Smith to Durkheim
Reviewer: Social Science II I. Adam Smith
Concepts:
1. Theory of Moral Sentiments-
Man is motivated by his self-interest; the approbation and acceptance of his fellow man, being chief. Alongside with this, are two natural sentiments of man: sympathy and imagination. These he uses to feel along with another who suffers. Man can place himself in the position of an impartial spectator who has no bias for or against himself or others and this causes him to have sympathy, imagining himself in that position of the other man. Furthermore, man pursues his self interest by seeking wealth which would place him at equal rank with others (acceptance and approbation). In trying to pursue his self interest, man unknowingly causes others to benefit through this “invisible hand”.
2. Laissez Faire-
Smith believes that the government’s role is to provide a social framework which would help each man realize his interest, wealth, uninterrupted. Man is able to pursue his interest the greatest with free market which provides the greatest division of labor, which says Smith, gives rise to the greatest productivity. Any constraints or laws placed that will hinder the natural flow of the market will only bring impediments to it.
3. Theory of Value
Smith saw two kinds of value: the value in use and the value in exchange. The value in use is the amount of use that a product has, water for example has a great value in use. The other one is the value in exchange, which is the amount of value a thing has that allows a person to exchange it for another or to purchase another. The measure of this exchangeable value consists in the labor that was spent on it. There are of course, two kinds of labor as well. The labor content and labor commanded. Man his self interest goes into labor and the labor content is that amount of labor which allows him to supply himself. With the arrival of the division of labor, the effort man places in supplying himself is lessened
Concepts:
1. Theory of Moral Sentiments-
Man is motivated by his self-interest; the approbation and acceptance of his fellow man, being chief. Alongside with this, are two natural sentiments of man: sympathy and imagination. These he uses to feel along with another who suffers. Man can place himself in the position of an impartial spectator who has no bias for or against himself or others and this causes him to have sympathy, imagining himself in that position of the other man. Furthermore, man pursues his self interest by seeking wealth which would place him at equal rank with others (acceptance and approbation). In trying to pursue his self interest, man unknowingly causes others to benefit through this “invisible hand”.
2. Laissez Faire-
Smith believes that the government’s role is to provide a social framework which would help each man realize his interest, wealth, uninterrupted. Man is able to pursue his interest the greatest with free market which provides the greatest division of labor, which says Smith, gives rise to the greatest productivity. Any constraints or laws placed that will hinder the natural flow of the market will only bring impediments to it.
3. Theory of Value
Smith saw two kinds of value: the value in use and the value in exchange. The value in use is the amount of use that a product has, water for example has a great value in use. The other one is the value in exchange, which is the amount of value a thing has that allows a person to exchange it for another or to purchase another. The measure of this exchangeable value consists in the labor that was spent on it. There are of course, two kinds of labor as well. The labor content and labor commanded. Man his self interest goes into labor and the labor content is that amount of labor which allows him to supply himself. With the arrival of the division of labor, the effort man places in supplying himself is lessened