protect the Commons Role of Government Law, Rules and Regulations Shape the Economy to Achieve Common Goals Mass Production, Specialization, Productivity "Kill the Beast" Not a Hand Out but a Helping Hand Tea Party and Laissez faire
Views: 457 Bruderly 4 Congress
In this Big Think interview, economist Thomas Piketty delves into several common misconceptions about free market economics. Piketty argues that strong public institutions are necessary for market regulation. So-called "natural forces" of self-regulation commonly associated with the writings of Adam Smith cannot be relied on to maintain a healthy economic climate. An example of this is the heavy trend toward deregulation that spurred the 2007/2008 financial crisis. Piketty warns that the tepid regulatory response to the Great Recession could very well come back to bite us. Thomas Piketty is the best-selling author of Capital in the Twenty-First Century. Read more at BigThink.com: http://goo.gl/O8uR Follow Big Think here: YouTube: http://goo.gl/CPTsV5 Facebook: https://www.facebook.com/BigThinkdotcom Twitter: https://twitter.com/bigthink Transcript: A very optimistic view of how the market works, which sometimes is associated to Adam Smith, is the view that you have self-regulation of the market and that the natural forces, natural market forces can take care of everything, and in particular can ensure that inequality will never increase to such an extent that it becomes socially and economically and politically useless or even dangerous for that matter. Now I think, in fact if you reread Adam Smith or if you try to look at the economic developments throughout history you see that you cannot expect everything from the market. You cannot just rely on natural forces to solve all problems. And I think one of the conclusions from the history of political economy and the history of economic growth and inequality is that you need strong public institutions in order to put this powerful market forces in the right direction. Market forces can produce a lot of innovation, a lot of incentives for inventions and entrepreneurship and this is very positive. But it would be a mistake to rely and count on these natural forces to sort of self regulate themselves. And if you look in particular at the period going up to the financial crisis of 2007/2008, you have a very large concentration of economic gains into a relatively small group of the population. And I think everybody agrees today that this has contributed not only to the stagnation of median household income but also to the rise of household debt, which in turn put pressure on the financial system and probably did contribute to fragilize the financial system with the consequences that we know in terms of financial crisis, recession, unemployment, which we are now starting to get out of this, but there has been many years of lost growth and a lot of social suffering because of this. So we need strong public institutions in order to regulate these market forces. And sometimes there's really excessive phase in these forces. There are cycles over history. Probably after the Great Depression, after World War II people realized that market forces need to be strongly regulated. And then starting in the '70s and the '80s with Reagan and cultural revolution and even more so after the fall of the Soviet Union, we entered in the 1990s and 2000 in a new cycle of sometimes unlimited phase in the self regulation of markets. And to a large extent we are still in this phase. And I think there's a reaction, a policy reaction to the financial crisis of 2007/2008 has been too limited so far. And this could happen again. We've asked a lot to our central banks in the U.S. and in Europe. And of course it's easy to print billions of dollars or billions of euros to avoid complete bankruptcy of a financial system, which is what happened in the 1930s and which ended up in a complete catastrophe. So it's better to avoid that. But at the same time printing money is not enough to solve the central problem that we need to solve. So the good news is that we avoided a complete bankruptcy and complete depression, but the bad news is that we did not really solve the structural problems which might in the future create new crisis.
Views: 18824 Big Think
Adam Smith was no uncritical apologist for capitalism: he wanted to understand how capitalism could be both fruitful and good. If you like our films take a look at our shop (we ship worldwide): http://www.theschooloflife.com/shop/all/ SUBSCRIBE to our channel for new films every week: http://tinyurl.com/o28mut7 Brought to you by http://www.theschooloflife.com Produced in collaboration with Mike Booth http://www.YouTube.com/SomeGreyBloke #TheSchoolOfLife
Views: 986665 The School of Life
Topics: - Bernard Mandeville's "Private vices, public benefits" - Did the economy in Smith's days justify his "invisible hand" hypothesis? - Smith's "invisible hand" vs. Aristotle's "philia" (goodwill) - Alan Greenspan's error (23 October 2008 Congressional hearing) - The limits of self-regulation: Goldman Sachs' ABACUS deal Guest lecture by Paul Jorion on Thursday, 18 October, 2012 - 15:00 to 18:00 at Vrije Universiteit Brussel because of Stewardship of Finance. 'Stewardship of Finance' is sponsored by six major insurance companies and will focus on research as well as on education. Behind its foundation lies the believe that the current financial crisis has shown that a moral reflection is most certainly necessary. The chair starts on Thursday 4 October 2012. The famous Belgian anthropologist, Paul Jorion will give the inaugural speech and several guest lectures. http://www.vub.ac.be/en/chair/stewardship-finance
Views: 2851 Vrije Universiteit Brussel
Guest lecture by Paul Jorion (14/10/2013 - VUB) because of Stewardship of Finance The chair Stewardship of Finance gives students the opportunity to think about Finance, not only from their own study discipline but also in interaction with other disciplines. 'Stewardship of Finance' is sponsored by six major insurance companies and will focus on research as well as on education. Behind its foundation lies the believe that the current financial crisis has shown that a moral reflection is most certainly necessary. The chair starts on Thursday 4 October 2012. The famous Belgian anthropologist, Paul Jorion will give the inaugural speech and several guest lectures. http://www.vub.ac.be/en/chair/stewardship-finance
Views: 1190 Vrije Universiteit Brussel
Dans la seconde partie du XVIIIème siècle, les physiocrates portent les idées libérales et libre-échangistes. Adam Smith va les rencontrer lors d'un voyage en France. Il dépassera alors leurs idées et leur donnera une nouvelle dimension. Pour en savoir plus: http://drawmyeconomy.com/main-invisible-theories-adam-smith/ Musique: Une Petite musique de nuit - Mazart - 1787 Suivez-moi sur: Mon site: http://drawmyeconomy.com/ Twitter: @Drawmyeconomy Facebook: https://www.facebook.com/drawmyeconomy/
Views: 152301 Draw my economy
This is an animation Adm Smith who was a Scottish philosopher, journalist and author. He was born: 16 June 1723, and he died: 17 July 1790. 1) The Invisible Hand The best way to understand the invisible hand is to break sown this concept into three phases. Individual interest in trade, the benefits to society and this process works as if there is an invisble hand. 2) The Educated Consumer We have an issue with the consumer... therefore an educated consumer would make better decisions and this would create new demands and therefore would create better bussinesses suited these demands. 3) No Government regulation Adam is against Government and business partnerships or Government intervention in bussiness. The first issue is that through this relationship a lot of money is consumed by lobbying. Also regulation removes competition. ----------------------------------------------------------------------------------------------------------- Any inquiries or correspondence: [email protected] ---------------------------------------------------------------------------------------------------------- Amazon affiliate links 1) The Philosophy Book http://amzn.to/2jggEgP
Views: 1540 Visual Knowledge
Dr Madsen Pirie, President of the Adam Smith Institute, is attempting to prove that economics is fun. His new book, Economics Made Simple: How Money, Trade and Markets Really Work, is available from Amazon now in paper and Kindle formats: http://www.amazon.co.uk/Economics-Made-Simple-Harriman-Essentials/dp/085719142X How do banks work? What does the City do? Why do prices rise or fall? Is competition wasteful? How can we create more wealth? What causes globalization and how does it affect people? This book answers these and other questions, not in the way that economics textbooks do - with graphs, abstract models, jargon-ridden theory, and mathematical equations - but through narrative and lucid explanation rooted in everyday experience and common-sense intuitions. This is a personal school of economics for anyone who has ever wanted to know how money, trade and markets really work. The study of economics has never been so enjoyable - or eye-opening.
