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BRITISH ENLIGHTENMENT

Table of contents

British Enlightenment ............................................ 4

John Locke ............................................................... 21

Dudley North .......................................................... 27

David Hume ............................................................ 31

Adam Smith ............................................................. 35

The circular flow ..................................................... 37

Adam Smith, The Wealth of Nations ................... 38

The invisible hand ................................................ 3 9

Limitations ............................................................. 40

Glossary .................................................................. 42

Hernández Franco Diego

British Enlightenment

Rosas Hernández Desireth

The Enlightenment or Age of Enlightenment was the intellectual development that Europe (especially France and England) had in the 18th century.

It begins in the seventeenth century with empiricism and rationalism (Bacon and Descartes), and in England with the empiricism of Locke and Hume and the deism of many English moralists, ideas that are helped by the scientific spirit and the scientific revolution thanks to Newton, and ends with the industrial revolution, the French revolution and the thought of liberalism, in the eighteenth century

Rational thinking

Characteristics

Knowledge as a path to progress

1.

The enunciation of laws in nature

Newton

2.

3.

Encyclopedism

Anthropocentrism

29 - 08 - 1632

28 - 10 - 1704

John Locke

People contracted a society that was obliged to protect their property rights. When people combined their work with their environment, then that created property rights.

I thought

said that

Not only should the government stop interfering with people's property, it should also ensure their protection.

He is one of the first authors to formulate a true theory of the demand for money and its velocity of circulation.

16 - 05 - 1641

31 - 12 - 1691

Dudley North

He was a wealthy merchant and landowner.

He opposed most of the Mercantile Policy. In addition, it promotes specialization, the division of labor and produces an increase in wealth for all.

Its main theses are that trade is unique, without there being a substantial difference between that carried out inside and outside the country.

07 - 05 - 1711

25 - 08 - 1776

David Hume

economist

He affirms that all knowledge derives ultimately from sensible experience, this being the only source of knowledge and without it no knowledge would be achieved.

In economics, his main contribution is the quantity theory of money, a subject on which he reformulated what his predecessors in the field had previously enunciated, especially the School of Salamanca and John Locke.

05 - 06 - 1723

17 - 07 - 1790

Adam Smith

He is one of the greatest exponents of Classical Economics.

His studies on economic growth, free competition, liberalism and political economy stand out.

Criticism of Adam Smith has come mostly for his idea that the market economy is the tool to achieve social welfare, while everyone seeks their own interest. He admitted that a totally free trade market was a utopia.

Father of the modern economy

The circular flow

Through the circular flow of income producers and consumers are able to agree on prices and quantities, each based on the pursuit of their own interest, that mutual agreement that establishes the equilibrium of the market is reached through "the invisible hand" that defines Smith, for this reason, he considered that if free competition was hindered, the invisible hand ceased to work and society would be in disequilibrium.

The Wealth of Nations

1776

practice

This work represented the first great work of classical and liberal political economy; That is, it applied the principles of scientific research to economics for the first time, in an attempt to build an independent science.

His analysis of how the wealth of a nation comes from work and not so much from resources stands out. It tries to plant a stable economic system, which is based on the benefit of all and not of some, aspects that sadly handle most countries.

The invisible hand

It is an economic metaphor created by philosopher Adam Smith that expresses the ability to help the free market. It was coined in his Theory of Moral Sentiments (1759), and popularized by his magnum opus, The Wealth of Nations (1776).

This theory was elaborated by the economist Adam Smith. He argues that free competition is the best way to function the economy. The metaphor of the invisible hand also supposes that individuals are encouraged or restrained to produce or not, following the level of prices that exist in the market.

Smith´s vision of a free market economy, based on secure property, capital acumulation, widening markets and a division of labour contrasted with the mercantilist tendency to attempt to "regulate all evil human action". Smith believed there were precisely three legitimate functions of government.

Limitations

....

The first function was:

Erecting and maintaining certain public works and certain public institutions, which it can never be for the inerest of any individual or small number of individuals.

Secondly, that cartels were undesirable because of their potential to limit production and quality of goods and services.

Thirdly, Smith criticised government support of any kind of monopoly which always charges the highest price "which can be squeezed out of the buyers". The existence of monopoly and the potencial for cartels, which would later from the core of competition law policy, could distort the benefits of free markets to the advantage of businesses.

Bibliography

....

Glossary

Economics

Wealth

Market

Politics

Money

(S/f). Uai.cl. Recuperado el 1 de mayo de 2023, de https://artesliberales.uai.cl/assets/uploads/2018/10/la-riqueza-de-las-naciones-adam-smith.pdf

The invisible hand

Galán, J. S. (2015, mayo 31). Mano invisible - Definición, qué es y concepto. Economipedia. https://economipedia.com/definiciones/la-mano-invisible.html

Economipedia

Hystory of economicthought (2018 New World Encyclopedia)

Table of contents

Molina Reyes Ivan Xavier

British Enlightenment ............................................

Adam Smith ..............................................................

John Locke ................................................................

Dudley North .............................................................

David Hume ..............................................................

The circular flow ....................................................

Adam Smith, The Wealth of Nations ...................

Context ...................................................................

The invisible hand ................................................

Limitations .............................................................

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