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G. Kennedy carefully examined the conflict that Smith covered in The Wealth of Nations brought about by Upper Income citizens that Smith classified as “Projectors, Imprudent risk takers, and Prodigals”. Their behavior led to very detrimental, negative outcomes in the macro economy as a...
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. Under the alternative interpretation, Say’s Law suggests a causal theory whereby disequilibrium in one market reduces demand …
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Adam Smith’s version of Virtue Ethics can be traced directly back to Plato (Socrates) and Aristotle. Smith basically skipped Aquinas and Augustine because they were also Catholic theologians, as well as philosophers. Referencing them would not have been looked upon kindly by the Scottish...
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