Adam smith is a political economist and pioneer of moral philosopher. this presentation is about brief information on management work of ADAM and achievements of his career.
Adam smith is a political economist and pioneer of moral philosopher. this presentation is about brief information on management work of ADAM and achievements of his career.
This material is for PGPSE / CSE students of AFTERSCHOOOL. PGPSE / CSE are free online programme - open for all - free for all - to promote entrepreneurship and social entrepreneurship PGPSE is for those who want to transform the world. It is different from MBA, BBA, CFA, CA,CS,ICWA and other traditional programmes. It is based on self certification and based on self learning and guidance by mentors. It is for those who want to be entrepreneurs and social changers. Let us work together. Our basic idea is that KNOWLEDGE IS FREE & AND SHARE IT WITH THE WORLD
Sign up for free online course: salamanca.ufm.edu/en
The School of Salamanca is a MOOC offered by Universidad Francisco Marroquín that consists of five chapters. An overview of the School of Salamanca, the main intellectual current of early modern Spain. The online course consists of three main chapters on the school’s contributions to Human Rights, Politics, and Economics, plus an introduction, a conclusion, and brief chapters on the school’s founder Francisco de Vitoria and its climactic figure Juan de Mariana. Learn about the origins of the Hispanic liberal tradition as well as the scope of its fundamental influence on modern Western Civilization. Win a badge by successfully completing the activities of the course.
Eric Clifford Graf is a professor of literature at Universidad Francisco Marroquín. He has a PhD in Spanish language and literature from the University of Virginia (1997). He specializes in medieval and early modern Spain, the history of the novel, Renaissance studies, and literary, political, cultural, and economic theory.
Credits:
New Media | UFM 2017
salamanca.ufm.edu
newmedia.ufm.edu
ufm.edu
Sign up for free online course: salamanca.ufm.edu/en
The School of Salamanca is a MOOC offered by Universidad Francisco Marroquín that consists of five chapters. An overview of the School of Salamanca, the main intellectual current of early modern Spain. The online course consists of three main chapters on the school’s contributions to Human Rights, Politics, and Economics, plus an introduction, a conclusion, and brief chapters on the school’s founder Francisco de Vitoria and its climactic figure Juan de Mariana. Learn about the origins of the Hispanic liberal tradition as well as the scope of its fundamental influence on modern Western Civilization. Win a badge by successfully completing the activities of the course.
Eric Clifford Graf is a professor of literature at Universidad Francisco Marroquín. He has a PhD in Spanish language and literature from the University of Virginia (1997). He specializes in medieval and early modern Spain, the history of the novel, Renaissance studies, and literary, political, cultural, and economic theory.
Credits:
New Media | UFM 2017
salamanca.ufm.edu
newmedia.ufm.edu
ufm.edu
Adam Smith is called the father of modern economics and his book.pdfakashitproduct
Adam Smith is called the \"father of modern economics\" and his book The Weath of Nations, a
fundamental work in the field of economics, is considered the first modern book on economics.
In addition, economics first became a study in 1776 when The Wealth of Nations was published.
Why is the word \"modern\" used in both descriptions? I know that individuals throughout the
centuries and even Aristotle have dabbled with some economic theories, but I do not recall
anyone making any significant contributions to economics before Adam Smith.
Were there important contributions to economics made before 1776? If not, then why do we use
the term \"modern\" even if there was no one in the study previously?
Solution
Direct predecessors to Adam Smith within the classical tradition (maybe a more useful
distinction than modern) include Hume, Locke and Dudley North. Before the classical
economists, there were the physiocrats (18th century), such as Francois Quesnay and Turgot. The
physiocrats emphasised agricultural productivity as a driver of the wealth of nations. They were
contemporaneous with, but also preceded by mercantilists (16th century - 18th century).
Mercantilists mostly concentrated on creating a favorable balance of trade, which would allow
reserves to accumulate in the possession of an absolute ruler. They emphasized government
control of the economy as an extension of state power. The mercantilists had a lot of influence in
the policies of nations, for instance in the form of Colbert. Famous writers might include de
Malynes and Mun. Mercantilists were one of the main targets of Adam Smith\'s critique. The
distinction being that mercantilists believed the quantity of reserves to be the ultimate source of a
nation\'s wealth and so emphasized protectionism, while Smith focused more on trade allowing
inputs to become more productive. In doing so he was very influenced by Quesnay to whom he
had considered dedicating The Theory of Moral Sentiments. The inclusion of gains from trade,
self-interest and competition leading to increased productivity, and division of labor
distinguishes Smith from these earlier writings and forms the link to \"modern\" economics.
