38 Burst results for "Adam Smith"
Fresh update on "adam smith" discussed on Science Salon
"Smith thought. Smith was impressed with the astonishing robustness. That was his wu robustness of the market mechanism. And for that reason he was to support all sorts of interferences with the market mechanism when he thought they had a good purpose. oh just a site. A few smith was in favor of progressive income taxes. Now my guess is that if you next time you see somebody wearing an adam smith necktie if you walk up to the person in pointed his necktie and say oh. I'm so pleased to see that. You're in favor of progressive taxes guessing. The person won't have any idea what you're talking about because the person probably hasn't read the book but smith was in favor of progressive income taxes. He was in favour of luxury taxes. And there's a passage in the book in wealthy nations in which he says that people who drive around are driven around in luxury. Carriages ought to have to pay a special tax on those and then the revenue from the tax. He said we should be used to alleviate the misery of the poor smith for example was in favor of much tighter regulation on banks than anything you and i have seen in our lifetimes in the united states so he willing to support all of these things and of course. He understood that they interfered in some way or another with the market mechanism but he thought the mechanism was just so powerful. It could do. Its job despite these and therefore there was a good public purpose he was for it s in modern language we'd say he was against crony capitalism in which People are rent seeking to get favors just to benefit their industry or their corporation. Y'all he was against crony capitalism. He was against collusion again. The business community doesn't talk about it very much but you could think of. Smith is the father of antitrust policy. This passage is in the wealth of nations. You were pointing to a support that He was against government granted monopolies. He was against a lot of these old.
Fresh update on "adam smith" discussed on C-SPAN Programming
"But some significant number of the people you know, they would like to see him hang from the nearest tree on Ben. Some significant number of people hate the rebels so much they want to hang all of those guys. Um, I guess I think the everybody wants peace more on Syria and the Assad regime on C Span's of the weekly. It's available wherever you get your favorite podcast. Discussion of national security Coming up live at 3 P.m. Eastern former defense secretary Mark Esper, former defense secretary and CIA director Leon Panetta and former national security adviser retired General H. R. McMaster will take part in discussion hosted by the Ronald Reagan Institute That's live at 3 P.m. Eastern. Up next. The House Armed Services Committee chair Adam Smith, Democrat from Washington State earlier today, discussing national security strategy in a virtual event hosted by the Brookings Institution. On the topics. U. S. China relations, Global partnerships, Artificial Intelligence and technology and the National security budget. This runs an hour. Good morning, everyone. I'm Michael handling with foreign policy program at Brookings, and we're on it today to welcome the honorable Adam Smith, the chairman of the House Armed Services Committee, who's not beginning I believe his 13th term in Congress representing the Great state of Washington and the area around Puget Sound in the broader Seattle Vicinity, Chairman Smith Is, as we all know, an important voice in the United States on many matters of American foreign policy, including not only defense but foreign assistance and trade. But today we're going to hear him speak a bit about national security strategy. This is, of course, an important year for the incoming Biden administration to shape its own national security and then perhaps national defense strategies. And certainly the Congress's role historically has been quite important in this process as chairman, Smith knows well from his previous years of experience, So we're very delighted today to welcome him and his initial thoughts on how we should think about national security strategy. We all know that the Trump Administration's national defense strategy under Jim Mattis, another great Washingtonian from out West, which built on some of the Obama administration's ladder thinking with its so called third offset, but there's been a fair amount of bipartisan support. And yet, undoubtedly there's going to be a knopper to nitty and the need for some new direction. And if nothing else, refinement of the previous Mattis thinking as we come into a new decade and a new era in American foreign policy, so, Mr Chairman, thank you very much for joining us. Without further ado. We'll look forward to your comments. And then, of course, I'll have some questions for myself and the audience for the rest of the hour. But thank you for joining us. The floor is yours, My friend Jerry. Thank you very much. Michael. I appreciate working is giving me this this opportunity. It's It's really exciting year. I mean, we've got obviously a lot of challenges on the national security front, some with after a while. Some are relatively new. But the most interesting thing is this is probably when the biggest transitions from one president to the next that we've had in quite some time. Now, as you mentioned Jim Mattis, sort of, you know. Run over the national security strategy, but particularly as we worked our way through President Trump's four years, trump himself became began to really dominate sort of a number of aspects of that, and his world view is considerably different than Joe Biden. So big transitioning transition happening And this is going to impact. You know what we do in the world? How are partners? You us? Um, And the relationship is is that we have in the world are really important right now. I think much of the rest of the world is wondering where we get, uh, on by. Think there's a great opportunity here and certainly We We have a fairly known quantity and Joe Biden 40 years of war on foreign policy and national security, and we've seen some clear themes emerging and over the top. What we're looking for is a peaceful and prosperous world. That's sort of been the post World War. Two involvement of the U. S. Is to to build institutions and help me part of creating a world that enables people to live in peace and prospered. And our general approach that is a belief that economic and political freedom and international institutions partnerships working together with people all around the world to deal with whatever challenges we face. You know, he was gonna be a huge focus. And when President Biden speaks about this, he mentions partnerships and alliances. You know very frequently and I completely agree with and when how important those are as we as we go forward. It sort of is a bunch of challenges. All this sort of put him in two categories here, this sort of overarching challenges and then the specific threats that we we tend to worry about in the Armed Services Committee. I think the two biggest overarching challenges of starting point are the rise of autocracy, an authoritarian governments. There has been a more explicit rejection of economic and political freedom than we've seen in some time. As you've seen. You know Putin and she and Erica Hahn and others take a much more authoritarians approach to this that is undermined that we have to rebuild that deal with that, and the second big issue is Try not to put this. I tend unspeakable bluntly. And frankly, I suppose the academically s so I'll just go ahead and say it. We have to overcome the perception of our own incompetence. This is a re air. She spend radio programming from Friday double UCSB from Washington, one of things that has really helped us since World War two. Even people who didn't like us That didn't even necessarily trust our you know our intentions. They knew we were capable lives. Remember reading from Beirut to Jerusalem, and Thomas Friedman talked about 1983 when the Civil War was raging and Wyatt Reagan made the decision to send in the Marines. Stock market in Lebanon went up..
Fresh update on "adam smith" discussed on Science Salon
"Today is benjamin friedman. His book is religion and the rise of capitalism. Benjamin friedman is the william joseph meyer professor of political economy and former chairman of the department of economics at harvard university. Where he's taught for the nearly half a century agreements to previous general interest. Books are day of reckoning the consequences of american economic policy under reagan and after and the moral consequences of economic growth. He has also written extensively on issues of economic policy for both economics economists and economic policy makers and he's a frequent contributor to national publications especially the new york review of books he lives in cambridge massachusetts where i spoke to him today. The escape as usual on all manner of topics related to religion economics. Going all the way back to before. Adam smith and david hume through the eighteenth century scottish enlightenment into the nineteenth century rise of the social gospel versus versus. They prosperity gospel into the twentieth century with what happened during the great depression and why there was so much prosperity after that after the second world war and yet so much poverty and how that lead to that constant tension in different Religious sects over to what extent we have a moral obligation to help those who are not as prosperous as others into the reagan era rise of the moral majority of what happened it in that and that movement pushing back against godless communism win the communist threat. ended in the nineteen nineties and All the way up into the twenty first century issues we're with today and And then we go up the book. And i we talk about Putting twenty twenty into perspective that is economically to what extinct can we just keep printing money and distributing it. I talk about we talk about the end of poverty and the rise of the kind of a post scarcity or trek atomics system in the next century or two and the rise of a i and But that's going to do to work and what it even means to work what that's going to mean in coming decades and centuries is about you be i and Economic inequality so. We had all the really interesting topics. He is very sharp. Very clear thinker and one of the great minds really an political economics and history of our time so i was honored to speak with him with that. I give benjamin freeman..
House votes to override Trump's veto of defense bill
"The house easily passed a measure to override president trump's veto of a defense policy bill that yeah he said three hundred twenty two that may start AT seven two thirds bin in the apartment that the bill is passed the house is set the stage for the first veto override of the trump administration after president trump said the defense policy bill which offered pay raises to troops and authorized hundreds of billions of dollars for military projects would restrict his ability to conduct foreign policy trump also wanted to tie the bill to a demand for limits on social media companies but he says showed bias against him but house Armed Services Committee chair congressman Adam Smith it is enormously important we pass this bill says the national defense authorization act is crucial we can be done and we can be proud of what we have accomplished Senate Majority Leader Mitch McConnell is expected to call an override vote this week in the Senate as well Jackie Quinn Washington
Tyson Fury looks bulky as he trains for 3rd fight with Wilder
"Very big news. Surfacing sugarhill is the trainer of tyson fury and it seems like he posted a picture of not only tyson fury. But anthony durell guy that you know wasn't questioned during one of the tyson. Fury fights as to being part of that tyson fury team while he's now in a picture. Tyson fury a very bulky. Tyson fury very muscular tyson fury tyson fury came into the rematch with deontay wilder. At two hundred seventy four pounds and he did look a bit solve but that extra weight caused all the problems that we see in that fine. Now he's bulking up that way. Is he gonna move better. Is it going to slow him down. And he's going to get robotic as he likes to question and sees. Aj bad news for a while because he's getting stronger. What we're gonna be talking about the fact that it looks like fury's in can't four that fight. We know johnny nelson adam smith and a few others have been letting the cat out the bag that they feel that. This fight is going to happen. That fury has let it out he will be signing those contracts so looking like wow. The fury threes imminent. Fury's already in training camp in miami. And i'm just saying he looks bulky is hell.