Views: 2734 Adam Smith
We talk a lot about Keynesian economics on this show, pretty much because the real world currently runs on Keynesian principles. That said, there are some other economic ideas out there, and today we're going to talk about a few of them. So, if you've been aching to hear about socialism, communism, the Chicago School, or the Austrian School, this episode is for you. Crash Course is on Patreon! You can support us directly by signing up at http://www.patreon.com/crashcourse Thanks to the following Patrons for their generous monthly contributions that help keep Crash Course free for everyone forever: Fatima Iqbal, Penelope Flagg, Eugenia Karlson, Alex S, Jirat, Tim Curwick, Christy Huddleston, Eric Kitchen, Moritz Schmidt, Today I Found Out, Avi Yashchin, Chris Peters, Eric Knight, Jacob Ash, Simun Niclasen, Jan Schmid, Elliot Beter, Sandra Aft, SR Foxley, Ian Dundore, Daniel Baulig, Jason A Saslow, Robert Kunz, Jessica Wode, Steve Marshall, Anna-Ester Volozh, Christian, Caleb Weeks, Jeffrey Thompson, James Craver, and Markus Persson Want to find Crash Course elsewhere on the internet? Facebook - http://www.facebook.com/YouTubeCrashCourse Twitter - http://www.twitter.com/TheCrashCourse Tumblr - http://thecrashcourse.tumblr.com Support Crash Course on Patreon: http://patreon.com/crashcourse CC Kids: http://www.youtube.com/crashcoursekids
Views: 838284 CrashCourse
The Real Adam Smith: A Personal Exploration by Johan Norberg, takes an intriguing, two-part look at Smith and the evolution and relevance of his ideas today, both economic and ethical. It’s difficult to imagine that a man who lived with horse drawn carriages and sailing ships would foresee our massive 21st century global market exchange, much less the relationship between markets and morality. But Adam Smith was no ordinary 18th century figure. Considered the “father of modern economics,” Smith was first and foremost a moral philosopher. The revolutionary ideas he penned in The Wealth of Nations and The Theory of Moral Sentiments, changed the world. Morality and Markets is the first hour, which takes an intriguing look at Smith, his background and the evolution of his ideas, both economic and ethical. Norberg travels Europe to locales where Smith was born, educated and spent his life teaching, writing and advocating his revolutionary ideas on markets and human morality. Check out our Facebook page here: https://www.facebook.com/FreeToChooseNetwork Visit our media website to find other programs here: http://freetochoosemedia.org/index.php Connect with us on Twitter here: https://twitter.com/FreeToChooseNet Learn more about our company here: http://freetochoosenetwork.org Shop for related products here: http://www.freetochoose.net Stream from FreeToChoose.TV here: http://freetochoose.tv Learn more about Adam Smith here: http://therealadamsmithfilm.com
Views: 107931 Free To Choose Network
Russ Roberts joins us on this week's episode of Free Thoughts to talk about his new book, How Adam Smith Can Change Your Life: An Unexpected Guide to Human Nature and Happiness (2014). What drives us to be concerned about others? In the Wealth of Nations, Smith says people are basically self-interested, and this is what drives market economies. Does this mean he's saying people are selfish? Smith has a pretty simple formula for happiness. "Man naturally desires, not only to be loved, but to be lovely." What does he mean by that? Can the study of economics really be about finding better ways to care for others...by recognizing that people are self-interested? How does that work? Russ Roberts is a research fellow at Stanford University's Hoover Institution and is also the host of the popular EconTalk podcast. Show Notes and Further Reading Russ Roberts, How Adam Smith Can Change Your Life: An Unexpected Guide to Human Nature and Happiness (book) www.amazon.com/Adam-Smith-Change…fe/dp/1591846846/ Adam Smith, The Weath of Nations (book) www.amazon.com/Wealth-Nations-Ba…cs/dp/0553585975/ Adam Smith, The Theory of Moral Sentiments (book) www.amazon.com/Theory-Moral-Sent…th/dp/1619491281/ Download the .mp3: http://bit.ly/1s2PGoC Subscribe in iTunes: https://bitly.com/18wswtX iOS app: http://bit.ly/1lL3OAy Android app: http://bit.ly/1qsV0ka
Views: 2626 Libertarianism.org
Many of the core ideas behind Adam Smith’s vision of capitalism are being ignored. Gillian Tett, the FT’s US managing editor, argues that four basic concepts need to be relearned if we are going to replace the opaque and exclusive system modern finance has created. https://transact.ft.com/en-gb/?play=adam-smith
Views: 16509 FT Transact
Ruth Davidson's lecture to the Adam Smith Institute
Views: 514 Adam Smith
Economist, Adam Smith, used the term The Invisible Hand to describe the self-regulating nature of the marketplace - a core concept for so-called free-marketeers. (Part 1 of 6) Playlist link - https://www.youtube.com/playlist?list=PLhQpDGfX5e7DDGEQvLonjDQsbclAF2N-t Transcript link - http://podcast.open.ac.uk/feeds/3998_youtubeuploadsfriday/transcript/41502_160114_354_st.pdf Free learning from The Open University - What is economics? https://www.open.edu/openlearn/society/politics-policy-people/economics/what-economics Study a free course on Managing my money at the Open University http://www.open.edu/openlearn/money-management/managing-my-money/content-section-overview?active-tab=description-tab Study R30 BA (Honours) Economics http://www.open.ac.uk/courses/qualifications/r30 The Open University is the world’s leading provider of flexible, high-quality online degrees and distance learning, serving students across the globe with highly respected degree qualifications, and the triple-accredited MBA. The OU teaches through its own unique method of distance learning, called ‘supported open learning’ and you do not need any formal qualifications to study with us, just commitment and a desire to find out what you are capable of. Free learning from The Open University http://www.open.edu/openlearn/ For more like this subscribe to the Open University channel https://www.youtube.com/channel/UCXsH4hSV_kEdAOsupMMm4Qw Like us on Facebook: https://www.facebook.com/ouopenlearn/ Follow us on Twitter: https://twitter.com/OUFreeLearning #OpenUniversity #Economy
Views: 559231 OpenLearn from The Open University
