- [[wealth]] is a [[labor product]] by the people, not [currency
    - Criticism of [mercantilism
  • Individuals thought that the pursuit of “egoism” would increase the benefits to society.
    • We are able to eat because the butchers have their own interests in mind, not because of their love for humanity. - the question of national wealth
    • work-value theory
    • The value of a thing depends on the labor put into it.
    • Market prices converge to “natural price” = wages + profit + land rent
    • specialization
    • Shoemakers buy clothes from clothing stores, and clothing stores buy shoes from shoe stores. division of labor and exchange.
      • This was an exchange for division of labor with absolute advantage, but Rickard showed that absolute advantage is not a necessary condition. See comparative advantage.
    • fair play
    • In the race for wealth, honor, and advancement, one may run with all one’s might to overtake all competitors.

    • However, if you push or throw someone down, the people watching around you will no longer tolerate you.

    • That is a violation of fair play and will not be tolerated.

    • moral emotivism,” translated by Hiroshi Mizuta.

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