Lecture Notes for ECON 101 - INTRODUCTION TO ECONOMICS at Rhodes (RC)

Notes Information

Material Type:Class Note
University:Rhodes College
Term:Spring 2006
  • Positive Analysis
  • End of History
  • Technology Services
  • Benevolence
  • Document Class
  • In Spite Of
  • Unauthorized
  • Assumptions
  • Any Questions
  • Explanation
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Introduction When I was a child, I spoke like a child, I thought like a child, I reasoned like a child; when I became a man, I gave up childish ways. (1 Cor 13:11, RSV) [M]an has almost constant occasion for the help of his brethren, and it is in vain for him to expect it from their benevolence only. He will be more likely to prevail if he can interest their self-love in his favour, and shew them that it is for their own advantage to do for him what he requires of them . . . . It is not from the benevolence of the butcher, the brewer, or the baker that we expect our dinner, but from their regard to their own interest. We address ourselves, not to their humanity but to their self- love, and never talk to them of our necessities but of their advantages. (Adams Smith, An Inquiry into the Nature and Causes of the Wealth of Nations, Book I, chapter ii, paragraph 2) [A]lthough people acting in the political [as in the economic] marketplace have some concern for others, their main moti...

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