Biden introduces his choice for defense secretary, Lloyd Austin
"President elect Joe Biden once retired general Lloyd Austin to be his defense secretary, not A post he sought. I sought him. Austin would be the first African American to serve in the position. But could his nomination face some trouble in the Senate and joining us live from Capitol Hill? Double d. T. O p. S Mitchell Miller. Mitch General Austin is very well respected. So why are there questions about whether the Senate would confirm it? Well, Shawn and Hillary. It goes back to the history of the defense secretary being in a civilian position, and the so called seven year rule that if a military officer is tapped for that position, they need to have been retired from the military for at least that long. Austin retired four years ago after a distinguished military career of more than 40 years and included a major command in Iraq. Tenure is the head of the U. S. Central Command. But several lawmakers say it's important to maintain a civilian in that position. The ranking Democrat on the Senate Armed Services Committee, Rhode Island Jack Reed had given in on a waiver for General James Mattis under President. Trump said he wouldn't support one in the future. He is now wrestling with this. Others have said they'll oppose the waiver, including senators Elizabeth Warren Richard Blumenthal, who's on the Armed Services Committee and Jon Tester of Montana. But if the House and the Senate grant a waiver, which they both have to do, he'll likely still have plenty of votes to be confirmed. Hey, Mitch, who are the other potential candidates? Lawmakers might have preferred to Austin. Well, one of them would have been the first woman to serve as defense secretary Michelle Florida who's held various positions at the Pentagon and is very well respected. The House Armed Services Committee chair Adam Smith made it clear she was his first choice. Another candidate who had been talked about a lot was former Homeland Security Secretary Jay Johnson. But Biden is said to be very comfortable with Austin as his
Congress advances defense bill, bucking Trump's veto threats
"Congress is moving forward with the defense bill. Despite a veto threat from president trump president trump makes good on his veto threat of the national defense authorization. Act in house armed services committee chairman democrat adam. Smith says lawmakers will have no choice but to come back in the session and vote to override the veto. The bipartisan measure is expected to win house and senate approval this week. It provides for pay raises for troops and a slew of military projects. President trump says. He'll veto the bill. If it does not include a provision to repeal protections for tech firms and social media companies either. The house nor senate adopted that prevision and are unlikely to add it before a
"adam smith" Discussed on The World Next Week
"Our country is beaten while south beyond me. I know why. But it's not a good reason. Okay and they should be changed. And furthermore the senate put that language in okay. it's senate language that we want to agree to now shortly after it was voiced voted in on committee and then passed out the full senate in the full senate passed their bill like six or something like that and i think every republican say maybe rand paul voted for it so there shouldn't be controversy here. The president back in july thought he had a wedge issue. Here's who we spoke out against it and he called up in half and said you have to take this out as was by the way recorded. in a restaurant when cinderella and the president was supposedly having a private conversation was recorded. They agreed on that. We're gonna take it out well. That's a huge rob because it's a very important issue to democrats. Frankly it's got bipartisan support. There's no reason it shouldn't be in the bill And to give you an idea of what i mean by the president being erotic referencing your thirty issue. It's not true as has been reported in the press that that mark meadows offered to accept our base language if we let them repeal section two thirty but he did float the idea. You know in the president's kind of concerned about this. And i can fast at the time i didn't know what section two thirty was section. Two thirty is the provision that says that social media platforms have blanket immunity for what shows up on their platform now. There was one little tweet to that blanket immunity on child pornography that we did about twelve years ago but by and large just because it's on facebook and it's terrible defamatory or any number of other things the person who puts that on there is liable platforms. Not and i frankly i'm worried about that. I think these platforms are getting away with things. They shouldn't get away with with the idea that we're going to completely repeal section to thirty In the defense bill. You know the committees of jurisdiction will have to say about this In the president's motivation is transparent. He thinks social media was mean to him. Apparently it almost seems like he thinks he's the only person that social media's been mean to not true but he's really concerned about any wants to sue the as a result and he's looking for us to give him that power yeah. I don't think that's the way out of this But look it's really simple. This no reason not to change these base names as a commission set up in the senate language. It's not required to be done immediately. this consultations as all kinds of good ways to get there and that's what we ought to agree to And we're we're talking about it. I mean look the defense. Bill is really important. There are a lot of provisions in there that are necessary to not the least of which is what you just talked about an ai man. As i've mentioned many times This crucial stuff And we don't get it done if we give in to. You know the notion that somehow we shouldn't change these base names. When i think there's this pretty broad support. Our next question will be friend ron. Shell amounted veneer me. Yes but when. I was younger man. I wanted to be president. I wouldn't have joe biden's job anything..
"adam smith" Discussed on The World Next Week
"I'm just trying to do the job here. You know and i said look so just so you know. There's a lot of democrats. Thank you put their so that the president can use the pentagon to help you know engineering military takeover to undo the election. Just so you know. He's like oh we're not to do that. I guess that's good to know nice to know that our entire democracy's not gonna be flushed down the toilet by the pentagon but all jokes aside. I am confident in the military leadership that they are not going to be part of that. I am less confident in the republican state. Legislatures in wisconsin michigan and pennsylvania And let me just say republicans on this line. We better not let that happen. Made of those state legislatures covering in there and try to overturn this election. We're not going to be worrying about what our foreign policy is anymore. We're going to be worried about you. Know stopping a civil war or a lot had to ask and thanks for answering so zan let me go back to you and let's go to member questions. Our first question will be from edward cox. Please remember to state your affiliation chairman. A cox representing president nixon a long time ago mid eighties visit taiwan when tom way of send it to the to the presidency and after that i spent some time travelling back and forth to taiwan and china and how the relationship developed and how their democracy and their economy developed in your area that you have now as chairman of the house armed services committee. What is our position. Or what should it be with respect to supplying tight with armaments or supporting them as china. upgrades their their threat. Not only to taiwan. But to having a standoff from coming to the aid of taiwan in essence creighton situation where taiwan really has to fall into into china's hands. What should where are we with respect to that our defense posture and how we supply taiwan. I think there's bipartisan consensus. That we should supply taiwan on. We should say we have To them than weapon systems. And i support. I think they ought to be able to defend themselves. And i think the more that they're able to defend themselves and the higher the cost on the china realizes that they will pay if they do something militarily I support that you know in delicate dance. You don't wanna be unnecessarily provocative. But personally i think selling weapons systems to taiwan so that they can defend themselves is worth yell. The muscle flexing and the complaints. That china always does when we do The larger and more difficult question is how how bold we want be in our commitment to say you know mess with us with taiwan. You mess with us. I think that message needs to be clear. I think that's a message. Better delivered quietly through diplomatic channels than in public chest thumping because you don't the whole issue. Taiwan and china is you. Don't be you. Don't want to embarrass china if you can avoid. Because i mentioned the whole feeding one point four billion people thing. Nationalism can sometimes trump that. Taiwan feels like they're being marginalized and the only way they can keep their meet there. There are people on boards to find a common enemy. That common enemy is right off their coast so we we need to be a little careful about the over. The top rhetoric about you know defending taiwan and taiwan independence and all that but quietly and diplomatically. We need to make it clear to china that this is a red line glint. Our next question will be from. Jeff rouse ohio. Chairman smith Thank you for your comments. Today and pleasure be have a partner at law firm in washington prior life was deputy secretary of defense. Two questions one is. You haven't commented on. I wonder what your thoughts are about the What's happened in. The gulf states would respect to the recognition of israel by those states while whatever we say about the trump national security policy solid that seems to be that good direction and change the dynamic second and this is kind of down. The weeds may be a little bit. Is you know there were steps. Taken a number years ago to divide the obser- undersecretary for acquisition in the lauren de piece and i procurement piece. And i know we let that be for the last number of years by if there would be appetite to reconsider that because as a a former practitioner there myself i have concerns about. You know the division they can makes it harder to bring new technology over the forest and there are a number of other issues too lengthy to get into here but that would be curious to your reactions to those points. Sure i'll take the second one. I look did one of the big recognitions that in this came primarily out of the office of net assessment and all the war gaming that they did with china of course last four five years. There is a huge problem in a dod in with our national defense in terms of where we're at on technology You know we are not taking advantage of modern technologies as well as we used to. And there's a whole bunch of different reasons for that we don't have the same relation. We have with industry. Lot of that industry has moved to other countries. it's not necessarily always dominated men. Were still pretty high up there on. But we don't have the same relationships there and then the pentagon is not built for speed As you well know And technology is so. How do we take technology like ai. Like hypersonic cyberwarfare and put ourselves in a position to use that technology and defense. Because it's incredibly important right now. You know the how many weapons you have. How big they are how powerful. They are also falls by the wayside if someone cuts off your command and control. Are you through cyber or taken out a satellite or taken out a key position on the ground..
Trump fires Secretary of Defense Mark Esper
"President from Fire Defense Secretary Mark Esper yesterday. Now, Washington Democratic Congressman Adam Smith tells MSNBC. He objects this is incredibly destructive act by the president. There's no point in this minutes like 70 days left in the Trump Administration. Smith is the chair of the House Armed Services Committee. There are reports, Trump and Esper disagreed frequently and that led to the move.
