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The Worldly Philosophers. ... The Worldly Philosophers is simply, a refined collection
of some of the greatest theories and books over economics and economists. ...
Summary of Chapter 3, Worldy Philosophers. Chapter 3 of the book, “Worldly Philosophers”
is mainly focused on Adam Smith and the “world” he belonged in. ...
... The Worldly Revolution The “Economic Revolution” mentioned by Robert Heilbronner
in his book, The Worldly Philosophers, describes the transitional stages ...
... This desire to acquire "acts as a driving power to guide men to whatever work society
is willing to pay for" (The Worldly Philosophers, pg 46). ...
... This desire to acquire “acts as a driving power to guide men to whatever work society
is willing to pay for” (The Worldly Philosophers, pg 46). ...
Submitted by Shardnax on May 6, 2008
Category: Book Reports
Words: 676 | Pages: 3
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This covers the first 50 or so pages in-depth, then I summed the remainder.
The Worldly Philosophers is simply, a refined collection of some of the greatest theories and books over economics and economists.
The need for economists didn’t arise until the creation of the market system, in which one does whatever is in their best interest. This of course would lead to the arrival of the question: How does a market system survive if everyone is going for hat’s only best for themselves? Economists surfaced to answer that question and any others that might arise with it. Of course, it took several centuries for the market system to take root in many countries. While we may think obtaining wealth is something that “transcends” time, it isn’t, trade may have existed, but it wasn’t quite so much for personal acquisition of wealth as it is now, if it really was at all then. The market system is not just a trading system it is: “a mechanism for sustaining and maintaining an entire society.” It was around the 1700’s in which the market system was finally “born”, or created.
Adam Smith was a brilliant economist however; he was a bit, “off beat.” He’s also the author of The Wealth of Nations, which explains the various parts of the market system many may not have noticed. He also explains that self-interest isn’t the only driving force behind the market system through that. Simply put, he says: if one only allows himself to see his own interests his competition will tae away his business, and if he charges too much for his goods, his customers will simply leave. The market system will also balance itself, for example: socks are the dominant produced item, and many have them, but not many have shoes, this causes an increase in price and thus in the amount a factory owner can pay his workers, which starts up self-interest and causes the workers of the sock factory to go to the shoe factory....
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