Adam Smith
Rutherford Beard
MGT/573
Project Management in the
Business Environment
Decision Making
University of Phoenix
1. This word, with 'annually' just below, at once marks the transition from the older British economists' ordinary practice of regarding the wealth of a nation as an accumulated fund. Following the physiocrats, Smith sees that the important thing is how much can be produced in a given time. 8
2. Cp. with this phrase Locke, Some Considerations of the Consequences of the Lowering of Interest and Raising the Value of Money, ed. of 1696, p. 66, 'the intrinsic natural worth of anything consists in its fitness to supply the necessities or serve the conveniencies of human life. 8
3. The implication that the nation's welfare is to be reckoned by the average welfare of its members, not by the aggregate, is to be noticed 8
4. With which labour is generally applied in it' 8
5. This second circumstance may be stretched so as to include the duration and intensity of the labour of those who are usefully employed, but another important circumstance, the quantity and quality of the accumulated instruments of production, is altogether omitted 8
5. 9
Adam Smith London: Methuen and Co., Ltd., ed. Edwin Cannan, 1904. Fifth edition. An Inquiry into the Nature and Causes of the Wealth of Nations http://www.econlib.org/library/Smith/smWN.html 9
Adam Smith (1723-90) The Theory of Moral Sentiments http://www.econlib.org/library/Smith/smMS.html 9
Adam Smith Theories May 27, 2006, http://www.bized.ac.uk/virtual/economy/library/economists/smithth.htm 9
Early Biographies of David Hume, Ed. James Fieser (Internet Release, 1995). 9
7/13/1997 9
Wikipedia, the free encyclopedia, Adam Smith, 19:44, 25 May 2006 http://en.wikipedia.org/wiki/Adam_Smith#The_.22Adam_Smith-Problem.22 9 Wikipedia, the free encyclopedia, The Wealth of Nations Adam Smith...
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