When laws are clearly written and widely understood, people can easily determine whether their actions are lawful or not. However, Congress has been threatening the rule of law through the use of waivers – that allow individual to act contrary to the rules – and through the use of licenses that require individuals to get permission before working. In order to revitalize the rule of law, Congress should return to passing clearly written laws that neither allow some to ignore the rules nor require permission to act in the first place. For more information, visit the PolicyEd page here: https://www.policyed.org/intellections/unfair-advantages-how-licenses-and-waivers-threaten-rule-law/video. Additional resources: Read “The Legal Origins of American Exceptionalism” by Michael McConnell. Available here: https://hvr.co/2Kwojl6 Listen as Michael McConnell discusses “The Legal Origins of American Exceptionalism,” available here: https://hvr.co/2Iy9ceK Listen to “Reasonable Disagreements: The Rule of Law And Other People’s Money” with Richard Epstein and Adam White. Available here: https://hvr.co/2SKJuIk Read “Does ‘Too Big to Fail’ Mean Too Big for the Rule of Law?” by Adam White. Available here: https://on.wsj.com/2oA8yhX Read “The Rule of Law in the Regulatory State” by David Henderson, available here: https://bit.ly/2Ne2fy0 Visit https://www.policyed.org/ to learn more. - Subscribe to PolicyEd's YouTube channel: http://bit.ly/PolicyEdSub - Follow PolicyEd on Twitter: http://bit.ly/PolicyEdTwit - Follow PolicyEd on Instagram: http://bit.ly/PolicyEdInsta
Views: 242570 PolicyEd
What would you do if an innovation was making you lose power over your most important source of income? Would you fight it or would you find a way to take control of the innovation? Watch, like, subscribe and tell us your opinion in the comments! If you would like to support us either check out our Patreon: https://www.patreon.com/theinvisiblefootofgovernment or donate some bitcoins to the wallet address 1A6oNTWReRy2reBwaHPLJ8147XTU2vGikm and spread the word about us :) Narration --------------------------------------------------------------------------------- Zeitgeist vs Adam Smith - Part 3 According to Zeitgeist today’s money is just debt over debt. There is a kernel of truth in that. Let’s continue our story. With the invention of banking as described by Adam Smith (check out parts 1 and 2), sovereigns actually lost a lot of power ... power that they were already very used to having. As the ones in charge of minting they could anytime inflate their quantity of money … and secretly rob their subject’s of the value of their work. Think of it like this: When barter is split into the two transactions of giving and receiving (check out our video “Money vs Love” about that), money is like a voucher that represents the amount of value that was given, so that something of equivalent value can be taken later. But if in the in-between time someone creates the same amount of money out of thin air, they can now squeeze themselves into the middle of the two transactions and take half of what YOU were supposed to be taking. In a sense inflation is the easiest tax a sovereign can levy … and Adam Smith’s banks were threatening that power. So what was the solution? The central bank! Modern central banks are designed to replace the regulation of the quantity of money through precious metal (like in the banking system Adam Smith described) … with their own arbitrary rule. Central banks went through a couple of iteration until their modern format and we can talk about the history of central banks in another video. For now let’s look at how modern central banks break that elegant mechanism that Adam Smith described 200 years ago. Step by step guide to taking control of your country’s banking using a central bank! Step 1: Guarantee client deposits. That’s one of those things that looks nice on paper … and later blows up in your face. Remember, Adam Smith’s banks were very conservative about giving out credit, because they were afraid of running low on deposits and having to borrow deposits at a high interest rate from another bank. Now if deposits are guaranteed no matter what, there is nothing stopping banks from issuing credit like crazy. Basically the equivalent of a teenage girl on a shopping spree with daddy’s credit card. And clients don’t have a reason to investigate if their bank is behaving responsibly and if it’s solvent. Step 2: Regulate banks. This is a consequence of step one. Banks behaving like teenage kids need Daddy to create some rules. And it’s a great opportunity for the big banks to help the central bank write the regulations (in a way that keeps out competitors). Who else really understands banking as well as them. And the central bank can shine as the knight in shining armor saving the economy from the evil banks. Step 3: Become the lender of last resort. Instead of banks borrowing from each other when they run low on deposits, they now borrow from you, the central bank. At the same time declare deposits of your credit notes as valuable as actual precious metal deposits. That way you control all deposits. Eventually just replace all the precious metals deposits with your credit notes and hoar the gold so that people don’t get any ideas, like trying to use gold as money again. There you go! Now you’re in control and can inflate your country’s money just like in the good old days. Remember Adam Smith’s banks charged high interest rates when they lent their deposits, because they really needed them back soon to stay solvent themselves? Your central bank has no such worries. It has infinite deposits in the form of its own credit notes that it doesn’t really need back at all. It can lower the interest rate it charges for the deposits to less than what banks charge their clients to incentivize the banks to borrow from them and give out more credit to their clients. It can even set the rate at 0% or go negative when they really really want banks to borrow more deposits. Think about that! A negative interest rate is so exotic that we need to think through what it actually is. A negative interest rate means that I pay you to borrow my money. Who would do that? Only a central bank. When they set negative interest rates they pay banks to borrow more deposits from them. Yeah, it’s not as straightforward as back in the days where you’d just make more coins and then had more coins. You have to pretend that you’re protecting the economy and your citizens, and reroute the ...
