Smith
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1
What motivates humans according to Smith?
Self-interest tempered by empathy
2
What is the propensity to truck, barter, and exchange?
A natural human tendency to trade
3
Why do differences arise among people?
Habit and custom, not deep natural differences
4
Why can’t we rely on benevolence?
Self-interest is more reliable than kindness
5
What is the division of labor?
Specialization of tasks that increases productivity
6
What example illustrates the division of labor?
The pin factory
7
What is the labor theory of value?
Value measured by the labor needed to produce a good
8
What is the invisible hand?
Self-interest unintentionally promoting the public good
9
What role should government play for Smith?
Defense, justice, and public works
10
What is crony capitalism?
Government favoritism toward powerful groups
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