- What is the main message of Adam Smith’s book The Theory of Moral Sentiments?
- According to Adam Smith, what are the four stages of economic and social development? What are the characteristics of each stage?
- What is the role of the state according to Adam Smith? What makes for good taxes?
- What reasons did Adam Smith give for increases in productivity brought about by the division of labor? What is the most fundamental division of labor? How does productive labor differ from unproductive labor, and why did he make this distinction? Ultimately, what is responsible for the wealth of nations?
- Why does Adam Smith believe in free international trade? Are tariffs ever acceptable?
- According to Adam Smith, what is the difference between the market price and the natural price? Why is this distinction important?
- Why did Adam Smith adopt an “adding up” theory of value for economies that had advanced past the primitive stage?
- According to Smith, why do wages differ across occupations? What was he trying to explain by making this distinction?
- What is the wages fund doctrine?
- What did Smith think would happen to the rate of profit over time? What reasons did he give for his conclusion?
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