Skip to main content

Adam Smith

Jacob Rees-Mogg MP
BRLSI 10th July 2015
Notes by William Gaskell
Adam Smith (1723-1790)
Born in Kircaldy, which was former PM Gordon Brown’s seat in parliament. He was friends with Hume and had dinner with him on Hume’s death bed.
He was a Humanist as it is generally acknowledged that people don’t learn anything at Oxford University, his alma mater.
Dr Johnson – English pioneer – was Adam Smith’s rival and so Smith suffered his rudeness.
At Edinburgh University lectures, Smith’s Humanist point was thus:
·         Empathy is basis of virtue
·         Extraordinary increase in productivity thought the division of labour
Example given was the quality of industry collapses with the fall of the Roman Empire as people no longer are treated properly by a central governing authority as money is no longer respected.
Smith was fundamentally opposed to artificial limits of wages and productivity. He thought it wrong to oppress through regulation. A free market situation brought about by sensible rules is the ideal.
Adam Smith didn’t understand the situation where fishermen would be paid a subsidy for the tonnage of their ships when they were being built rather than on the size of each catch of fish.
GDP is the total value of transactions in an economy not the supply of money. If the gold is hoarded then cannot make a profit from future endeavours. For example Jacob Rees-Mogg feels that China is hoarding gold and so losing its influence in the world.
“No society can be flourishing and happy if the majority of people are poor and miserable.” – Adam Smith
Competition rather than communism gives better prices.
Wonga is a more legitimate way of lending money to those who need it than loan sharks, though it is still disreputable in Jacob Rees-Mogg’s world view.
Adam Smith did not think about corporate culture as it did not exist in his day but it is something that Jacob now has to think about as it is a current hot topic in industry.


Popular posts from this blog

LETTERS TO BEN: Accessing Better Housing in Bath

Notes from Energy & Utility Forum 2017

1. Robert Symons, CEO of Western Power Distribution said: “Energy demand could rise by 100% by 2030. Smart grids will be needed to manage electric vehicle charging so that the usage does not exceed the supply capacity at any time during the day.” 2. Spoke to Harry Vickers, Business Development Manager of Camborne Energy Storage, Camborne Capital at the Energy and Utility Forum in London on October 23rd 2017. He told me his company is working with Elon Musk to bring Tesla battery grid storage solutions to the UK. 3. Spoke to Sally Barrett-Williams, Chairman of Energy and Utility Forum on October 23rd, who said subsidies for solar projects had ended and her company’s focus has shifted to energy storage schemes. 4. Spoke to Simon Dowland, PhD, at 13:00 on Sunday 29th October, Simon is now working up in Cambridge at the Cavendish Physics Laboratory at the University of Cambridge, he is working in industry for the company Eight19 Ltd a spin off from a research project to bring ne

Camden Crescent and Hedgemead Park

Camden Crescent at the centre of the image, just above Hedgemead Park viewed from Prior Park Landscape Gardens Here are my thoughts: Did you know that Camden Crescent, originally Camden Place and Upper Camden Place (which is now round the corner) was named after the Earl of Camden, Charles Pratt, who was Chancellor of the Exchequer so sponsored the scheme with his symbol on every door and crest of the exchequer on the decoration at the centre of the crescent? Charles Pratt was actually lord of Camden Place in Chislehurst in Kent. He was mates with William Pitt the Elder from Eton and Cambridge days. It was built 1788-1792 by John Eveleigh the architect.  One third of the 22 house crescent collapsed during a landslip which claimed 136 houses on the slopes of Lansdown Hill leading to the creation of Hedgemead Park below Camden Crescent. John Eveleigh was notoriously bankrupted in Bath, being called to the coffee shop in the Bath Chronicle by his creditors. Earl Camden was famous