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Adam Smith: Books
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[A]ccording to Jonathan Wight, Adam Smith was a “conscious capitalist” just like Abe Maslow. Having written a book about applying Maslow’s “hierarchy of needs” to the workplace and distilling down his five levels of the pyramid to three (survival, success, and transformation), I find it fascinating to read these because #1 basically suggests that employees have base compensation needs (survival) which then move on to their social/esteem needs of recognition (success). But, it’s the meaning/aspirational needs at the top of the pyramid (transformation) that create what Adam Smith might have called an “integrated human being” and what Maslow called a “self-actualized person.”
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Picking St Augustine out from among 11 other authors for making a case for the invisible hand is disingenuous, if it is to be into a meaningful case that Adam Smith meant his use to be taken this way. The point is that the metaphor was well known to educated readers and Smith drew on it for his purpose, not to introduce metaphyiscal influences into his arguments. His case was perfectly explained on the two occasions he used in his books and the metaphor added nothing that was not perfectly understood from his two examples before he introduced it.
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The United States founding fathers, particularly Alexander Hamilton, James Madison, and Benjamin Franklin, turned to the ideas of Adam Smith to create an economic system for America with both immediate and long-sustained results. This little-known part of U.S. history is revealed in this fascinating book.
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Some have represented Smith's work as of so loose a texture and so defective in arrangement that it may be justly described as consisting of a series of monographs. But this is certainly an exaggeration. The book, it is true, is not framed on a rigid mould, nor is there any parade of systematic divisions and subdivisions. But, as a body of exposition, it has the real unity which results from a mode of thinking homogeneous throughout and the general absence of such contradictions as would arise from an imperfect digestion of the subject.
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