Introduction to Wealth of Nations
-
0:02 - 0:04Let's start off by looking at
the introduction to the book -
0:04 - 0:06which is only a few short pages.
-
0:08 - 0:10This, of course, is Smith,
-
0:10 - 0:13and it's going to be very clear
from the very beginning of this work -
0:13 - 0:15that Smith has intended a work
which is quite special -
0:15 - 0:18and also comprehensive
in what it will cover. -
0:19 - 0:21He starts off with the question:
-
0:21 - 0:24"What accounts for
the productivity of a nation?" -
0:24 - 0:26And for Smith, it boils down
to two things. -
0:26 - 0:28The first is what he calls
-
0:28 - 0:31"the skill, dexterity,
and judgment of labour," -
0:31 - 0:33and the second is the proportion
of the workforce -
0:33 - 0:36"employed in useful labour."
-
0:37 - 0:38Of these two factors,
-
0:38 - 0:41he stresses that the skill, dexterity,
and judgment of labour -
0:41 - 0:43is by far the most important,
-
0:43 - 0:46and it's where he'll be focusing
most of his attention. -
0:47 - 0:51Smith then goes on to make
another central point of importance -
0:51 - 0:52for economic reasoning,
-
0:52 - 0:55namely that policy really matters
-
0:55 - 0:57and that the productivity of labour
-
0:57 - 1:00will depend a great deal
upon national policy. -
1:02 - 1:04Finally, we get an overview
of what is to come -
1:04 - 1:05in the rest of the work.
-
1:06 - 1:08The first four books of the work
-
1:08 - 1:11will consider what Smith calls
"the revenue of the people," -
1:11 - 1:13and the last book
will consider what he calls -
1:13 - 1:15"the revenue of the sovereign."
-
1:15 - 1:19With the stage set,
let's now turn to "Division of Labour." -
1:19 - 1:21Transcriber: Michel Smits
Reviewer: Maurício Kakuei Tanaka
- Title:
- Introduction to Wealth of Nations
- Description:
-
Great Economists: Classical Economics and its Forerunners course: http://mruniversity.com/courses/great-economists-classical-economics-and-its-forerunners/adam-smith-intro-wealth-nations
Ask a question about the video: http://mruniversity.com/courses/great-economists-classical-economics-and-its-forerunners/adam-smith-intro-wealth-nations#QandA
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- Video Language:
- English
- Team:
- Marginal Revolution University
- Project:
- Other videos
- Duration:
- 01:30
Maurício Kakuei Tanaka edited English subtitles for Introduction to Wealth of Nations | ||
Maurício Kakuei Tanaka edited English subtitles for Introduction to Wealth of Nations | ||
Michel Smits edited English subtitles for Introduction to Wealth of Nations | ||
Michel Smits edited English subtitles for Introduction to Wealth of Nations | ||
Michel Smits edited English subtitles for Introduction to Wealth of Nations |