Views: 8052 Bite-size Econ
Adam Smith was a Scottish political economist and philosopher. Smith is best known for two classic works: The Theory of Moral Sentiments (1759), and the Wealth of Nations (1776). The latter is considered his magnum opus and the first modern work of economics. Smith is cited as the father of modern economics and is still among the most influential thinkers in the field of economics today. --------------------------------------------------------------------------- Adam Smith Quotes --------------------------------------------------------------------------- Quote #1 - “Never complain of that of which it is at all times in your power to rid yourself.” Quote #2 - “What can be added to the happiness of a man who is in health, out of debt, and has a clear conscience?” Quote #3 - “The real tragedy of the poor is the poverty of their aspirations.” Quote #4 - “To feel much for others and little for ourselves; to restrain our selfishness and exercise our benevolent affections, constitute the perfection of human nature.” Quote #5 - “The first thing you have to know is yourself. A man who knows himself can step outside himself and watch his own reactions like an observer.” Quote #6 - “It is not from the benevolence of the butcher, the brewer, or the baker that we expect our dinner, but from their regard to their own interest.” Quote #7 - “Mercy to the guilty is cruelty to the innocent.” Quote #8 - “Wherever there is great property, there is great inequality. ” Quote #9 - “Science is the great antidote to the poison of enthusiasm and superstition.” Quote #10 - “Virtue is more to be feared than vice, because its excesses are not subject to the regulation of conscience.” ---------------------------------------------------------------------------
Views: 1673 Quotes & Messages
As part of the Emory Williams Lecture Series, Jerry Muller, chair of the Department of History at Catholic University, gives a talk entitled "Adam Smith on the Uses, Abuses, and Limits of Self-Interest" (October 29, 2013). Dr. Muller holds a PhD (1984) from Columbia University and has written extensively on modern European intellectual history and modern Germany. His most recent work is "Capitalism and the Jews" (Princeton University Press, 2010). The Emory Williams Lectures in the Liberal Arts have been made possible by a generous gift from Mr. Emory Williams (Emory College '32 and Trustee Emeritus, Emory University). http://college.emory.edu/home/academic/voluntary-core-program/lectures
Views: 2862 Emory University
This talk was given at a local TEDx event, produced independently of the TED Conferences. Have you ever wanted to publish a successful book? If so, you might want to rethink your publishing strategy! Many aspiring authors have it backwards: they think that the speaking, touring, marketing, and movement happens after their book is published. In reality, an author should be creating a movement BEFORE their book is published. In 2013, author Seth Adam Smith's blog went viral after he posted an article titled "Marriage Isn't For You." The article received over 30 million views, was translated into over twenty languages, and landed him three book deals. But Seth's path to success began long before that. In this video, he shares insight on how to start a movement that creates a book. About TEDx, x = independently organized event In the spirit of ideas worth spreading, TEDx is a program of local, self-organized events that bring people together to share a TED-like experience. At a TEDx event, TEDTalks video and live speakers combine to spark deep discussion and connection in a small group. These local, self-organized events are branded TEDx, where x = independently organized TED event. The TED Conference provides general guidance for the TEDx program, but individual TEDx events are self-organized.* (*Subject to certain rules and regulations)
Views: 3492 TEDx Talks
Relearning the rules of Adam Smith
Views: 24 Heintz Sun
Michael Walzer reminds us that the hero of American capitalism was a complicated philosopher. Michael Walzer: He was a very complicated philosopher. He wrote a book about the moral sentiments, which is a wonderful book, and "The Wealth of Nations" is a wonderful book. No, I don't think he's wrong. In fact, I suspect that a close reading of his book would suggest that you can't take, that he didn't take the invisible hand as some kind of magic mechanism. He thought you did need some regulation of the markets to make it... to make, first of all, certainly you needed the police, you needed to control fraud, you needed to protect consumers against fraudulent behavior , and you needed to protect the competitors against various kinds of illegal uses of force or deceit. But, I think, probably you need a stronger state than he contemplated once you have a full-fledged corporate capitalist system. Michael Walzer: He was a very complicated philosopher. He wrote a book about the moral sentiments, which is a wonderful book, and "The Wealth of Nations" is a wonderful book. No, I don't think he's wrong. In fact, I suspect that a close reading of his book would suggest that you can't take, that he didn't take the invisible hand as some kind of magic mechanism. He thought you did need some regulation of the markets to make it... to make, first of all, certainly you needed the police, you needed to control fraud, you needed to protect consumers against fraudulent behavior , and you needed to protect the competitors against various kinds of illegal uses of force or deceit. But, I think, probably you need a stronger state than he contemplated once you have a full-fledged corporate capitalist system.