The Trump 'clown-iverse' continues
"Another crazy waken US politics. Remember this. Now back they sure you. In fact, let people know Senator I'm not going to answer the question. Because the question. Just as radical left would you out Mason who is on your list? Not. Surprisingly, the media responds to the debate especially Donald Trump's plan rudeness it was overwhelmingly hostile wasn't it? Couple of days later, trump was diagnosed with code. After mixed messages about health trump got in a car and run around waving to supporters. Then he was released from hospital he returned to the White House and he went on one of those twitter rants among other things. He told the American people not covid even though he's doctor has said, he may not entirely be out of the woods yet. So, what does all this main awake after the debate and only weeks before the US presidential election and what does it mean for America's image in the world? For answers. Let's turn to a leading. American Common Taito a conservative who says he's quite sick of living in what he calls Donald Trump's clown verse or drama drivers over believers or I can't believe these guys actually the president. Verse. Brad. Stevens is a columnist with the New York. Times, and formally with the Wall Street Journal, where he won a Pulitzer Prize for opinion writing I should just warn you all that he comes to us via a scratchy on in Manhattan. Bread. Welcome back to the Shire. Back Be Sydney. Well, the rate is of the New York Times I can't wait to see the end of trump you yourself are prominent never trump you your New York Times columnist this week you say you was trump will give us just a few reasons why I wish a speedy recovery. I think to wish ill. To reduced to his level on that, of course, it's been. Core of the trump EST project which has been to based political norms and diminish moral standards. So why would I wanNA join trump along along that road a bit for more narrowly political reasons. I. Wish it well, because God forbid he were to die before the election, he would go down so to speak a undefeated. And what I hope is that a resounding electoral defeat in November and I'm speaking of the conservative. will put an end not only to the trump presidency, but she trumpism as a an ideological force. In American politics. Now. You rauch trump. The man needs to leave and lose because it's the only way the trump cult might die it unsubscribe to the cult trump obviously. Is that why you among that never trump was. Are exerting very little influence on the political right in America these days. You know I I hear that and. I was struck by the disconnect between my supposed- irrelevance and irrelevance might never trump fellow travelers. And the fact that the president. Describing us as human scum the conservative press keeps denouncing us if we're really quite so irrelevant, you think they want to go so much energy. Truth. Election that is probably going to turn on a small number of a relatively small number of voters in swing states, and so I think we're not quite so relevant have some people allege and stressed that never trump is include many prominent conservatives lock yourself William Kristol George Will Max Booed David. Brooks. David. From and Applebaum. Jennifer from there among others. But you see your critics would respond inside the Elat media consensus with there on the left or the never trump conservatives they've been consistently against trump wrought from that said. And Nights. I haven't you guys foul to understand what got America trump and indeed Britain brexit in the first place. You know. I'm not quite sure I agree with the analysis. Is and came about in part because there was unquestionably failure of the mainstream conservative establishment, which I guess I was park in recognizing some of the populous tides in American politics. I think it candidate for a much more specifically than which was a luxury crisis. In Europe, but went unchecked help create brexit brexit had knock on effects in the United States. As well, and and I would add a larger point com, which did you those who are listening here are left in any healthy democracy need a mortally healthy a conservative movement. There's no democracy that doesn't have a conservative side of politics. and. So even our adversaries are opponents politically should want us to succeed want a conservative movement that is optimistic that is inclusive that is in favor of growth, and that favors the open society and the free world. That's the way I can feel, okay my politics, they remained unchanged from the days before trump and hopefully will remain unchanged. Have said analysis requires us to listen attentively to individual voters tell us about your subject to Chris you right about her and you'll recent York Times call him. She's a registered Democrat and a trump voting lesbian store manager from Manhattan, and she fits none of the cultural demographic stereotypes of the trump by Brett tell us about Chris. Chris is a woman who is well educated. Well traveled and as you mention, she is She's gay and she the trump supporter and I one of the things that I I occasionally will be with my column in The New York Times. Is. Essentially. handed over not not fully. But at least partially handed over to Voice of that I think the predominantly liberal leadership of the Times. Need to could here because What she observed is that at least until the pandemic, her savings accounts or pension or private pension account for the United States a call four one ks. Arising smart. The economy was doing better in her view than it had been under Obama and that that's the counted for voters like her as opposed to you know questions about the president's mannerisms or read myths or his coarseness on the world stage and I wrote it Tom for the simple reason that Hillary Clinton would it become president? Her supporters hadn't been so convinced. That it was only a bunch of rednecks Yak. In the middle of the country, we're going to the trump. He is indeed and make the point. She's not an outlaw. She's a red voter in a blue state. My guest is Brit Stevens he's an award winning columnist with the New York Times. And we're talking about. Well, let's be frank. The crazy times in American politics. Let's turn to the debate bridge sixty years ago October nineteen sixty. The World Watch the Kenji Nixon debates we were too young. We went even. We weren't even born. To civilized will informed holly. Intelligent. Courteous Navy combat veterans are both in their forties. And yet six decades later. The world's being shocked and horrified. By the time of the first presidential debate these to all men engaging in A. An angry angry exchange is the best the both major parties can offer the American people sixty how's it come to these? You know when I was when my wife I ever watched, my wife has his permanent immigrants United States actually came a citizen. BECCA very. And I have to turn to her engine apologize for bringing her country because it was mortifying fortunately, the United States is a lot more than its leader. But debasement of politics has been long the making and it's one of many reasons why I just can't accept trump as president even though can time-to-time agreeing with his policies because he is he has brought the state about politics shoot a level that. Be chargeable to describe it as over Banana Republic and and you know onto. The Kennedy Nixon debates that I am are well enough to follow up one of the great issues that debate. The status of key Moi in Matsue, he's a little time with his island off the coast of mainland. Just unimaginable that piece to standard standard-bearers would have that kind of exchange although I. Walked by what Action Nowhere Chemo in that. So actually are. Yes you said that Donald Trump in that debate was channeling Alec Baldwin Channeling Donald Trump and yet he was holy himself. I get all that but is a more wrong with America than Donald, trump, Brad Stevens yet they're into lot more. You know I think Adam Smith Donald trump is a symptom of of some of that ruined but in seeking to an Australian audience I think it's worth remembering and reminding this audience that there could. Be Fixed his right in America
9 Dumb Financial Decisions Most People Make
"Brian, I'm so excited about this show because we're going to basically do a deep dive into behavioral finance into behavioral economics because a lot of what we cover are like it's blocking and tackling it's XS and os when it comes to financial decision making. But a lot of what we do when we make financial decisions has more to do with the behavior than academic nature of and that's kind of what we're going to go through what I'm hoping everybody who watches doesn't treat this as a coping mechanism. Oh, that's why I'm like that is because it's baked into the recipe. No, this is supposed to. Be something where you learn to spot what's going on because this is baked into the recipe, but there is a way for you to kind of master move beyond and figure out how you can harness the power of some of these things that are just influences that can drive your your your actions and your behavior. Absolutely. So there's two books that kind of influence show and and a lot of ways bow claims he has not read this book, but I it because everytime I when I was doing the Chris Voss book, they'll never split the difference. He's an FBI guy who was a negotiator and Use a lot of these tactics. Here's the thing. So back in the day, we'll talk a lot about back in the day you and I shared inaudible account well, frankly tightwad and you had good taste and books. This was in your but I never read this. I'm not I'm not familiar 'cause it always listening to it. I was like. That son of a gun, bow this is I can totally see when he's tried to use this on me but it just to tell you what Chris explains is that the FBI reconized after Waco Texas you know did not go well, they need to throw the book out on how they were handling hostage negotiations and other things like that. He goes into all the different behavioral components and here's what. was. What I am saying is that while our decisions may be largely irrational that doesn't mean there aren't consistent patterns, principles and rules behind how we act and once you know these mental patterns, you start to see ways to influence them. So I think the takeaway there is that human beings always act in a rational manner. We're not completely rational beings that this is a black decision this decision, this is the right decision. This is the wrong decision that's not the way that we always behave even though it seems like perhaps that. Should be the way we behave in. Syria, we should be rational functioning beings, but it just doesn't work that way and that led to you know there's the misbehaving book by Richard Thaler, which is the making of behavioral economics. Now, what's funny is if you go watch any of the interviews, Richards very quick to tell you hey I'm not the first person up with behavioral, economics actually Adam Smith, which anybody who follows me matter of fact we had a content meeting and I was because I had to give. Rabia. Whole educate low. Is huge to me I. Go last year I can remember my daughter. When she's doing her social studies when I found that they were studying. Adam Smith it made me so happy because Russia's the timing of when wealth of nations was published in the seventeen hundreds with the birth of America I don't think it's a coincidence. So there's a lot of things in in Adam Smith when he talks when he in a lot. of his writings including wealth of nations he does talk about overconfidence he does talk about loss aversion self control. So I thought it was cool that Richard gave them a shout out. But if you go deeper, Richard is going to give you examples of things that are happening. Everybody's life that are definitely influenced by behavioral economics and I think it's realistic that. We all think about money irrational even if we can be the most educated most well informed, we all approach it in somewhat of irrational manner. So. Let's jump into this I, want to set the stage for you guys. So you'll know I'm a big Disney Fan. Kind of missing going to the Disney parks because we were supposed to have done that in the spring we're going out to Disneyland and one of my favorite things when you're at Disney well I thought would be one of my favorite things a mirage. Was You get hungry and you're walking through the parking catch a whiff. Oh my gosh. That is the best smelling food that I could put my mouth and it's a Walt Disneyworld. Turkey like now. These things looked glorious. They're huge. They're scrumptious looking, but then you buy these things. And unfortunately to me, the taste is not match the smell because to me it was a very gristle field. Super Sodium filled I mean it was just not everything I thought the smell would give. But here's the thing when you pay twelve dollars and fifty cents for a Turkey leg. You eat that thing you you. You don't even if you're not enjoying it, you get it down because you got to recoup the cost of what you've dumped into that Turkey legs. So there is a behavioral finance concept that describes and so what we're GonNa do is win some stores reliable. Some examples for you guys today in the Chad if you're handle is live go and start throwing them out there. If you think you can guess watch behavioral finance concepts we're talking about thawed out there. So you just said you go to Disney you smell the Turkey leg us pay at twelve fifty, you start gnawing on it you get like three or four bytes in. Everything you thought it was, but you say, you know what I'm going to finish it. I'm going to keep eating this thing right? Isn't that what you say what I think is interest. If you do research as a whole thing about the disneyworld Turkey legs, there are bloggers who talked about you should share this with somebody. Now we're in a covert air now or that just seems ridiculous but I will tell you even pre covert I would no more wanNA share a Turkey leg. Been married twenty two years still not share. Yeah. Turkey legs. Back, in twenty eleven last time you and I went to Disney together. I don't remember US walking down shared a talked. So what is the personal finance concept that represents? A sunk cost fallacy. Here's the thing is. There's no reason if you've already dumped the money into this and you realize is just not as good as you thought, it was going to be you don't have to justify the action by continuing to consume it but guess what you will because somehow we feel like it's okay. It's the same thing if you went to a horrible concert or it's raining outside, you know in on the night of the concert, you know you, it's an ample theater. You still show up just because you've spent the money on the tickets,