There were also \"economists\" long before the 16th century, the connections between them and
economics is we understand it tends to become more tenuous the farther back you go. Iba
Khaldun is a good example, Aristotle (or more likely one of his students) literally wrote a book
called \"Economics\" (this deals with economics in the literal sense of management of a
household), you could also talk about Hesiod\'s \"Works and Days\" (a very old text indeed)
being an example of early economics..
This material is for PGPSE / CSE students of AFTERSCHOOOL. PGPSE / CSE are free online programme - open for all - free for all - to promote entrepreneurship and social entrepreneurship PGPSE is for those who want to transform the world. It is different from MBA, BBA, CFA, CA,CS,ICWA and other traditional programmes. It is based on self certification and based on self learning and guidance by mentors. It is for those who want to be entrepreneurs and social changers. Let us work together. Our basic idea is that KNOWLEDGE IS FREE & AND SHARE IT WITH THE WORLD
Sign up for free online course: salamanca.ufm.edu/en
The School of Salamanca is a MOOC offered by Universidad Francisco Marroquín that consists of five chapters. An overview of the School of Salamanca, the main intellectual current of early modern Spain. The online course consists of three main chapters on the school’s contributions to Human Rights, Politics, and Economics, plus an introduction, a conclusion, and brief chapters on the school’s founder Francisco de Vitoria and its climactic figure Juan de Mariana. Learn about the origins of the Hispanic liberal tradition as well as the scope of its fundamental influence on modern Western Civilization. Win a badge by successfully completing the activities of the course.
Eric Clifford Graf is a professor of literature at Universidad Francisco Marroquín. He has a PhD in Spanish language and literature from the University of Virginia (1997). He specializes in medieval and early modern Spain, the history of the novel, Renaissance studies, and literary, political, cultural, and economic theory.
Credits:
New Media | UFM 2017
salamanca.ufm.edu
newmedia.ufm.edu
ufm.edu
Sign up for free online course: salamanca.ufm.edu/en
The School of Salamanca is a MOOC offered by Universidad Francisco Marroquín that consists of five chapters. An overview of the School of Salamanca, the main intellectual current of early modern Spain. The online course consists of three main chapters on the school’s contributions to Human Rights, Politics, and Economics, plus an introduction, a conclusion, and brief chapters on the school’s founder Francisco de Vitoria and its climactic figure Juan de Mariana. Learn about the origins of the Hispanic liberal tradition as well as the scope of its fundamental influence on modern Western Civilization. Win a badge by successfully completing the activities of the course.
Eric Clifford Graf is a professor of literature at Universidad Francisco Marroquín. He has a PhD in Spanish language and literature from the University of Virginia (1997). He specializes in medieval and early modern Spain, the history of the novel, Renaissance studies, and literary, political, cultural, and economic theory.
Credits:
New Media | UFM 2017
salamanca.ufm.edu
newmedia.ufm.edu
ufm.edu
Adam Smith is called the father of modern economics and his book.pdfakashitproduct
Adam Smith is called the \"father of modern economics\" and his book The Weath of Nations, a
fundamental work in the field of economics, is considered the first modern book on economics.
In addition, economics first became a study in 1776 when The Wealth of Nations was published.
Why is the word \"modern\" used in both descriptions? I know that individuals throughout the
centuries and even Aristotle have dabbled with some economic theories, but I do not recall
anyone making any significant contributions to economics before Adam Smith.
Were there important contributions to economics made before 1776? If not, then why do we use
the term \"modern\" even if there was no one in the study previously?
Solution
Direct predecessors to Adam Smith within the classical tradition (maybe a more useful
distinction than modern) include Hume, Locke and Dudley North. Before the classical
economists, there were the physiocrats (18th century), such as Francois Quesnay and Turgot. The
physiocrats emphasised agricultural productivity as a driver of the wealth of nations. They were
contemporaneous with, but also preceded by mercantilists (16th century - 18th century).
