POLITICAL THEORY - Adam Smith

Capitalists do no, I repeat, DO NOT, serve the people what the people want. Capitalists, through advertising campaigns, consumer vanity and propaganda, sell products that they the people THINK they want in order to be respected. Worse though, capitalism creates a system of dependency where there is no alternative choice at all.

Adam Smith was a complete idiot.

God bless your soul sir❤

Adam Smith > Karl Marx

By far

smith's work was the most serious and enlighted contribution it has been made in economics

Nothing of his "main points" exist in the economy today. Remember in his time only a small fraction of the populace voted for the House of Commons. There were income requirements that excluded the workers. The British did not remedy this until after the first World War. Karl Marx understood the system better than Adam Smith. Credit Adam Smith with his criticism of British Mercantilism, one of the many irritants that motivated the American war of Independence.

really bad harmonic ringing on the recording heard on headphones. Sounds like a poorly isolated mic stand or boom arm.

Krik caud ae

Will this ever be possible? Considering the lymbic brain of the human creature. Consciousness needs to accelerate

"Kirkaldy" is pronounced "kirk-oddy" :)

I agree with Adam Smith. Entice the Rich into helping others. Karl Marx would rather mass murder most of the planet and came close to it. 😊

If Adam Smith knew Trickle-Down Economics is widely used, he would be furious.

welp, maybe capitalism or socialism aren't bad in a world that is a balanced version of both. But we don't. Extremism is the problem. (...and guess which one is crushingly dominant?...) The Chinese now know the advantages of capitalism, but the west treats socialism like a poison, and like weed, the governments treating it as something to fear.

Video was less than 7 minutes. What stood out most for me was "the rich are vain narcissists."
That sounds about right.

Hume, Smith, Black, Napier, Maxwell true leaders of human endearment 🏴󠁧󠁢󠁳󠁣󠁴󠁿🏴󠁧󠁢󠁳󠁣󠁴󠁿🏴󠁧󠁢󠁳󠁣󠁴󠁿🏴󠁧󠁢󠁳󠁣󠁴󠁿🏴󠁧󠁢󠁳󠁣󠁴󠁿

As Voltaire said 'we look to Scotland' for our discoveries and inventions😇

Why are there no anarchists present on this channel considering the importance of this movement on every social movement that came after including communism ? (and considering the movement has led to almost every social rights we have from hollydays to strike to vote to women's rights, to the work day of 8h and so on).

IM IMPRESSED BY HOW GOOD YOU ARE MAKING TH ANIMATIONS.....

Adam Smith made me a socialist

What utter tripe

The depreciation of durable consumer goods does not exist in post-1900 economic theory. Of course Adam Smith never owned an automobile since he died in 1790. Educated people in the 21st century are not supposed to know how to apply algebra to economics.

I’d like to know too why he burnt lots of his writings before dying, maybe he thought it was saying too much

What a shity narrator 🤦

He was born in Kirkcaldy (Kir-caw-day)…

The free market is a method for crowd sourcing innovation, taste, and optimization. It really can't be beat in that regard.

Capitalism is a model of ownership. It does not work, and a free market cannot exist inside it.

Adam Smith cared about human life and happiness and fulfillment, and so do I. So I help his cause by totally denying that a free market can fix anything.

So capitalism can’t be save

Isn’t Elon Musk getting credit and appreciation and still ends up abusing his employees even more

I prefer Marx.

VIVAN LOS IMPUESTOS A LOS RICOS!!!

My fellow Adam 💪

Kirkcaldy pronounced Kir Kaw Di 🏴󠁧󠁢󠁳󠁣󠁴󠁿

He looks like a US President from the 18th century.

My professor once told me that we should never dismiss or hate the sociological thinkers or thinkers in general. They're only responsible for their theories, it is us the interpreters who messed everything up, we all had the wrong interpretations of everything Adam Smith and Karl Marx have written, and the saddest thing ever now is that the followers of Marx hate the followers of Smith and vice versa, without ever having a good conceptual understanding of both.

I’m pretty certain Adam Smith would have supported Scottish independence.

Adam Smith's Wealth of Nations is in the public domain and can be downloaded from Project Gutenberg and searched. The printed book can cost you $15 and take a lot of effort to search. Has Smith's "Invisible Hand" been used as a propaganda tool for decades since most people would never read WoN?

Smith used the word 'invisible' six times but only once as "invisible hand". It is really curious that we hear about the 'invisible hand' so much.

Smith used the word 'education' EIGHTY TIMES. We are not told about that. Search for "and account" and you will find multiple instances of "read, write, and account", not "read, write and arithmetic". Double entry accounting was more than 300 years old when Smith wrote Wealth of Nations, but 50% of Brits were illiterate and public schools did not exist in 1776.

The United States could have made accounting/finance mandatory in the schools since Sputnik. Wouldn't that have helped everyone best serve their own self interest? But we do not hear the people who propagandize us about the "invisible hand" advocating mandatory accounting because that might make their invisible rip-offs more difficult.

Adam Smith never used the word 'depreciation'. He mentioned paper money being depreciated one time. Marx wrote about 'depreciation' a number of times in Das Kapital, sometimes regarding the depreciation of machines.

Consumers did not buy automobiles and air conditioners and televisions before 1885.
Marx died in 1883.

But it's OK! Our brilliant economists do not talk about the depreciation of under engineered consumer trash today either. Every time you buy a replacement the purchase is added to GDP. What about NDP? Oh sorry, you never heard an economist explain NDP. That's OK too, they only depreciate the Capital Goods and ignore the depreciation of consumer junk anyway.

Wealth of Nations was probably in the public domain for a very long time but cheap computing did not make it available in Project Gutenberg until 3/17/2001. Milton Friedman died in 2006. Was Friedman giving us the straight dope or treating us like dopes?

Full stack developers here be like: what a fool xd

If you understand Adam Smith you don’t need another Economics book 📕 maybe a bit from John Nash but Adam Smith covers 95% of Economics.

It's pronounced kirkawdee.... Kirkcaldy

So this man is responsible for commercialism, sweet

Stuffgraetnes of britbrews

I wish this video was 20 minutes long. Or add more please!

"Capitalism can be saved by elevating the quality of consumer demand"
problem is when people have to choose between a bad job and unemployment
maybe this is because the consumers are not separate from the capitalistic economy, they are part of it. They are not just a consumer, they are also part of the production machine of businesses. Once we can truly separate the consumers from the producers, the consumers will actually have power to choose. Which means, none of the consumers should be workers, since the workers will be exploited by businesses to produce the maximum value at the cheapest price. Which probably means all the consumers should become business owners, and the workers would have to be replaced by machines, who can be exploited without guilt, at least for now. Then the consumers will actually have choosing power. ha, who else can't wait for Skynet?

I outta read more Smith, but all my approaches to him leave me pretty unimpressed. All his arguments seem like apologies for the status quo to me.

You might like to watch “Money For Nothing: Inside the Federal Reserve”

i live in a communist country and even communists admit that capitalism has many advantages, especially in terms of economy, my country is even trying to be more capitalist in its economic model and even Marx undoubtedly understand the benefits of capitalism. capitalists fear communism because it eliminates individual ownership of property, which means it eliminates the power of a minority of people, just nothing wrong with both ideologies, it's just humans who decide which one should persist.

One place he was wrong is
He said government shouldn't intervene in economy but said government should supply Money.