Trump administration taking $3.8 billion more from military for Mexico border wall
"Other ministration argues that it doesn't need congressional approval to re direct military funds to the border wall the White House is asked for less money for the wall in their formal budget requests in Congress but now now they're taking three point eight three billion dollars in pending on funding they're just taking it Hey wait a minute let me ask a question let me see if you can all answering I'm gonna quote Donald Trump we're gonna build a wall who's going to pay for us okay one two three Mexico right do you remember remember that statement now this announcement three point eight three billion dollars bipartisan opposition I mean it's just done to me the house Armed Services Committee chairman a Democrat Adam Smith from Washington who's very articulate by the way I heard in speaking I'm really not familiar with him so this this administration has already stolen billions from the department of defense in order to be in building the president's vanity wall and today they are doubling down on that bad policy the president wants to take credit for rebuilding the military but today's reprogramming decision does the exact opposite it will prevent the acquisition of critical ships vehicles and aircraft I by the way mark Thornberry a Texas Republican who is not running for reelection this year did not mention the president by name but voiced strong opposition to diverting money from various Pentagon accounts for border wall construction the ranking member of the house Armed Services Committee a Republican a certain this move is contrary to Congress constitutional authority I have to tell you the Congress did not vote this money and this new plan puts money the Pentagon programs including multiple military aircraft programs at risk so let me let me start out by asking you a question what do you think of the decision to divert three point eight three billion dollars in Pentagon funding to the portal I think it's unconscionable whether are for the war against the wall Congress voted against it and there's one more thing that has been announced and this was announced by a U. S. official who said the United States the Taliban have reached a truce agreement that will take effect very soon and could lead to withdrawal of American troops from Afghanistan the anonymous official said the agreement for a seven day reduction in violence to be followed by the start of all Afghan peace talks within ten days is very specific and covers the entire country including Afghan government forces well I have to tell you there are indications this announcement may come as early as this weekend do you believe that there will be a ceasefire and more than that do you believe that if the Taliban did comply with the reduction of violence agreement do you have any doubt the Taliban would take over
Pelosi To Send Impeachment Articles To Senate Next Week; Trump Team Preps For Trial
"House speaker Nancy Pelosi says the articles of impeachment against president trump will be delivered to the Senate next week house impeached drop three weeks ago on two counts abuse of power and obstruction of Congress Wyoming Republican Liz Cheney says the process is taken way too long it is not the job of the Senate to try to fix the completely faulty imply process that the house Democrats conducted over here Washington state Democrat Adam Smith yesterday called on below sea to hand over the articles now says she was right to have delayed the process to have a fair trial shine a light on the fact is there I was doing this while pelo sees delays sparked the reason strategy has a much change what's likely to be the final verdict trump's acquittal in the Senate of charges that he abused the power instruct the Congress in pressuring Ukraine to investigate Joe
Pelosi: House moving to send impeachment to Senate next week
"Majority Leader Mitch McConnell says the impeachment trial could start next week he's anxious to get started a long way the president was impeached in the house three weeks ago hello see it's been in a standoff with McConnell over how the trial would be handled Wyoming Republican Liz Cheney says impeachment was based on assumptions and no direct evidence it is not the job of the Senate to try to fix the completely faulty imply process that the house Democrats conducted over here but Washington Democrat Adam Smith says pelo C. is doing this the right way pressure on this to have a fair trial shine a light on the fact it's not fair to Connell wants a speedy trial without new witnesses and Donahue Washington
Pelosi: House moving to send impeachment to Senate next week
"Majority Leader Mitch McConnell says the impeachment trial could start next week he's anxious to get started a long way the president was impeached in the house three weeks ago hello see it's been in a standoff with McConnell over how the trial would be handled Wyoming Republican Liz Cheney says impeachment was based on assumptions and no direct evidence it is not the job of the Senate to try to fix the completely faulty imply process that the house Democrats conducted over here but Washington Democrat Adam Smith says pelo C. is doing this the right way pressure on this to have a fair trial shine a light on the fact it's not fair to Connell wants a speedy trial without new witnesses and Donahue Washington
Pelosi not yet ready to transmit Trump's impeachment to the Senate
"For the past several weeks. There's been one burning question dominating this saga. When Will Nancy Pelosi? The speaker of the house transmit the articles of impeachment to the Senate and therefore launched the trial process in the Senate. While this morning Speaker Pelosi finally addressed at that point. Take a listen now in terms of impeachment. You'll keep asking me the same question. I keep giving you the same answer. As I said right from the start art we need to see that the arena in which we are sending our managers is that too much to ask of course addressing that point in an answering that question or two different things. A Pelosi later added that she's not holding onto the articles indefinitely and that she would probably transmit them soon soon. I've got to fantastic guests to help me make sense of all of this political gamesmanship in a few minutes will be talking with CNN. National Security and legal analysts. Susan Hennessy but I I'm joined by my colleague. CNN Politics Congressional reporter. Alex Rogers Alex. Welcome to the PODCAST. Thanks so much for me so it seems to me. After days. Days Days of stasis on this story we did learn in the last twenty four hours several things one as I just said speaker. Pelosi said she's likely to transmit these soon she's not going to hold onto them forever. To President. Trump actually asserted yet again today. He's opened. Witnesses named some witnesses. He's interested in of course. Course which are total non starters For the Democrats in terms of Adam Schiff or Joe Biden or hunter Biden or the whistle blower but is has said and he's going to really leave this to the Senate. We learned that Mitch McConnell the majority leader in the Senate went to the White House and briefed the president on what the contours of this trial is going to look like. So it sounds like the president has more information about Mitch. McConnell's vision of how this trial is going to play out then speaker. Pelosi does which is why she's still hanging onto the articles as we're recording this at least and Finally we've learned that there seems to be a strategic divide going on between the president and and his advisors and or some of his advisers and certainly the Senate majority leader Mitch McConnell in terms of whether or not he wants some very vociferous defenders from the House Republican Conference To join in defending his case in the Senate McConnell of course worried that Too partisan partisan of abroal may upset the apple cart with some of the moderate center. Republicans that they need to keep on board with the plan here so all of those. Those things have emerged in the last twenty four hours and yet Nancy Pelosi is still holding onto the articles of impeachment. What does that mean soon when you expect her to send these to the Senate or she said today today I'll send them over when I'm ready and we're still trying to figure out what leverage she has Senator Majority Leader Mitch? McConnell said yesterday that she has none he has the votes. It's a simple majority devote Democrats are hoping that there are four Republicans to join them. But now we've talked to Susan Collins. Lisa Murkowski Mitt Romney and all of them are on Mitch McConnell. Donald Seidel Miss. So we're wondering here. What Nancy Pelosi is looking for if there's any possible signal that she could get from The Republican leader. She says that she just wants to see the rules. Mitch McConnell says let's just go back to the nineteen ninety nine precedent under Clinton and. Just run with that now she. It seemed to me when she walked into a press conference. Today Should two main message point. She wanted to hit when it came to the issue of impeachment. One was. She's not buying this whole Mitch. McConnell nineteen ninety nine Clinton enroll. She thinks he's not portraying how those were set up namely the Clinton rules were devised in a bipartisan agreement. And I think there was one hundred hundred nothing vote supporting them. In the United States Senate That was hammered out with the blessing of the leaders. Trent Lott and Tom Daschle. Nothing like that is going on with McConnell when Schumer right now is Pelosi's point number one so she doesn't By his argument that this is playing by the Clinton rules. That was one thing she wanted to drive home but number two it seems she wanted to sort of list Her reasons that she thinks she's been victorious in this decision to hold onto the articles articles namely that it has put the issue of documentation and witnesses front and center in a way that if the articles had immediately gone over in December. Maybe they weren't. What do you make of that? I mean her point is that there's a number of witnesses who have not been Who have refused to testify and the Clinton Peterman process? All of those witnesses had already talked before that that evidence was already out there But the thing is that she right now is losing not only those moderate Republicans Republicans at your needs but also Democrats. There's a number of them who've said in the past couple of days that let's just let's just get this started senator. Dianne Feinstein said if we're going to do it she she she should send them over. I don't see what good delay does. She's later walk that back. Other Congressmen have also Adam Smith at today on CNN. Basically said let's transmit these articles goals that's during the Senate trial and then he later said I misspoke wait. I missed how Senator Feinstein walked back to her comments. What did she say? Because it's all those comments my eyes widen so I I missed the walk back. She said today that those comments are now being taken out of context okay. I don't know if that's a real walk back. They're not out of context are they. I don't know vow. The the thing though is what does holding the articles now do for the Democrats. Are they really going to be able to change the rules. Or they can get these witnesses upfront. No Mitch McConnell has the votes. And he's ready to go he's made that crystal clear what What do you make of this concern concern that? McConnell has apparently expressed that Having some very vocal House Republican conference members who were Lord Diehard trump supporters at all costs be part of his defense may upset the apple cart of sort of the Republican unanimity. That you just described that he's been able cobbled together. How is how big of a concern do you sense? Is this for McConnell. So we have some reporting from Sarah Westwood Phil Mattingly came out today. There's there's this struggle