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Mr. Smith's book is very much one of its time. He claims
that the material world has its own natural order
imposed by the invisible forces of the market.
Markets are insufficient guarantors of prosperity,
industrial strength or even political freedom, even if they
are essential preconditions for them.
His great, if scarcely original insight, is that
specialization in tasks greatly raises productivity. Herein
lie the roots of the wealth creation process. But, if this
division of labour is to proceed, it is vital that those who
specialize feel confident that they can exchange their
single product for the other necessities of life-hence the
importance of the market.
However, Mr. Smith demonstrates that exchange would
approach a point of balance. Market prices would be
driven to <<natural» prices by the forces of supply and
demand. The moment when all market prices equal
natural prices is when the system is at its most perfect
point of balance.
This is all well and good but some German reviewers,
notably Friedrich List, have drawn attention to the very
limited notion of profit that Smith has in mind, and the
misguided theory of industrialization that is associated
with it.
But if Smith is naive in this question, he is no less naive
about the movement of markets to some perfect point of
balance. Markets, to work best, need rules and
supervision.
контрольная Adam Smith, Father of Modern Economics
approach a point of balance. Market prices would be
driven to <<natural» prices by the forces of supply and
demand. The moment when all market prices equal
natural prices is when the system is at its most perfect
point of balance.
This is all well and good but some German reviewers,
notably Friedrich List, have drawn attention to the very
limited notion of profit that Smith has in mind, and the
misguided theory of industrialization that is associated
with it.
But if Smith is naive in this question, he is no less naive
about the movement of markets to some perfect point of
balance. Markets, to work best, need rules and
supervision.
1. What is Adam Smith?
2. What does he claim in his book?
3. Markets are insufficient guarantors of prosperity,
aren't they?
1. Why is the market so important?
2. What do markets need to work best?
Верны ли следующие утверждения? (Да или нет)
1. Mr. Smith's book is very much one of its time.
2. Markets are sufficient guarantors of prosperity and
industrial strength.
3. Mr. Smith demonstrates that exchange would not
approach a point of balance.
4. Market prices would be driven to «natural» prices by
the forces of supply and demand.
5. Markets, to work best, need no rules and supervision.
контрольная Adam Smith, Father of Modern Economics
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