Views: 330 Big Think
Adam Smith Associates Pvt Ltd is one of India's leading Trade Finance Company, performing business of arranging trade finance and providing consultancy, advisory, structuring and management services relating to trade finance transactions. One of its main expertise is in commodity trade finance. Adam Smith Associates work hand in hand with Indian and International corporations and banks to manage complex trade finance structures. Its corporate office is located in New Delhi - the capital of India, while one of the branch is at Indore. Internationally its affiliates are based in Singapore, Dubai, Hong Kong, Tokyo and Nigeria. The Adam Smith Associates® Advantage • Track record of over 20 years. • Strong transactional support to corporates and banks. • Seamless execution. • Strong partnerships with corporates, banks and trading companies. • Pioneer of various financing structures pivoted on trading of commodities. • Customized and personalized solutions. • Highest confidentiality standards. • Global network. As a part of governance, Adam Smith Associates Pvt. Ltd. assist clients to comply with all relevant regulations such as: FEMA Foreign Trade Policy (FTP) FDI Policy Customs Law Negotiable Instrument Act, 1881 Environment (Protection) 1986 Banking Laws and Regulations Adam Smith Associates Pvt. Ltd. is a member of; International Chamber of Commerce (ICC), India The Confederation of Indian Industry (CII), India Indo-German Chamber of Commerce Adam Smith Associates Pvt Ltd offers a wide range of Trade Finance services to business owners and banks. By seeking our sound financial information, we believe you will be better able to identify your goals and make sound decisions, to help you reach these goals. Know more at www.adamsmith.tv
Views: 33 Adam Smith Associates Pvt. Ltd.
Political theorist Peter McNamara discusses "Adam Smith on Human Nature" as part of the John Marshall International Center for the Study of Statesmanship 2011-2012 lecture series. McNamara teaches political theory at Utah State University, where he specializes in early modern and American political thought. May 10, 2012
Views: 871 University of Richmond
Adam Smith is a name that will be familiar to most people. The ‘father of Economics’ is a famous historical figure with statues in his honour and his likeness on the £20 note. But most people have little idea why he is famous or what he said This is a pity, because although Smith lived in Scotland in the eighteenth century, his ideas are as alive and relevant today as they have been at anytime in the last 250 years. Craig Smith, Lecturer in the Scottish Enlightenment, University of Glasgow, explores how, in a world of globalisation, Smith’s study of international and domestic trade cuts straight to the heart of the forces that shape all our lives. When we look around the world at the millions being raised from poverty in India and China, we see the forces that Smith sought to understand. Smith helped to shape the world that we live in and there’s no better place to begin to understand that world than the writings of this modest Scottish Philosopher.
Views: 2013 iealondon
Interview with Polina Kharchenko, Regulation Manager, Markets Regulation, SSE at the Ukrainian Energy Forum 2017
Views: 100 Adam Smith Conferences
As part of Adam Smith Week 2018, Dr. Lynne Kiesling's lecture, "Adam Smith's Relevance to Digital Innovation and the Platform Economy," discusses the insights that an 18th century Scottish political economist provides in a modern, digital economy. Adam Smith’s Theory of Moral Sentiments and Wealth of Nations develop themes of moral philosophy and political economy that can give us a richer and deeper understanding of phenomena in our digital world, such as information, social connection, the sharing economy, and innovation. About the speaker: Dr. Lynne Kiesling is a Visiting Associate Professor in the Department of Economics at Purdue University and the Associate Director of the Purdue University Research Center in Economics. Her research in transactive energy uses transaction cost economics to examine the interaction of market design and technology in the development of retail markets, products and services and the economics of smart grid technologies in the electricity industry. She has served as a peer reviewer for the U.S. Department of Energy and the National Science Foundation, and for academic journals including Energy Journal, Public Choice, Review of Economics and Statistics, and Energy Policy. Her teaching includes energy and environmental economics, antitrust and regulation, history of economic thought, European economic history, and principles of microeconomics. Kiesling has a B.S. in Economics from Miami University and a Ph.D. in Economics from Northwestern University.
Views: 59 College of Charleston School of Business
The Real Adam Smith: A Personal Exploration by Johan Norberg, takes an intriguing, two-part look at Smith and the evolution and relevance of his ideas today, both economic and ethical. It’s difficult to imagine that a man who lived with horse drawn carriages and sailing ships would foresee our massive 21st century global market exchange, much less the relationship between markets and morality. But Adam Smith was no ordinary 18th century figure. Considered the “father of modern economics,” Smith was first and foremost a moral philosopher. The revolutionary ideas he penned in The Wealth of Nations and The Theory of Moral Sentiments, changed the world. Norberg explores Smith’s insights regarding free trade and the nature of wealth to the present, where they are thriving and driving the world’s economy. In the second hour, Ideas That Changed The World, Norberg traces Smith’s insights regarding the benefits of free trade and the nature of wealth to the present, where they are currently in operation. He talks with some of the most distinguished Adam Smith scholars, as well as leaders of some of the world’s most admired companies to discover how Smith’s ideas continue to be relevant and drive the global economy today. Check out our Facebook page here: https://www.facebook.com/FreeToChooseNetwork Visit our media website to find other programs here: http://freetochoosemedia.org/index.php Connect with us on Twitter here: https://twitter.com/FreeToChooseNet Learn more about our company here: http://freetochoosenetwork.org Shop for related products here: http://www.freetochoose.net Stream from FreeToChoose.TV here: http://freetochoose.tv Learn more about Adam Smith here: http://therealadamsmithfilm.com
Views: 429114 Free To Choose Network
The Tide Effect is VolteFace’s first major policy report, produced in conjunction with the Adam Smith Institute. It argues that cannabis legalisation and regulation is now inevitable and that the market-based approaches being developed in North America are the best way to protect children, eradicate criminality associated with illicit markets and promote public health. The report was written by award-winning novelist, screenwriter and journalist, Boris Starling. READ THE FULL REPORT: http://volteface.me/publications/tide-effect/ FOR MORE INFORMATION: http://volteface.me/
Views: 156 Volteface
Recorded at the Conservative Party Conference, Manchester, October 2011.