between some of president trump's allies who think that a legalistic argument by Patsy. Baloney the White House counsel so is Not going to be good enough. You need to win this. It's it's not only trial but it's somewhat theater have your most for syphilis. Allies Congressman Jim Jordan Congressman Mark Meadows. Some of these people who can articulate the president's argument in different style. Then you also have Senator Mitch McConnell's view. It appears where those those people are going to turn off exactly the Republicans that you need. You Need Susan Collins. Lisa Murkowski the people people in the middle so the president right now is receiving this conflicting advice. And we don't know yet. I don't think the decision has been made on who is going to defend the president and the trial yet. Yeah no we have not heard that decision we know that Pets Bologna and his team. The White House counsel on his team Have put together a plan and that there seems to be one but we don't yet know exactly who will be doing the defending of the president. And I think that the president who we know consume so much Fox News and sort of has this echo chamber constantly feedback loop in in. His mind doesn't always necessarily think the way McConnell does about Are we just doing a full on brawl with the Democrats here or is there work to be done with your own party here and McConnell's clearly trying to make the case Mr President don't lose sight. Yes you're going to be acquitted but you've got to still keep your party on board. I think right now if you just run the nineteen ninety nine Clinton trial rules you will see each side making their argument and then a couple of days of questions from the senators and then you vote whether to dismiss the whole thing right then there or then to also get into the witnesses that Democrats think will bolster their case my final question for you before we go to break you say that Democrats will boast of their case. What about the fact that Donald Trump is still out there saying he wants them? Witnesses I Mitch. McConnell sort of in a no witnesses camp. He doesn't necessarily want to see Joe Biden or Hunter Abidin or the whistle blower called. So there's a difference there too is they're not of course There are some Republicans who want to see honor Biden. They WANNA Have I think Senator Ron Johnson said this week the full gamut of witnesses. But you've also seen Senator Susan Collins who you know really the crucial senator here say a that it would be inappropriate inappropriate for president trump to say to China investigate on our Biden Susan Collins once witnesses But we we don't really think that means also hundred I think we've that means you know people with firsthand evidence other people who testified before the house. Yeah actual impertinent witnesses to this What these articles of impeachment are about and therefore pertinent to this trial? Alex let's take a pause and our conversation for the moment legal analysts Susan. Hennessy will join us right
House to vote on resolution limiting Trump war powers today
"Of vote is expected to take place today in the house on a war powers resolution that would limit president trump's authority to order military action against Iran in a statement house speaker Nancy Pelosi criticized trump's recent order to kill a top Iranian military official in Iraq she called it a provocative disproportionate military air strikes democratic lawmakers and even some loyal Republicans came out angry after an intelligence briefing from the trump administration concerning that strike that killed their running in general Qassem Soleimani Washington Democrat Adam Smith chair of the house Armed Services Committee talked with CNN this morning I am not specifically told us what did you hear that made you think it was a matter of fact when frost they said they did not have specific targets they didn't know what specifically their audience were targeting nor did they have a precise time line they said
"adam smith" Discussed on Ideas
"This episode is about the philosophy of Adam. Smith often called the father of economics. The Adam Smith of the seventeen hundreds has had a long afterlife. Here's economist Milton Friedman in one thousand nine hundred eighty. PBS series free to choose on the Longevity Javadi Up Adam Smith overall vision his conception of how it was that without any central. Oh body planning it millions of people could coordinate their activities in a way that was mutually beneficial to all that central concept is every bit as valid today as it was then and indeed we have more reason to be confident in now he had because we've had two hundred years more experience to observe how it works but as often as he's used to buttress arguments for free market policies his name is also used to oppose them. It was Adam Smith the father of free market economics who once said they feed clothe and lodged the whole body of people should be themselves tolerably well. Fed Clothed and Watch Smith Myth would've called himself a philosopher not an economist but on both sides of the economic debate. His name carries a lot of weight here again is contributing tributing producer. Matthew Laze in riders documentary on the Battle Over Adam Smith's legacy. I was once asked on an exam in high school who invented capitalism in seventeen seventy six. That's Dennis Rasmussen at Tufts University city seventeen seventy six was a big year not just for the American Declaration of Independence. But the publication of what became Adam Smith's best last known work. I think it's an overstatement to say that Smith invented capitalism. The very term capitalism capitalism has not yet been invented but the wealth of nations is undoubtedly an important book. It's an important milestone in the history of thinking about the moral and social and political effects as well as of course economic effects of commerce and free trade. The wealth of nations is certainly one of the most famous books of all times also not one of the most read or understood but one of the most famous books of all time and further solidified Smith's reputation as I say he thought that their immoral sentiments was better and more important but certainly yield the wealth of nations to have an important practical impact as well. The book was surprise hit the printer at the time said it was basically number two on the best seller list coming second to only the pop history book the decline and fall of the Roman Empire the printer road that the sale of Smith Book though not near so rapid has been more than I could have expected from a work that requires much thought and reflection qualities that do not abound among modern readers the wealth of nations. It's a big big sprawling book. It's hard to distill down to anyone essence as nine hundred pages long. I guess one place to start would be with the title right so the full title of the book is an inquiry into the nature and causes of the wealth of nations so one of the big questions of the book is where does wealth come from how do some nations become rich and others become come poor and this was a particularly striking question for someone like Smith because what he saw as the barbaric futile age was still there in his own back door in the Scottish islands island's well in highland Scotland. There were still the clan system where you would have people loyal to their local chieftain and society revolved around these these bonds of loyalty and tradition whereas in lowland Scotland it was becoming much more advanced progressive commercial and so people were out making money for themselves calls yet merchants chipping good across the oceans and it was a much more open diverse commercial society that sniff does a great advance in terms of individual freedom needham and individual security all kinds of things and so what what caused lowland Scotland to become such a prosperous progressive place whereas just a few hundred miles away there is a much more backward civilization and and how did this play out across the world was the big question that he and his compatriots all wanted to to answer it seems like a big leap from thinking about the origin of morality and macroeconomic so this has given rise to what's known in Adam. Smith Scholarship is the ADAM MHM Smith problem so there's this question of are the two sniffs reconcilable kit you can the Adam Smith theory of moral sentiments be reconciled with the the Adam Smith of the wealth of nations in particular people have wondered whether the emphasis on morality and especially on sympathy in the theory of moral sentiments can be reconciled insalled with the emphasis on self interest in the wealth of nations now by this point almost all Smith scholars say that yes the two are fully reconcilable that the problem with many of labeled as a pseudo problem arose because people confused sympathy with benevolence and self interest with selfishness he in fact believe the fact that self interest is a reliable motive that you can rely on as famously put butter the bureau the Baker to sell you meet or bureau bread out of out. Their self interest keeps you from relying on their benevolence. It keeps you from being subservient or acting like a dog at a table begging for food the way you might for instance if you're a surf in the feudal era and your livelihood depends on the the win the caprice of your Lord Your Feudal Baron Ryan Hanley from Boston College and author of several books on Smith really want people to remember that Smith came at economics from a philosophical perspective right so the wealth of nations is of course a nine hundred page book that many people have tried to distill into a few very succinct metaphors or concepts when people think of the wealth of nations today they tend to think of the concept of self interest or laws affair this idea that societies based upon the pursuit of self interest without restriction will work to the general good now. All of those ideas are key parts of the wealth of nations but if we were to look to see what Smith thinks is most valuable in the wealth of nations why it's necessary to have an inquiry into the wealth of nations. We'd want to go back to the very beginning of this book. The book again is a book that's introduced on its title page as written by a professor of of moral philosophy so why is a professor of moral philosophy so invested in questions of economics he begins to. I answer this from the very first pages of the book in this lovely what he calls it the introduction and plan of the work which is really only several paragraphs appended to to the very beginning of the text. Smith has think about the difference between what he calls the so-called quote Unquote Savage Society and a modern modern quote unquote civilized society in the middle of the seventeen hundreds an idea backed by people like philosopher jean-jacques. Rousseau was growing in influence. It was the idea that modern society with its streets and fences an joint-stock companies deprives humankind of some kind of noble natural natural essence that before humans came out of the forest and built cities and towns and ports they lived in savage yet somehow more egalitarian -tarian inconsiderate state according to Hanley Adam Smith didn't buy it. He notes that in the savage society the sort of society that many people in Eighteenth Century and today sort of back to the Land Movement sometimes Romanticize Smith makes the observation that however free and simple think about what life would have been like then it would've been a state in which people were frankly poor and because they were poor they were desperate. They might have to engage in such things as infanticide horrific treatment of elders. The disabled tabled those unable to earn their keep. A savage poor society is unable to support these individuals and therefore is Reduced Smith tells us in the fourth paragraph of the wealth of nations to having to being unable to support them and indeed to have to let them him go in ways that would violate our natural humane instincts one off the benefits of opulence therefore from the very beginning is the idea that opulent societies don't need to do this. There is a certain standard of living within opulent societies that is valuable. I'm not because it enables the one percent to have everything in their dreams not because it even enables individuals to to climb through the ranks and to have tremendous amounts of economic opportunity those aren't things that Smith necessarily disparages by any means but at the end of the day what makes a commercial society good in the eyes of this professor of moral philosophy is the fact that it works to to generate an opulence that is of benefit to the lowest and least well off. Smith makes that clear and the introduction plan to the work and he goes was on in the very first chapter of the wealth of nations in which he details the concept of the division of Labor to go on to say that in fact this is precisely what justifies the program as a whole the fact that a lowest and least members of society it can be reasonably well accommodated with the necessities of life so this is I think one of the elements of the wealth of nations and Smith Economics nominee more generally that only very recently have scholars begun to focus on and only very recently. Are we starting to see any appreciation of when it comes to Smith popular reputation.
