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Venn diagram of Industrial Philosophers
Transcript of Venn diagram of Industrial Philosophers
Adam Smith's main philosophy was Capitalism. Which is an economic system where private owners control trade and the industry.
Free market economy
He created the law of supply and demand. Which says that as the price of a good or service(supply) increases the demand, and vice versa.
He wrote his famous book, "The Wealth of Nations". He lays many philosophies that are the foundation for modern capitalism.
He is considered the father of economics.
In The Theory of Moral Sentiments" he talks about at one point sympathy and self-interest. Unlike other philosophers he believed that they were one in the same rather than opposites. Smith meant that if one is feeling sorrow then rather than just focus on himself he will feel the sorrow of others and want to help them and put them ahead of himself.
In "The Wealth of Nations" Smith talks about selfishness and sympathy which is a reoccurring philosophy he first introduces in 'The Theory of Moral Sentiments". He takes a more economic and political view on life in "The Wealth of Nations". He also talks about Human capital in "The Wealth of Nations"
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Marx disagreed with most ideas of Capitalism.
He created a new philosophy called Marxism and developed the basic concepts of Communism.
Communism, essentially, is where the government controls everything from property to the market and economy.
One of Marx's philosophies was that Capitalism was a type of Alienation. He believed that all people are free and creative by nature but a modern world is beyond our control like ideas such as the free market. He states that the free market alienates the masses because although they are working in factories they are not in control of the profits and are not making the decisions as they should be.
He believes that the free market is anarchic and ungoverned. He advocated for a much more government controlled system.
He expressed most of his philosophies and ideas through his two books called "The Communist Manifesto" and "Das Capital"
He wrote his philosophy of Alienation in piece called Economic and Philosophic Manuscripts of 1844
Another philosophy that Marx believed in was "Scientific Socialism"
Marx's Scientific Socialism is a combination of most of his ideas and philosophies. He believed that Capitalism created two classes those who were the workers and the others who owned the means of production. So what this did is now only a few could have power. With only a few having power competition would grow so aggressive that monopolies would be created leading to exploitation of workers and those who used to have power will have to lay off employees thus supply and demand will not match up and this will hurt the economy severely.
Utilitarianism was the main philosophy that Jeremy Bentham believed in.
Utilitarianism is the idea that all actions should benefit the greatest amount of people.
He didn't believe that humans had natural rights, contradicting Adam Smith's theory.
He not only argued some of Smith's theory's but also some of Marx's theory's as well.
Jeremy Bentham's book "Introduction to the Principles of Morals and Legislation" is where he first introduces the idea of Utilitarianism.
He also makes Human Nature a key focal point in this book.
Bentham was influenced by many of the Enlightenment Philosophers.
Bentham believed that incentives are a waste and people should not need them to perform their duties.
Bentham argued for a free market approach in his younger years
He believed that the government should have no power when it came to some economic decisions. Such as interest rates
However as he got older especially towards the end of his life he switched his position and believed that monetary policies should be handled by the government.
Both Smith and Bentham agreed that teachers should not be paid as they thought it was their moral duty to teach.
Early in his life Bentham agreed with Smith that government should have a limited role in our economic decisions
Although it is commonly known that Marx and Smith didn't agree on most things at a basic level they both agreed that labor and capital were needed for production.
They both agreed on the Labor Theory of Value. Which states the price of a product can me equally measured by how long it has taken to make.
Both wanted to ease economic tensions, and have a larger middle class.
Towards the end of Bentham's life he agreed with Marx on the idea that government should handle most of the decisions of a nation.
They all believed that the goal of a economy should be to benefit the largest number of people
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Both wanted to change legal structure to end human suffering