Adam Smith on Sympathy, Self-Interest, and Social Order - Lauren Hall 

Spectacular

Great talk, thank you!👏🏻🙏🏻

Superb!!! Looking around we easily see how far away we humans are from a “Smithsonian” society. And it does not seem to me we’re going in the right direction.

A great lecture, thanks for the quality content

24:00 Smith " 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 self interest . " ( WN I.ii.2 ) " It is the great multiplication of the productions of all the different arts , in consequence of the division of labour , which occasions , in a well-governed society , that universal opulence which extends itself to the lowest ranks of the people . " (WN I.i.10 ) Here is my interpretation - note how Smith says " self interest " not selfishness - He comments on a " well-governed society " so this is a reference to the social contract * - " which extends itself to the lowest ranks of the people " during the Enlightenment , the idea of equal opportunity starts to become accepted . Adam Smith was writing during the Enlightenment and an era of Mercantilism . Smith detested massive wealth inequality , where the rich tobacco , cotton and lumber merchants of Glasgow had considerable wealth , while there was massive urban poverty . So in this context , Smith was advocating for a social contract where all citizens had an opportunity to participate in a capitalist ( mercantile ) system . So in a well governed society , the government creates the opportunity for all citizens to participate in this mercantile system , not just just the wealthy merchants exploiting the unskilled labour class . As Micheal Hudson points out , classical economists supported using capital to create actual wealth ( goods , agriculture and services ) as opposed to using capital to exploit others . . . * The Social Contract is the expected set of laws , rights and common values , set up between the Government and Citizens , in order to have a civilized society . Hobbes , John Locke and Rousseau wrote their versions of the social contract . .

21:08 Here , Dr. Hall explains what Adam Smith meant by " Self Interest . " Also , the Wealth of Nations should be understood within the Context of Theory of Moral Sentiments . .

Insightful

26:50 Dr. Hall , during Adam Smith's day , only wealthy land owners had the vote , or could be Parliamentarians . So Parliamentarians could create laws in Britain , to put tariffs on imported grains . Grains were called corn at the time . Beer * and Bread was a food staple in Britain . So effectively Parliamentarians could control the price of grains being grown on their own land , and thus the control the price of a loaf of bread .... made by the baker . Land could be bought and sold - so basically a rich merchant could effectively buy a seat in Parliament . Commoners had access to common lands , to allow for subsistence farming . But then from 1604 to 1914 , Parliamentarians created a series of 5,200 Enclosure Acts , blocking subsistence farming and forcing people into urban areas . The population declined in rural areas . As a result , a borough could have 1 or 2 Parliamentarians , bought by a rich merchant , yet have a population as little as 230 people . Yet famously , the industrial city of Manchester did not have a Parliamentary seat . This may well be the reason why Adam Smith was in favour of global trade - to stop Parliamentarians - who were the land owners - from rigging laws in their own favour . . . * From what I understand , because of bacteria in water , Beer made by the Brewer , was consumed because it was safer than water . Beer and Bread were food staples . . .

18:47 care ethic pro should watch this!

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All men act on incentive