"adam smith" Discussed on Ideas
"Gratuitous lie you disapprove of it and Smith thinks an impartial spectator spectator would also disapprove of it and so it's wrong and so we make this general rule as a society lying is wrong now. Lying might not always be wrong allied to save somebody's life might be perfectly reasonable perfectly moral and so Smith's thinks in the impartial spectator would see that again they know all the circumstances involved in any given situation and they would take that into account and impartial spectator might approve of allied to save someone's life and this could be contrasted with someone like Immanuel Kant who says you have to do rational no matter what the circumstances so so even if somebody says comes knocks on your door and says hello. I'd like to kill your mother. She upstairs. You'd have to tell the truth right and Smith's notion of an impartial spectator makes is room for nuances in context and circumstance in a way the many others moral theories don't and I think that's one of the more frankly attractive features of his moral theory so in many anyways Smith thought that the origins of morality emerged spontaneously if you will they emerged without anybody telling us one central central directing being what is good and why but rather through the free interchange and exchange of sympathies among ordinary actors in everyday life that was a revolutionary discovery on Smith's part and was very powerful both for understanding central concepts and moral philosophy eh also for the foundation laid for thinking about certain concepts not just a moral exchange but also economic exchange whether he was an economist I or a philosopher or whatever you WANNA call him. Adam Smith has been dead for two hundred twenty nine years. Why does he matter today. I love it of all the points of contention over Smith yes it is undeniably true that he is dead. Why he matters today well he matters today. At least as for two reasons one is that simply his name has a certain stature and like many of the great names and the history of philosophy see if you can claim him to be on your side you have authority on your side so he has some influence in terms of his legacy and the way in which his authority she can be used to bolster a particular position but he also has relevant because at the substance of his ideas Smith thought broadly and he anticipated anticipated a number of the issues that are with us today he was patience and synthesizing a number of different strands across the social sciences and humanities in his day so he brought together into a coherent package and indeed a far seeing package system of ideas. That's still very worthy of our engagement achievement and which we can find a lot of food for thought as we work through our own issues today. Smith is remarkable because he does contain these vast multitudes that that if you slice and dice you can get any position you want. What's really interesting is trying to put the whole together and understand how all these partial pockets of truth add up into Louis Synthetic and reflective whole a very deep thinking philosopher who can't be easily pigeonholed into any one particular category and in a lot of thinkers and theorists and politicians claim to take inspiration from Smith. The wealth of nations was on Barack Obama's llamas two thousand eight essential reading list in the New York Times Chinese Premier Wen Jiao carried a copy of theory of moral sentiments when traveling while organizations like the Adam Smith Institute are explicitly libertarian social critics like Noam Chomsky claim that Adam Smith would have despised free-market capitalism but this battle goes back a long way as people have tried to claim Smith for for almost as long as he's been dead.
"adam smith" Discussed on Ideas
"I'm not iot welcome to ideas in the United States in the mid eighties to prove your credentials as an intellectual member of the Republican Party. You'd wear a certain kinds of pattern Thai. The Thai came in many colors burgundy was cool. Navy blue was a nice choice and if you're really devoted wooded you could even get special pillow's made from the same fabric but what made the Thai special was not the color. It was the image on the tie that mattered eight of a Scottish philosopher named Adam Smith Smith is best known today as the author of the wealth of nations which which is often called the first work of modern economics and Smith the first economist Smith not only tends to be seen today as an economist but indeed as a particular type of economists who is wetted to a particular ideological vision of how things are learn how they ought to be Smith's name carries a lot of weight and his name adorns various organizations societies and institutes principles the explain how it is in an automobile operates are no different from the principles that explain how a horse and buggy operated or how bowing out offered one of the twentieth century's greatest evangelists of Adam Smith was the free market economist Milton Friedman the principles that Adam Smith enunciated she aided are every bit as valid today as they were then but Freidan certainly wasn't the first to claim Adam Smith as an intellectual father. I was recently giving talk and an economist came up to me and was like what is it like the most common thing about Adam Smith that like nobody reads him but everybody just quotes him and everybody laughed and I was like yeah and actually there's like a big story behind that but before he was cast as a timeless economist Adam Smith was a workaday philosophy the teacher less concerned with the source of the wealth of nations and more with the origins of good and evil the meaning of right and wrong and the Genesis of morality coronial questions of Human Nature Morality and what's right and wrong and Justin what makes a three society. You're happy society and that is what Smith would have wanted to be remembered for. CBC Producer Matthew Liaison Rider brings us this documentary on the battle over Adam Smith's legacy. Have you remembered nothing recall. The lessons and Adam Smith father of modern economics and competition individual ambition serves exactly every man for himself gentleman Adam Speth care. That's a scene from two thousand one film a beautiful. Mind in it a group of Frankish college boys apply the lessons of Adam Smith to the art of picking up girls one problem with that seen though is that Smith never actually said individual ambition serves the common good at least not not in anything he wrote down but he is often called the father of something yeah. The most common version of Adam Smith is that he's the father of economics and there's something just very simple and benign about that you know he's the father of economics glory. Lou is a postdoctoral postdoctoral research fellow at the political theory project at Brown University. The slightly more politically charged version of that is Smith is the father of capitalism and defender free markets as the only and the best way to solve a variety of complex social shaw political and economic problems glories research involves not just who was Adam Smith but how Adam Smith has been used over time how different generations have reinterpreted the writings of Adam. Smith and various people have deployed Smith to fight their ideological battles. I think it's really important portent to be humble about a text and what we say we can know about it for sure and I think understanding thing why a text become so famous and why it's ideas become so powerful we we gain a richer understanding of that when we look at the text through the eyes of its past readers so that that's a big thing for me as an intellectual historian we really try to reconstruct their worlds and see you through their eyes and and kind of think through their minds and I think that gives us access on why certain kinds of ideas become so powerful and why they fade from view and throughout the after life of Adam Smith's ideas especially in this country those views are somehow timeless than they transcend transcend historical context and I think it really matters that we get an understanding of Smith in his own time right before we decide for ourselves. Our Smith Questions Are Smith answers the same as our questions to problems that we're facing today questions is like is capitalism fundamentally immoral system does it require steep inequality and what are the problems with inequality quality what are the advantages and disadvantages of open borders for trade these really hard questions and they've had different versions appear over time since the time. Smith wrote and I think looking at how people have answered those questions and brought Smith into the conversation can be really illuminating. Smith was born in seventeen twenty three three in Kircaldy a seaside town on the east coast of Scotland. His father was a customs agent who died before he was born and he was raised only by his mother. An eighteen ninety five biography describes an unusual incident. When he was a small child he was playing in the yard of his uncle's house. When when a passing gang of vagabonds abducted him taking him into the forest his uncle rounded up a posse road into the forest and brought back young Smith math whether being kidnapped by vagrants had any lasting impact on his economic views is anyone's guess but the biographer her a man named John Enra- goes on to speculate that it was the town itself Kircaldy that gave Smith a unique insight into the workings of a modern Cottam a small town Lake Kircaldy is a good observatory for beginning ones knowledge of the world it has more sorts and conditions kinds of men to exhibit than a rural district can furnish and its exhibits each more completely in all? They're ways pursuits troubles and characters that can possibly be done in a city city. Smith who spite of his absence of mind was always an excellent observer would grow up in the knowledge of all about everybody in that little place from the great lady eighty of town to its poor colliers and salters who were still bondsman. Kircaldy too had its shippers trading with the Baltic. It's customs officers with many good smuggling Mugla story and it had a naylor to which Smith is said to have been fond of visiting is a boy and to have required in them his first rough idea of the value of division Asian of labor so he lived basically a boring scholarly blade. Dennis Rasmussen is as an associate professor of political science at Tufts University and the author of the recent book the infidel and the Professor David Hume Adam Smith and the friendship that shaped modern thought he went to excellent schools he went to the University of Glasgow as a college student. After finishing it class go he went to Oxford for six six years on a fellowship where he did not learn anything from his professor she found Oxford to be totally useless and the professors had given up he said even the pretense of teaching but he immersed himself himself in self study after which he became a professor at the University of Glasgow for twelve years he was a professor but not in economics well. He was not on a professor of economics because there's no such thing professor of economics at the time economics didn't yet exist as a separate discipline. He was a professor of moral philosophy was this title for most career he would have described himself either as a philosopher or maybe more likely as a man of letters to eighteenth century term in the eighteenth century was a period of major social upheaval industrialization urbanization wars a a couple of revolutions even more revolts all to the new and energetic sounds of people like Arno Baca Rini Mozart Vivaldi and a whole a Lotta guys named Bach and Scotland of all places was be placed to be the real dominant imminent feature of his time in eighteenth century. Scotland was the onset of what we now know is the Scottish enlightenment this real intellectual cultural flourishing rushing that happened in what had previously been a pretty notoriously backward placed synonymous with poverty and barbarism and over the Christmas versus Miss Lifetime. There's this economic flourishing but along with it a cultural intellectual flourishing to the point where by the middle of the century no less a figure than voltaire bit rueful these said there's Scotland of all places that we look for idea of civilization.
