Classical Political Economy

The Economist as Philosopher: Adam Smith and John Maynard Keynes on human nature, social progress and economic change Speakers: Nicholas Phillipson, Professor Lord Skidelsky This event was recorded on 6 October 2010 in Old Theatre, Old Building Robert Skidelsky and Nicholas Phillipson discuss how the philosophies of Keynes and Smith helped shape their influential economic ideas and examine how each has influenced social and political change.

The Real Adam Smith: A Personal Exploration by Johan Norberg, takes an intriguing, two-part look at Smith and the evolution and relevance of his ideas today, both economic and ethical. It's difficult to imagine that a man who lived with horse drawn carriages and sailing ships would foresee our massive 21st century global market exchange, much less the relationship between markets and morality.

Adam Smith was no uncritical apologist for capitalism: he wanted to understand how capitalism could be both fruitful and good.

To make sense of Karl Marx or even Adam Smith, you need to see the way they looked at prices - through the labor theory of value. SUBSCRIBE: http://bit.ly/2dUx6wg LEARN MORE: What Is Subjective Value? (video): Professor Don Boudreaux explains why the value of goods is subjective, as opposed to objective.

Adam Smith's Theory of Moral Sentiments (1759) lays out his moral philosophy, and provides the philosophical and psychological underpinnings of the better-known Inquiry Into the Nature and Causes of the Wealth of Nations (1776).

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There's quite a bit of controversy surrounding Adam Smith's invisible hand. In fact, it's even highly debated just what kind of a role Adam Smith had when it comes to the invisible hand concept, since the term "invisible hand" has only been mentioned three times in his writings.

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