Mercantilists mostly concentrated on creating a favorable balance of trade, which would allow
reserves to accumulate in the possession of an absolute ruler. They emphasized government
control of the economy as an extension of state power. The mercantilists had a lot of influence in
the policies of nations, for instance in the form of Colbert. Famous writers might include de
Malynes and Mun. Mercantilists were one of the main targets of Adam Smith\'s critique. The
distinction being that mercantilists believed the quantity of reserves to be the ultimate source of a
nation\'s wealth and so emphasized protectionism, while Smith focused more on trade allowing
inputs to become more productive. In doing so he was very influenced by Quesnay to whom he
had considered dedicating The Theory of Moral Sentiments. The inclusion of gains from trade,
self-interest and competition leading to increased productivity, and division of labor
distinguishes Smith from these earlier writings and forms the link to \"modern\" economics.
There were also \"economists\" long before the 16th century, the connections between them and
economics is we understand it tends to become more tenuous the farther back you go. Iba
Khaldun is a good example, Aristotle (or more likely one of his students) literally wrote a book
called \"Economics\" (this deals with economics in the literal sense of management of a
household), you could also talk about Hesiod\'s \"Works and Days\" (a very old text indeed)
being an example of early economics..
Operation “Blue Star” is the only event in the history of Independent India where the state went into war with its own people. Even after about 40 years it is not clear if it was culmination of states anger over people of the region, a political game of power or start of dictatorial chapter in the democratic setup.
The people of Punjab felt alienated from main stream due to denial of their just demands during a long democratic struggle since independence. As it happen all over the word, it led to militant struggle with great loss of lives of military, police and civilian personnel. Killing of Indira Gandhi and massacre of innocent Sikhs in Delhi and other India cities was also associated with this movement.
Biological screening of herbal drugs: Introduction and Need for
Phyto-Pharmacological Screening, New Strategies for evaluating
Natural Products, In vitro evaluation techniques for Antioxidants, Antimicrobial and Anticancer drugs. In vivo evaluation techniques
for Anti-inflammatory, Antiulcer, Anticancer, Wound healing, Antidiabetic, Hepatoprotective, Cardio protective, Diuretics and
Antifertility, Toxicity studies as per OECD guidelines
Model Attribute Check Company Auto PropertyCeline George
In Odoo, the multi-company feature allows you to manage multiple companies within a single Odoo database instance. Each company can have its own configurations while still sharing common resources such as products, customers, and suppliers.
Palestine last event orientationfvgnh .pptxRaedMohamed3
An EFL lesson about the current events in Palestine. It is intended to be for intermediate students who wish to increase their listening skills through a short lesson in power point.
Unit 8 - Information and Communication Technology (Paper I).pdfThiyagu K
This slides describes the basic concepts of ICT, basics of Email, Emerging Technology and Digital Initiatives in Education. This presentations aligns with the UGC Paper I syllabus.
June 3, 2024 Anti-Semitism Letter Sent to MIT President Kornbluth and MIT Cor...Levi Shapiro
Letter from the Congress of the United States regarding Anti-Semitism sent June 3rd to MIT President Sally Kornbluth, MIT Corp Chair, Mark Gorenberg
Dear Dr. Kornbluth and Mr. Gorenberg,
The US House of Representatives is deeply concerned by ongoing and pervasive acts of antisemitic
harassment and intimidation at the Massachusetts Institute of Technology (MIT). Failing to act decisively to ensure a safe learning environment for all students would be a grave dereliction of your responsibilities as President of MIT and Chair of the MIT Corporation.
This Congress will not stand idly by and allow an environment hostile to Jewish students to persist. The House believes that your institution is in violation of Title VI of the Civil Rights Act, and the inability or
unwillingness to rectify this violation through action requires accountability.
Postsecondary education is a unique opportunity for students to learn and have their ideas and beliefs challenged. However, universities receiving hundreds of millions of federal funds annually have denied
students that opportunity and have been hijacked to become venues for the promotion of terrorism, antisemitic harassment and intimidation, unlawful encampments, and in some cases, assaults and riots.
The House of Representatives will not countenance the use of federal funds to indoctrinate students into hateful, antisemitic, anti-American supporters of terrorism. Investigations into campus antisemitism by the Committee on Education and the Workforce and the Committee on Ways and Means have been expanded into a Congress-wide probe across all relevant jurisdictions to address this national crisis. The undersigned Committees will conduct oversight into the use of federal funds at MIT and its learning environment under authorities granted to each Committee.