The Biggest Bubble in World History?
"The rant. This week is continuation of last week. Okay what i've done here is. I've added kind of another chapter to the story story so last week. I talked to you about the way that wall street turns conservative investment vehicles into pure toxic waste is what i'm calling colleague and i mentioned two examples right. The investment trusts starting in the late nineteenth century ending in the nineteen twenty nine crash and the u._s. thirty year mortgage around the time of the financial crisis. You know maybe from around two thousand two through just say two thousand nine this week. I wanna talk a little bit about mutual funds in that same light okay and the story begins with something called the prudent prudent man ruling of eighteen thirty. We're getting in the weeds here folks. There's a lot of material here all right so the prudent man fiduciary the tradition in american well in american law and in american finance goes back couple of hundred years before the nineteen sixties when when and mutual funds kind of blew up in the way that i'm about to describe but there was this one particular decision in eighteen thirty in a case called harvard college versus amory sorry you can google that and and learn the details of that amac and talk about just mention the a quote from the decision that was made at that time so so here's the quote from a decision which outlined the prudent man rule okay so these are the words of judge samuel putnam in eighteen eighteen thirty quote all that can be required of a trustee is that he shall conduct himself faithfully and exercise a sound discretion and he is to observe how men of prudence discretion and intelligence manage their own affairs not in regard to speculation but in regard to the permanent ah position of their funds considering the probable income as well as the probable safety of the capital to be invested and quote. That's a lot of that's a lot of stuff there but the salient points are prudence discretion intelligence probable income probable safety of the capital title so this is what's known as the prudent man rule it still alive today though you'd probably be hard pressed to find very many true practitioners. The decision was made in a boston court. Okay it became the ruling principle of among others a whole class of money managers that will called the yankee trustees they were the living essence of the prudent man rule and they viewed the avoidance of losses as more important than achieving leaving gains right very conservative so in boston almost one hundred years after the prudent man ruling the first open ended mutual fund was created in nineteen twenty four and it was very much a product of the trustee culture right people who took care of trusts and were these the yankee trustees who used the man ruin invested very conservatively it was called the massachusetts investors trust and it was different because it didn't have a fixed the number of shares like all the funds before it it's sold shares to the public based on demand and investors could sell them right back to the company at whatever the current price was right. That's an open and mutual fund as we know today so as a product of the boston prudent man culture it was so conservatively run it came out in nineteen twenty four right just when the twenties were kinda getting getting cooking and it was seen as being out of step with the times sort of like warren buffett in nineteen ninety nine fine and you know it it did all kinds of things issued detailed quarterly reports listing all of its holdings and transactions and costs that was the exact opposite visit policy of at that time the the new investment trusts of the era which refused tell investors what was in them in turn out as we said last week to be toxic waste okay now you fast forward a little bit you go nineteen forty-three edward crosby johnson. The second is a lawyer who takes over the fidelity fund and fidelity right. The company knows fidelity. It's got like two and a half trillion of assets under management today well. He took over this boston. Mutual fund operation called fidelity fidelity at the time. They managed three million bucks. It was hardly anything that was even a small amount of that time in nineteen forty three now in his book the gogo years author author john brooks noted of that event quote the man who turned the fidelity organization over to him refuse to take nickel for it in keeping with the traditional boston austin concept of a trusteeship as a sacred charge rather than a vested interest to be bought and sold and quote brooks looks continued the notion of a mutual fund as a trust was deeply ingrained in state street sort of like wall street and boston deeply ingrained in stay street st st st at that time and would remain so until about nineteen fifty five in quote so the laws governing mutual funds and trust were different but until the the mid fifties according to brooks mutual funds felt like trusts right it wasn't seen as an opportunity to get rich speculating with other people's money far from it. It was a sacred charge so but johnson you know eventually. He left those old conservative ways behind. It's a necessary step in solving the toxic waste. He was a fan of jesse. Livermore johnson love jesse livermore. That's what got him interested in. The stock market to begin with of course livermore was the famous trader who made lost i i if i'm not mistaken for fortune speculating on stocks you know including in the twenties and eventually shot himself in the head nineteen forty in the cloakroom grooming sherry netherlands hotel in new york so with his one transaction of taking over the fidelity fund the old conservative way of the yankee trustee was kinda taken out back and shot in the head johnson grew the business by trading stocks okay now the dow rose about one hundred and fifty percent between nineteen forty-three the year he took over and nineteen fifty two the year johnson met a man named gerald cy who's a chinese fellow his last name aside t._s._a. Sign was born in shanghai china in nineteen. Twenty eight came to the u._s. In nineteen forty seven to go to college got a bachelor master's degree from boston in university and stuck around so these guys met nineteen fifty two and they were both inclined more towards market timing and rapid-fire trading in large positions positions you know no diversification long-term view neither had a trace of the prudent man in him johnson. Let size start his own fund in nineteen fifty seven the fidelity capital fund. I'm sorry i left outside went to work for johnson when they met okay and he started his own fund in nineteen fifty seven the fidelity eddie capital fund from nineteen fifty eight to nineteen sixty five the fund return two hundred ninety six percent according to john moguls forward to a book called super money by adam smith breath aka george goodman good book. You should read those those adam smith books along the way si- had to deal with the crash nineteen sixty two that year the dow jones average fell twenty seven percent and most of the downward move which was really from kind of january first until june twenty six of that year most of that downward and move happened in two months between april twenty fourth june twenty six with a drop of twenty two and a half percent so is short and sharp and kind of brutal john brooks. It's not how well the mutual fund industry weathered the storm quote the great rising giant of american finance the mutual fund industry had come out with honors cash chevy still conservatively managed in the prudent fiduciary tradition the funds had bought unbalancing the falling market of monday and had sold on balance and the rising market of thursday day thus besides protecting their shareholders from excessive risk. They had perhaps actually done something to stabilize the market and quote. Apparently there's one particularly if you look at the chart of that time there's one particular week those pretty brutal right around the time it bottomed out and i think that's what he's talking about. Their size fidelity capital fund was down by may of that year but he recovered and the fun rose sixty eight percent in the last three months of the year okay so a few years later nineteen sixty five big year for gerald outside that year has fun was up almost fifty percent of course the turnover one hundred twenty percent right so turnover of one hundred percent means. You held everything for a year. Basically like you sold every share you bought that year so he sold one hundred twenty percent implies and even shorter period right so one hundred percent turnover would be if you bought on january first sold on december thirty first every share and this one hundred twenty percent is like i don't i don't know maybe he sold it all by by november. Let's just say but really what what happened was. He's just constantly turning over daily by then by nineteen nineteen sixty-five gerald saone twenty percent of fidelity instead of picking is his successor to run fidelity et johnson picked his son ned johnson then who actually was a pretty good stock quicker to write in a bull market. Everybody looks good. Silence fidelity immediately started his own fund called the manhattan fund. It started with around two hundred forty seven million in assets the quote the biggest offering an investment company history end quote according to the new york times by mid sixty st eight. It had five hundred sixty million bucks in it. The fun didn't do so well that year though and si- sold his company to c._n._a. Financial corporation regime for thirty million. He got out of the top pretty smart a year later. It fell ninety percent that was closed <hes> so by december thirty thirty one thousand nine hundred seventy four near the bottom of brutal bear market. The manhattan fund had these single worst eight year track record of any existing fund at the time accumulative would've loss of seventy percent of all the capital that had gone into it while manhattan fund wasn't the only one there were other kind of gogo funds of the year. I remember one called. The enterprise fund was up like six hundred percent at the top and down by more than half or so at the bottom but cy was the most famous money manager of time he was really the first kind of celebrity financial major financial guy he would later lie to an institutional investor magazine interviewer when he said quote we had one bad year in nineteen sixty eight night been killed in the press ever since. I don't think it's fair dr and quote one bad year. How about the worst eight years ever at that time size gruden end there. He later worked for an insurance company that bought american can a tin can manufacturer and he turned that business into a financial services company called primerica. You may have heard of it primerica which he sold to a guy named sanford weill in nineteen eighty eight. It's the company that became came city group okay short short story there from primerica to citi group so you know size fingerprints are still on american finance today so that's the short version of how ed johnson and even more so gerald cy turn mutual funds you know this thing born out of the conservative a bit of boston yankee trustee culture into they turned it into toxic wastes into these rapid fire trading vehicles in in in the nineteen fifties and sixties so mutual funds began life in america as a conservatively managed sacred dacre charge of the prudent man the yankee trustee and they ended up as the new gogo mutual funds of gerald site irritating huge positions in highly speculative stocks trading in and out quickly and size manhattan fund was just the most famous and most disastrous example but there there were others said and you know they took these huge positions they weren't diversified and the brokers hated it but they couldn't not do it. Because <hes> you know cy was a big deal. He was the biggest thing in finance at that time that two hundred and forty seven million deal right that was the biggest deal is like fifteen percent of all the offerings that year in mutual fund so you know it was the brokers had to deal with them. They had to play along with these huge positions that he was taking even though they didn't like it because it looked dangerous to them <hes> and trade in out very quickly. It's just like the investment trust of the late nineteenth and early twentieth centuries and it's just like what they did into the thirty year mortgage with mortgage-backed securities and c._d._o.'s in the housing bubbles it housing bubble singular really have one of those wall street takes these conservative vehicles and turns them into toxic waste. Every year is a little bit different. Every bubble has its own characteristics characteristics and course today. What are we seeing today the very biggest bubble in the history of the world the global bond bubble label featuring at last count according to data compiled on bloomberg. They keep track of it. If you have bloomberg you can you can log in and get the latest chart art of the world's negative yielding debt. It's over sixteen trillion about sixteen point four trillion according to bloomberg it's insane. It can't end well. These things things never ever ever do the thing that worries me about this and of course i have to give credit where it's due wall street had less to do with this than central bank central banks did this when this on them of course they're clearly taking a page. I don't know did wall street. Take a page from them. Wall street was around before central banks right so <hes> at least before the federal reserve's early so i think we we have to say that <hes> the central banks take a page from wall street and turned you know the conservative -servative thing most of the negative yielding data sovereign debt and they've turned it into toxic waste guaranteed to lose you money if you hold it to maturity pretty insane insane. That's the rant for this week if you liked it or didn't like it or have a question or a comment right into feedback back at investor our dot com.