Views: 320 Adam Smith
TOP 20 Adam Smith Quotes. Wallpapers - https://quotefancy.com/adam-smith-quotes “He is led by an invisible hand to promote an end which was no part of his intention.” — Adam Smith (00:00) “The real tragedy of the poor is the poverty of their aspirations.” — Adam Smith (00:07) “A nation is not made wealthy by the childish accumulation of shiny metals, but it enriched by the economic prosperity of it’s people.” — Adam Smith (00:14) “The first thing you have to know is yourself. A man who knows himself can step outside himself and watch his own reactions like an observer.” — Adam Smith (00:21) “Mercy to the guilty is cruelty to the innocent.” — Adam Smith (00:28) “All money is a matter of belief.” — Adam Smith (00:35) “What can be added to the happiness of a man who is in health, out of debt, and has a clear conscience?” — Adam Smith (00:42) “Individual Ambition Serves the Common Good.” — Adam Smith (00:49) “As soon as government management begins it upsets the natural equilibrium of industrial relations, and each interference only requires further bureaucratic control until the end is the tyranny of the totalitarian state.” — Adam Smith (00:56) “Science is the great antidote to the poison of enthusiasm and superstition.” — Adam Smith (01:03) “Man is an animal that makes bargains: no other animal does this – no dog exchanges bones with another.” — Adam Smith (01:10) “I have no faith in political arithmetic.” — Adam Smith (01:17) “Sugar, rum and tobacco are commodities which are nowhere necessaries of life, which are become objects of almost universal consumption, and which are therefore extremely proper subjects of taxation.” — Adam Smith (01:24) “Virtue is more to be feared than vice, because its excesses are not subject to the regulation of conscience.” — Adam Smith (01:31) “The division of labour was limited by the extent of the market.” — Adam Smith (01:38) “Civil government, so far as it is instituted for the security of property, is in reality instituted for the defense of the rich against the poor, or of those who have some property against those who have none at all.” — Adam Smith (01:45) “The learned ignore the evidence of their senses to preserve the coherence of the ideas of their imagination.” — Adam Smith (01:52) “The tolls for the maintenance of a high road, cannot with any safety be made the property of private persons.” — Adam Smith (01:59) “Nobody but a beggar chooses to depend chiefly upon the benevolence of his fellow-citizens.” — Adam Smith (02:06) “In general, if any branch of trade, or any division of labour, be advantageous to the public, the freer and more general the competition, it will always be the more so.” — Adam Smith (02:13) Music credit: Easy Day - Kevin MacLeod
Views: 42 Quotefancy
Foundations of Modern Social Thought (SOCY 151) John Stuart Mill made important and influential amendments to Bentham's ideas of utilitarianism. Perhaps most influentially, Mill states that there are not only different quantities of happiness but also qualitative differences in happiness. Humans are capable of higher forms of happiness, and therefore utility must be judged by taking into account quantitative amounts as well as qualitative differences in forms of happiness. Mill also drew a distinction between legality and justice; what is just is not always written in law, and what is written in law is not always just. Justice is a higher principle than the law. Mill's ideas have been incorporated into the laws of the United States and many people who live here subscribe to his ideas; the United States has some of the most permissive laws ensuring the freedom of speech of all liberal, free democracies. However, Mill's argument that liberty must never be sacrificed for expediency has been subject to debate in the United States since 9/11/01. In keeping with his views on liberty, Mill held radical views on women for his time; he believed in educational, political (voting), and marital equality for women. Mill believed women are not inferior by nature. Professor Szelényi ends class by going over how he would answer the questions for the first exam with the students. 00:00 - Chapter 1. Higher Happiness 09:52 - Chapter 2. Justice and Legality; Justice and Expediency 19:15 - Chapter 3. "On Liberty": Freedom and Individuality 27:27 - Chapter 4. "The Subjection of Women": Major Themes 32:41 - Chapter 5. Review of First Test Questions Complete course materials are available at the Open Yale Courses website: http://open.yale.edu/courses This course was recorded in Fall 2009.
Views: 21444 YaleCourses
Prepared by Fadilah Kalong Siti Farisah Binti Ali Hilal Abdelrezak Afnan Hayi-Ete Sary Asnavy Hussanee Nisaichon Prepared for Dr. Mohamed Aslam Akbar Economic Theories: Adam Smith vs. Ibn Khaldun | ECON 3510 | Fiqh for Economists Definition of Economics is to know how societies use limited resources to produce valuable things and distribute them among different people and how society manages its limited resources. There are three branches of economics, microeconomics, macroeconomics and Islamic economics. Islamic economics view can determine as the part of Islamic teaching which includes process, economic, social and moral behavior in an integrated manner associated with production, distribution, and consumption of good and services. Islamic economy refers to identifying and promoting economic regulation that corresponds to Islamic scriptures and traditions. It is also in the world economy that is Islamic banking system without interest. Islamic economics also has a firm foundation in the Holy Quran and the Sunnah of the Prophet. It is not only had in the Islamic theory, in fact, but the Prophet had also established it in Medina. The practice of Islamic Economic was begun in the state of Medina in the 6th century. After this, a process of economic development was managed by different scholars and Economists in different centuries, many of them were Abu Yusuf (731-798), Al-Farabi (873-950), Al-Ghazali (1058-1111) and Al-Mawardi (1675-1158). They convey the ideas of consumer theory, supply, and demand, Elasticity, and others.
