Rizzo mainly covered a synthesis of The Wealth of Nations and some of Adam Smiths views:
· David Hughes and his contribution to the Industrial Revolution
· The mercantilist forgot that the amount of money in the market is not as important as the price.
· Adam Smith (1723-1790)
o We should allow a system of free and … association
o Laissez-Faire (Let the people do whatever they want; No anarchy)
§ It does not support the idea of no taxes but the idea of fare taxes.
o What do we need (3):
§ Police and court
§ National Defense
§ Public Works
o The government should do a lot of things it was doing.
o Reasons if people pursue their own interests why will not fall into a chaos or anarchy:
§ Rights to Property
§ Division of labor exists
§ Exchange should be peaceful and mutually voluntary and accepted
· When I exchange you and can’t kill you.
· When I exchange you I can’t robbed you.
§ No especial privilege
o Wealth of Nations by Adam Smith (900 page book)
§ Source of wealth: Ability to produce and exchange (3 words).
§ Any question that asks why can we be reach can be related and answer by saying that it gives us the ability to produce “something” and exchange.
§ People always are motivated by a self interest.
§ How many times would Rizzo show up in class if he wasn’t pay?
§ The trick is to think about how satisfying their need.
o Spontaneous Order
§ Ferguson (1767)
§ Google “Esperanto”
o Where languages come from?
§ We concluded is much better to say please than “oh umm oh err”.
o Corn Laws
o Great part of the income in a country comes from property income. (Land owners getting a rent and more)
§ In the United States 25% of the income come from property
§ In other countries up to 50%
-Rizzo
Daniel Gaona
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