EC 12. Pointers No. 5

FAQs on Ch. 6 of Backhouse – The Scottish Enlightenment of the 18th Century

  1. What is the Scottish Enlightenment? Who were the key figures in it who contributed to economic thinking? What did they contribute?
  1. Summarize Mandeville’s Fable of the Bees.
  1. How did Adam Smith define “moral rules”?
  1. What was the historical context of Smith’s book on The Wealth of Nations?
  1. According to Smith, what is the most important cause of economic growth?
  1. What are the three concepts behind Smith’s theory of value?
  1. How did Smith define “natural price”?
  1. How did Smith define “liberty”?
  1. According to Smith, what are the three duties of government?
  1. How did Smith argue that unemployment would not exist?
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