Views: 2 TaaSiin Academy
Views: 4309 librivid
Dr. Adam Smith, assistant professor of economics and director of the Center for Free Market Studies at Johnson & Wales University, discusses key problems linked to the federal Consumer Financial Protection Bureau. Smith offered these comments during a Feb. 9, 2015, speech to the John Locke Foundation's Shaftesbury Society. Video courtesy of CarolinaJournal.tv. Watch full-length videos of JLF presentations here: http://www.johnlocke.org/events/videos.html
Views: 62 John Locke Foundation
Lecture presented by Jörg Guido Hülsmann at the Instituto Juan de Mariana's "Salamanca: The Birthplace of Economic Theory" conference held in Salamanca, Spain; 21-24 October 2009. http://www.juandemariana.org Jörg Guido Hülsmann is a German economist and one of the leading modern-day proponents of the Austrian School, and was heavily influenced by Ludwig von Mises and is an anarcho-capitalist within the tradition of Murray Rothbard. He is a professor of economics at the University of Angers in France and is a senior faculty member of the Ludwig von Mises Institute. He also wrote a detailed, comprehensive biography of Ludwig von Mises entitled 'The Last Knight of Liberalism.' Jörg Guido Hülsmann's official website: http://guidohulsmann.com Related links: http://mises.org/fellow.aspx?Id=10 http://mises.org/articles.aspx?AuthorId=231 http://blog.mises.org/archives/author/jorg_guido_hulsmann
Views: 1395 LibertyInOurTime
We all know the story of the last 30 years in financial services: The ‘big bang’ deregulation initiated in the Thatcher/Reagan period (and carried on through to the 21st century) led to a much more permissive and international trading environment. The industry consolidated into large universal banks, and commoditized the services which these banks provided. Financial gain came to prevail and the interests of clients became relevant only to the extent that they further the financial performance of those who provide products for such clients. Regulators stopped regulating, in effect believing that efficient markets, guided by Adam Smith’s invisible hand, would automatically lead to good outcomes and so were ‘light handed’. Fiduciary duties were set aside in favor of poorly understood contracts. Securitization and the rapid growth of derivatives led to larger and larger risks being taken, with other people’s money. Limited liability meant that key players had very limited ‘skin in the game’. Sales and trading culture took over from relationships in the major institutions, which increasingly ceased to care about their reputations. Remuneration systems encouraged the creation of products with excessive ‘tail risk’. Increasing focus on shareholder value maximization has led to adverse outcomes, both for firms and for the economy as a whole. All of this culminated with the Great Recession of 2008. We’ve had a number of books that have been published in the aftermath of that crisis, suggesting a multiplicity of reforms to discourage bad banking practices. What makes the contribution of David Vines (professor of economics at Oxford University) unique is the attempt to re-establish some ethical norms in financial services. Amongst other things, Professor Vines advocates the banking equivalent of a Hippocratic Oath, along with what Adam Smith described as “other regarding behavior” beyond limited self-interest. In the interview, Vines notes that while economists know much about Smith’s “invisible hand” of the market place, driven by rational self-interested behavior, they are less familiar with his work, “The Theory of Moral Sentiments”, which expressed the view that human beings had “other-regarding” motivations, including altruism, and a desire for the approbation of others. In the discussion below, Vines makes the case that the trust-intensive nature of financial services makes it essential to cultivate such motivations, and provides proposals for how this might be done in his book. Why the emphasis on trust? Why not just introduce highly punitive and restrictive regulations? Well, for one, we’ve seen how bankers have managed to game their way around more restrictive forms of regulation (even as they have aggressively lobbied against their implementation). Moreover, Vines contends that robust ring-fencing between investment and commercial banking activities (via, say, a “Glass Steagall II” equivalent) is unlikely to work, because culture transcends boundaries. If those with a sales or trading focus, who do not care about the welfare of their customers or are in the same organizations as those who would normally develop good relationships and client care, then their attitudes will reduce the trustworthiness of others, especially if their potential remuneration is greater: in other words, the ethical equivalent of a Gresham’s Law, where bad behavior drives out ethical practices. Vines seeks to develop mechanisms which encourage trustworthiness, and the holding to account of those involved in an appropriate manner. Financial reforms at present lack sufficient focus on these requirements and in that regard his book is a unique contribution to the overall debate so as to help make finance consonant with broader public purpose.
Views: 5357 New Economic Thinking
Video provided by Adam Smith Conferences. A conference for professionals responsible for pharma companies' legal and regulatory issues took place in Moscow on 4-5 February.
Views: 1021 LidingsLawFirm
How did Smith’s insights into moral sentiments and governance transform the modern world? Do they offer answers to the deepest political challenges of the twenty-first century? Jesse Norman MP sits down with Mark Pennington to discuss his new book on the Governance Podcast. Listen to more at https://csgs.kcl.ac.uk/podcast/the-legacy-of-adam-smith-a-conversation-with-jesse-norman-mp/ The Centre for the Study of Governance and Society at Kings College London presents The Governance Podcast. Jesse Norman MP is a British politician. At the time of recording, he is a Conservative Member of Parliament for Hereford and South Herefordshire. Norman was a director of Barclays before leaving the City of London in 1997 to research and teach at University College, London. *Skip Ahead* 00:38: Why write a book about Adam Smith, and why now? 3:05: What is Smith’s view of human nature, and the role of empathy within it? 9:17: If you look at the Theory of Moral Sentiments, there’s the idea that moral order doesn’t need to come from a legislator [or from God] – it is a bottom-up account of how rules are developed. 12:15: One thing critics say about Smith is that he has a purely descriptive account of morality—it’s describing how people act in ways to seek others’ praise, but that doesn’t address whether the action itself is actually worthy of praise. 15:17: In the Smithian account of morals, how do morals change? If what others perceive I should do is not what I think I should do, how do I challenge that public view? 18:40: I think The Theory of Moral Sentiments can help us understand things like celebrity culture, or what goes on in social media. People looking for ‘likes’ on Facebook is very much praise and blame. But there’s a tension here: this is how moral norms are enforced, but Smith also talks about the “man within the breast,” the person who knows what is really praiseworthy. 21:35: In my view, what the invisible hand is referring to is a kind of social process, it’s an understanding that there are emergent properties in society, when people interact and then something emerges which is more than the sum of its parts and which wasn’t anticipated by its participants… it’s the unintended consequences of spontaneous order. 24:45: If you have a theory of the invisible hand, you might also have theories of how the invisible hand can break down. Economists have theories of market failure, but does Smith have a theory of moral failure? 27:45: When we’re talking about morality, yes we can point to celebrity culture as being a moral market failure, but what’s the alternative? Would the Smithian account favour a legislative response? 31:10: You’re very good at explaining that Smith is, in some ways, an egalitarian… the challenge is, and I think this is a problem that no one’s cracked—what do we do when people who acquire economic power then try to use the state to limit competition? 37:00: We know that financial markets have important information asymmetries… that’s a standard argument some people use to argue for regulation…. But equally, we know that regulation can be captured by big players. To solve a market failure, you end up with a governance failure. 40:28: One of the things I take from Smith is a scepticism about politicians… how do we constrain politicians? *Books Discussed in the Episode* The Wealth of Nations by Adam Smith The Theory of Moral Sentiments by Adam Smith Adam Smith: What He Thought, And Why It Matters by Jesse Norman The Myth of Capitalism: Monopolies and the Death of Competition by Jonathan Tepper and Denise Hearn Full Transcript at https://csgs.kcl.ac.uk/podcast/the-legacy-of-adam-smith-a-conversation-with-jesse-norman-mp/
Speaker: Maxim V. Bryukhanov (C.Sc. in Economics, Junior Research Fellow at the Center for Institutional Studies, NRU HSE) Co-author: Sergiy Polyachenko (M.Sc. in Economics, Junior Research Fellow at the Center for Institutional Studies, NRU HSE) Success of market reforms is mainly defined by people’s attitudes toward economic freedom and Adam Smith’s basic principles of laissez-faire. Government generates supply of freedoms and population generates demand for them. As the result, we observe level of economic freedom in equilibrium. (Shiller et al., 1990) provided evidences that the start of market reforms in Russia was highly supported by population. Moreover, there were no significant differences in market preferences between Russians and Americans of those times. However, there has been change in Russian public opinion on economic freedom over the years. According to the study “Twenty years of reform through the eyes of Russians”, the share of respondents who support governments with centralized regulation is rising over time (Twenty, 2011). In addition, there is also increase in the share of respondents who are unhappy with private property, who demand government provision of transportation and healthcare services and who beware of free international relationships. There are also evidences that Russians prefer economic and political stability. In this study, based on 22nd wave of RLMS-HSE collected in the year of 2013 we show distribution of Russian people’s opinion concerning the necessity of government price regulation, protectionism, free immigration and its economic consequences. We choose a set of attitudes toward economic freedom predictors which are commonly used in the literature. Employing those predictors, we perform analysis of means and regression analysis of attitudes toward economic freedoms.
