- [[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
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In the race for wealth, honor, and advancement, one may run with all one’s might to overtake all competitors.
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However, if you push or throw someone down, the people watching around you will no longer tolerate you.
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That is a violation of fair play and will not be tolerated.
- moral emotivism,” translated by Hiroshi Mizuta.
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