• The Committee on Education and the Workforce has been investigating your institution since December 7, 2023. The Committee has broad jurisdiction over postsecondary education, including its compliance with Title VI of the Civil Rights Act, campus safety concerns over disruptions to the learning environment, and the awarding of federal student aid under the Higher Education Act.
• The Committee on Oversight and Accountability is investigating the sources of funding and other support flowing to groups espousing pro-Hamas propaganda and engaged in antisemitic harassment and intimidation of students. The Committee on Oversight and Accountability is the principal oversight committee of the US House of Representatives and has broad authority to investigate “any matter” at “any time” under House Rule X.
• The Committee on Ways and Means has been investigating several universities since November 15, 2023, when the Committee held a hearing entitled From Ivory Towers to Dark Corners: Investigating the Nexus Between Antisemitism, Tax-Exempt Universities, and Terror Financing. The Committee followed the hearing with letters to those institutions on January 10, 202
Honest Reviews of Tim Han LMA Course Program.pptxtimhan337
Personal development courses are widely available today, with each one promising life-changing outcomes. Tim Han’s Life Mastery Achievers (LMA) Course has drawn a lot of interest. In addition to offering my frank assessment of Success Insider’s LMA Course, this piece examines the course’s effects via a variety of Tim Han LMA course reviews and Success Insider comments.
The French Revolution, which began in 1789, was a period of radical social and political upheaval in France. It marked the decline of absolute monarchies, the rise of secular and democratic republics, and the eventual rise of Napoleon Bonaparte. This revolutionary period is crucial in understanding the transition from feudalism to modernity in Europe.
For more information, visit-www.vavaclasses.com
Francesca Gottschalk - How can education support child empowerment.pptxEduSkills OECD
Francesca Gottschalk from the OECD’s Centre for Educational Research and Innovation presents at the Ask an Expert Webinar: How can education support child empowerment?
2. Why the Spanish Scholastics?
• Rothbard has a counter-narrative to the picture of
economics that begins with Adam Smith.
• Rothbard’s account stresses the subjective nature
of value, as opposed to cost of production theories
• The Spanish scholastics of the 16th
and early 17th
centuries, centered at the University of Salamanca
in Spain, are extremely important in Rothbard’s
account because they prefigured basic insights of
Austrian economics.
3. Scholasticism
• All of the persons in this chapter are
scholastics. Scholastic philosophy usually
proceeds by commenting on other texts,
rather than by “out of the blue” arguments.
• Even in a text that isn’t a commentary, there
will be a summary of what previous writers
have said.
4. Cardinal Cajetan
• Before he gets to the School of Salamanca,
Rothbard discusses the Italian Dominican Thomas
de Vio, Cardinal Cajetan (1468-1534)
• He became the General of the Dominican Order
and was famous for debates with Martin Luther.
• He is most famous in philosophy for his views on
analogical predication. This was in a commentary
on Thomas Aquinas’s Summa Theologica,
5. Cajetan on Money
• Cajetan had a favorable attitude to business.
He didn’t think that people had to stay in
their assigned place in society. They could
be ambitious and try to improve their
economic position.
• Foreign exchange, trading one money for
another kind of money, is all right.
6. Cajetan on Money Continued
• The price of a good is determined by supply
and demand.
• Cajetan realized that this applies to money
too. Money is a commodity.
• The value of money in part depends on
what people think the demand and supply
will be in the future. Cajetan was a pioneer
in the theory of expectations.
7. Justifying Interest
• As commercial society was developing,
there was a tendency to be more liberal
about allowing interest.
• Scholastics wouldn’t say, “Here’s a new
argument showing that there is nothing
wrong with interest.” They would try to
modify older views. (There is a parallel
with Jewish approaches here.)
8. Cajetan on Interest
• Cajetan falls into this pattern. He modifies some of
the older arguments.
• One of the standard justifications for interest was
called lucrum cessans. This meant that someone
could lend at interest if the money that he lent
would otherwise have earned a profit. The lender
was being paid for the profit he was giving up.
Cajetan extended this to all business loans but not
to consumer loans.
9. The Early School of Salamanca
• Spain was the greatest European power in the 16th
century. The University of Salamanca was the
world center for the study of economics.