Views: 89 AcademicsVideo
The welfare state and the regulatory state are two policy areas that rarely elicit converging positions, but is it possible to find an economist who defies this pattern? In the January 2015 issue of Econ Journal Watch, Chief Editor Daniel Klein has prompted contributors and scholars to consider why so few economists argue in favor of one and against the other, and whether they can think of some economists who have done so. *** Daniel Klein is Professor of Economics and JIN Chair at the Mercatus Center at George Mason University. He is also the chief editor of Econ Journal Watch and the leader of the Adam Smith Program among others at George Mason University. He has published research on a number of issues including spontaneous order, credit reporting, the FDA, government intervention and policy, and the relationship between liberty, dignity, and responsibility. Donald Boudreaux is Professor of Economics, Martha and Nelson Getchell Chair for the Study of Free Market Capitalism, and Senior Fellow with the F.A. Hayek Program for Advanced Study in Philosophy, Politics, and Economics at the Mercatus Center at George Mason University. He specializes in globalization, trade, law and economics, and antitrust economics. He regularly posts on www.cafehayek.com and has recently published a book with the Fraser Institute titled The Essential Hayek. Scott Sumner is Professor of Economics at Bentley University and the Ralph G. Hawtrey Chair and Program Director of Monetary Policy at the Mercatus Center at George Mason University. He specializes in monetary policy, the role of the international gold market in the Great Depression, and the history of macroeconomic thought. In addition to regularly posting on www.themoneyillusion.com, he has been published in journals such as the Journal of Political Economy, Economic Inquiry, and the Journal of Money, Credit and Banking. Jeremy Rabkin is Professor of Law at George Mason University. He is also currently on the Board of Directors for the United States Institute of Peace and the Center for Individual Rights, and the Board of Academic Advisors for the Harvard Journal of Law and Public Policy and American Enterprise Institute. Prior to joining George Mason University, he was a professor in the Department of Government at Cornell University from 1980 – 2007 and a visiting professor in the Department of Government at Harvard University in 1993. http://www.mercatus.org Stay Connected Facebook: http://www.facebook.com/mercatuscenter/ Twitter: http://www.twitter.com/mercatus Email: http://www.mercatus.org/newsletters http://www.mercatus.org Stay Connected Facebook: http://www.facebook.com/mercatuscenter/ Twitter: http://www.twitter.com/mercatus Email: http://www.mercatus.org/newsletters
Views: 550 Mercatus Center
Can you look at someone's face and know what they're feeling? Does everyone experience happiness, sadness and anxiety the same way? What are emotions anyway? For the past 25 years, psychology professor Lisa Feldman Barrett has mapped facial expressions, scanned brains and analyzed hundreds of physiology studies to understand what emotions really are. She shares the results of her exhaustive research -- and explains how we may have more control over our emotions than we think. Check out more TED Talks: http://www.ted.com The TED Talks channel features the best talks and performances from the TED Conference, where the world's leading thinkers and doers give the talk of their lives in 18 minutes (or less). Look for talks on Technology, Entertainment and Design -- plus science, business, global issues, the arts and more. Follow TED on Twitter: http://www.twitter.com/TEDTalks Like TED on Facebook: https://www.facebook.com/TED Subscribe to our channel: https://www.youtube.com/TED
Views: 779788 TED
Is Bitcoin here to stay, or is it a bubble waiting to pop? Less than a decade old, Bitcoin is worth billions. The cryptocurrency promises to revolutionize global finance by placing control of currency in the hands of users, not nations, and make financial exchanges more transparent, efficient, and democratic. And it seems to be taking hold: Earlier this year both the Cboe and CME debuted Bitcoin futures. But is Bitcoin really a safe bet? Proponents say the hype around the cryptocurrency is warranted, and previous critics – including executives at JPMorgan and Goldman Sachs – are increasingly jumping on the Bitcoin (block)train. On the other hand, skeptics suggest this highly volatile digital currency offers a platform for illicit activity, including money laundering and trafficking of humans and drugs, free from government oversight and regulation. And, they argue, Bitcoin has no intrinsic value – the price is based on market enthusiasm rather than actual utility. This debate is presented in partnership with the Adam Smith Society. The Adam Smith Society — a project of the Manhattan Institute — is an expansive, chapter-based network of MBA students, professionals, and business leaders who work to foster debate about the moral, social, and economic benefits of capitalism. For the Motion: Patrick Byrne, Founder, Overstock.com & CEO, tZero Tim Draper, Venture Capitalist & Founder, Draper Associates & DFJ Against the Motion: Eric Posner, Law Professor, University of Chicago Gillian Tett, U.S. Managing Editor, Financial Times
Views: 148028 IntelligenceSquared Debates