History 1807 Lecture Notes - Lecture 18: Laissez-Faire, Chartered Company
18 Nov 2015
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Laissez faire is desirable to adam smith (no government interference) If you do these things according to adam smith, you achieve the wealth of nations . His first book goes against the wealth of nations. Wealth of nation is essentially a book of economic theory/philosophy. Morality is in the rich persons mind, when he thinks about the empathy and sympathizing for the poor on the street. Human interactions are the key to human society, and the functioning of the market demand. The concept of self interest is based on the relationship between the supplier and. You have to live in the society to understand this relationship, and this is what the first book was leading up to. Rise of technology is diminishing interaction (face to face) with other people is also diminishing the empathy for others. Because of the growing loss of empathy, pay has been poor, demand in the market has not been fully served.
