Adam Smith
(Copyright © 2005 Piero Scaruffi | Legal restrictions - Termini d'uso )

Philosophy of Society
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Synopsis:
  • The production and distribution of wealth
  • Free enterprise system
  • Free competition and free trade
  • Competition works for the common good ("invisible hand")
  • The value of a commodity is the amount of labor that it commands
  • The division of labor results in efficiency which results in surplus value
  • Surplus value is legitimate reward for capitalists

(Copyright © 2005 Piero Scaruffi | Legal restrictions - Termini d'uso )