• Francisco de Vitoria (c.1485-1546) was the
founder of the School.
• He was an advocate of natural law and denounced
the conquest and enslavement of the Indians in
Spanish America.
10. A Dissenting View
• There is a dissenting view by the legal
theorist Carl Schmitt in The Nomos of the
Earth that although Vitoria generally
opposed wars of conquest, he thought the
Spanish were making a justified response to
attacks on them.
11. Just Price
• The usual view in the Middle Ages was that the
just price was the prevailing market price.
• What happens if there isn’t a prevailing market
price?
• Vitoria said that whatever the traders agreed on
was just. This seems like an obvious next step,
given the view about the just price, but these are
often difficult to see.
• Vitoria limited this principle to luxury goods.
12. Azpilcueta
• One of Vitoria’s students, Martin de
Azpilcueta Navarrus (1493-1586) went
further than anyone before in his defense of
the free market.
• He opposed all government price fixing. If
goods were abundant, price controls don’t
do anything. If goods are scarce, controls
cause harm.
13. More Azpilcueta
• Azpilcueta’s most important contributions
to economics are in the theory of money.
• Like Cajetan, he realized that money is a
commodity. Its value is determined in the
same way as other commodities.
14. The Quantity Theory
• If a good’s supply increases, its price falls,
This is the basis of the quantity theory of
money. A fall in the price of money is
equivalent to a rise in the price of
everything else. Unlike some later quantity
theorists, he realized the importance of
demand in determining the value of money.
15. The Quantity Theory
• Azpilcueta used the quantity theory to explain the
rapid increases in prices in Spain in the 16th
century. This rise was caused by shipments of
gold and silver into the country.
• Jean Bodin probably read Azpilcueta.
• He had the notion of time preference. Having a
good now is worth more than having it in the
future. He didn’t take the next step of using time
preference to justify interest.
16. Medina
• Juan de Medina (1490-1546) was the first writer
to give risk of non-payment of a loan as a reason
to charge interest.
• Putting your money at risk is something that can
be purchased.
• Although Median thought this argument didn’t
apply to riskless loans, his opponents saw that it
would undermine the prohibition of usury.
17. Middle Years of the Salamanca
School
• The middle years of the School of Salamanca
included Covarrubias, Saravia, and Mercado.
• This group opposed cost of production theories of
value and claimed that the value of goods is
determined by utility and scarcity.
• They also applied this analysis to money. The
value of money depends on how scarce it is and on
how much people demand it.
18. Molina
• Luís de Molina (1535-1601) was one of the most
important of the last generation of the school of
Salamanca. (He attended Salamanca only briefly)
• He strongly favored free will. He taught the
doctrine of scientia media, or “middle
knowledge.”. God knows not only the actions we
choose, but what we would freely choose under
various conditions. God’s takes account of these
things in deciding which world to create.
19. Molina Continued
• Molina had an important dispute with the
Dominican Domingo de Bañez.
• Rothbard doesn’t cover the dispute in detail,
but Bañez claimed that God causes us to do
things freely. In other words, we have free
will, but God brings it about that we act as
we do.
20. Molina’s Contributions
• In economics, Molina continued the Salamancan
analysis of money. He was the first to introduce
ceteris paribus clauses.
• He strongly favored freedom of monetary
exchange.
• He supported an active conception of rights. If you
have a right, you have a power to do something.
E.g., if you have a property right, you have a right
to use the property.
21. Mariana
• Another important Scholastic was Juan de
Mariana (1536-1624). He opposed
debasement of copper coinage by King
Philip III.
• Debasement increases the supply of money:
the same amount of copper now goes into
more coins. Inflation is a hidden tax.
22. Mariana
• Mariana argued that the king has no right to
impose a new tax without consent of the
people.
• He also opposed state-granted monopolies,
if they charged a higher price than the
market would have.
• Mariana defended tyrannicide.
23. Lessius
• The last important Scholastic we’ll discuss is
Leonard Lessius. He was Flemish, but Rothbard
considers him a Salamancan in spirit. The name
“Lessius” means “from Liège”.
• Lessius applied the scholastic view of just prices
to wages. Just wages are market wages. The fact
that people willing to work at a wage shows that
the wage isn’t too low.
• He also has the notion of psychic income, i.e.,
non-monetary compensation,as part of wages.