Former top figure skating coach accused of sexual abuse
"Gregory P. as one of four male skaters who is now come forward accusing Callahan of sexual abuse which he says he reported to U. S. figure skating in nineteen ninety nine Callahan at the time was considered a star coach seen here with Olympic gold medalist Tara Lipinski perhaps his most prized protege in a statement to CBS news U. S. figure skating said it does not comment on threatened or pending litigation and fully supports all victims of sexual abuse do you feel that the US figure skating intentionally covered it up I don't know if I'm calling the fears I I I I mean I think that all the years were wide open the most definitely push on the rug no question in a statement to CBS news a lawyer for Richard Callaghan said he has not received the lawsuit war Bennett made aware of Adam Smith's allegations major he also says Callahan to dis any wrongdoing making produced thank
Trump officials brief a divided Congress on escalating tensions with Iran
"Will there be armed conflict with Iran? I met Reese, seven hundred wwl w dot com. The men who had the state and defence departments have updated members of congress on what may or may not be a path toward war with Iran, secretary of state Mike Pompeo and Defense Secretary Patrick Shanahan briefing, the full house and Senate Tuesday on tense relations with Iran. Some members of congress left the meeting saying the US was handling Iranian aggression, Representative Adam Smith said the US strategy, so far isn't working her tail their forces. What our maximum pressure campaign done in terms of the Cheever objectives, I have not seen US intelligence now believes Iran is also behind the attacks against commercial vessels off the coast of the United Arab
Who Is The Neoliberal Shill Of The Year?
"Couple of weeks ago. I was talking to call him Mortimer. He's college student who runs a competition called the Neo liberal Schill of the year, the wet works. Is you go to the Twitter page at near liberal that's near liberal, but with zero for the O he's put together a bracket kind of like match madness. He's asking people to vote for who they think is the greatest neo-liberal Schill, and Colin told me that Stacy Vinik Smith and cod. If Garcia from the indicator they're going to be in the running, but cut if in Stacey didn't know. And I told khadafy Stacey that I'd love to speak with them in a studio. I didn't say why calling can you hear us? Yes. I can hear you. Colin what's going on can you reduce it south to us? So my name is Colin I am the co founder and executive director of the neo-liberal project. And when new liberalism, basically said was markets are not like an end markets are means to end, we want wanna harness markets to make everyone wealthier to make society more equitable and into make the world a better place, and you run a competition. What does that? So I run the neoliberal Schill bracket, which is an annual competition, which we highlight people that we believe contributed positively to economics and politics in the past year, Iran, the neoliberal Schill bracket. Yes, she'll sounds like not a compliment. She'll is a compliment show me. It's it's tongue-in-cheek. It's means that you shield for position that you stood up. And you said this is what I believe in. This thing is good. Okay. Side of right. And other words she'll for goodness show. That's exactly that's exactly what was Yoda like. Schill for the force iota was a show for the. Stacy I have some good news for you too. Okay. This year, you both been selected the apart the Neal show bracket, really. You both have I've mixed feelings. Committee deliberated Wong over it. And listen to hours of podcasts. And we look through your Twitter's read everything about you. Oh my gosh. So neoliberal is this really loaded word, what does even mean near liberals have been blamed for everything from lowering wages for US factory workers to killing turtles to some near liberalism, Maine's using markets and the government to make a soul, richer and half you to others. It's only made the rich wealthier at the expense of the rest of us. After the break. I'm going to explain what near liberalism, actually means and ask us, stay Cincotta. Neo-liberal Schillt's of the. Planet money indicator is made possible by CFP certified financial planner professionals who want you to know that certification makes a difference. A CFP professional is trained to create a holistic financial plan in your best interest. Learn more at let's make a plan dot org. Support also comes from ADT, America's trusted home security company can help protect you against break ins fires and carbon monoxide twenty four seven emergency response when you needed most more at ADT dot com to understand what neoliberalism means I caught up a historian. My name's Quinn's Loboda, and I teach history at Wellesley college Clin wrote a book about the birth of neoliberalism. He told me you can trace the word back to a handful of economics at one conference in France in nineteen thirty eight there was a gathering and Paris called the Walter Lippmann colloquium, and it was there that they that they took they chose this term neoliberalism to describe what they were doing which is trying to rethink liberalism. After the great depression, liberalism, not liberal in the way, we often talk about left wing liberals in the US, you know, people go online to own the libs, but classical liberalism, it's a collective where all those thinkers who like moving against the church after the nice on. David Hume, Adam Smith, David Ricardo. And and then associate those with political beliefs of free trade free markets are the rights individuals to see their self interests that kind of thing they organized a workshop in in Paris. And they all get got together there were intellectuals industrialists journalists politicians, what kind of things they believe in these imbedded groups of liberals there was a vision of an interconnected world economy that they felt needed to be kind of fought for and restored. They believed in the need for conditional free trade. They believed in the need for the free movement of capital over borders as a way to ensure kind of interdependence that would itself hopefully guarantee peace in the long run.
Trump renews national emergency threat to build border wall
"Top Democrats say President Trump would face legal and political challenges if you tried to declare a national emergency to build his border wall. House Armed Services committee chairman Adam Smith says the executive power has been used to build military facilities in Iraq and Afghanistan, but would likely be wide open to a court challenge for the wall. The president has said the White House has been talking to some steel company executives with a lot of people I formed my folks do. Say that will build a spill barrier. Still. It'll be made out of steel it'll be less aversive at it'll be stronger. Democrats object to the idea of a wall and not what it's made of.
"adam smith" Discussed on The Economist Radio
"Many more questions were raised at a profound level about how governments and central banks deal with modern economies. Would they take from Adam Smith because they learn from him or finger. Many things that policymakers today could take from Adam Smith. The first is to think of markets in that much more nuanced way to ask for market. Not as it were is failing in this traditional economic ways, but does it do what it's supposed to be doing is discharging public function? How exactly is it working? A second thing is that financial specialists in particular can look at what he says about the collapse of the air Bank in seventeen seventy two which arose because of enormous indebtedness arising from the Chi-ching of booze of exchange. And what says there is we need party walls to prevent five from becoming a general conflagration, and that pushes us towards more prudence in. Our regular system, but also directs is to think about specific channels by which feedback loops can become very, very aggressively pro-cyclical and lead to crashes of kind that we saw in two thousand eight. And finally, he lays out a way of thinking about crony-capitalism that's very, very strong and pungent weather thinking about excessive CEO pay today or the way in which the technology platforms can be potentially ripping off outsiders the benefit of insiders. And what about the resurgence of protectionism in America? I mean, Donald Trump missed often to be heard, banging the drum for some form of protectionism, not to sign that the world that Adam Smith foresaw the endless fear is in retreat. Now will it certainly assigned that much of what we took to the conventional wisdom of free trade is being questioned overturned by politicians and Smith Ecorse recognizes that we're gonna moments where people may wish to threaten a trade war in order to keep. Each other honest and committed to as it were open markets and open trade, but he's perfectly clear that a free trade increases equality and decreases economic value. And therefore protracted war in trade would be very, very damaging. Then in his view, as now I believe today, we must ask you what you think Adam Smith made Brexit. He was a great defender of the union between Scotland in England, seventeen seven, ineffectively a free trade area that it created a my right to Ashim he'd been marching for remain well. I don't think we can take it because the Christian wants Smith would think about you, the Brexit or the jaw, Beyonce's latest. Album, of course Apollo game. So we can't really make judgment, but it's certainly true that all of the major intellectuals of the eighteenth century Scottish enlightenment where in favor of union. And that's the point that Scottish nationalist today need to burn. But he's very care, the economic advantages. And he says that the union seventeen seven is a measure from which infinite good has been derived to this country, which means Scotland in relation to Brexit. It's really interesting. Smith was asked in seventeen seventy eight for his advice about the American colonies which were then in revolution and his solution was that the colonists should have representation in the British parliament. But he said, of course, that means that sovereignty must inevitably be transferred from here to the colonies every time. So he captures both the free trade worries of those who wish to preserve the single market and the sovereignty worries of the Brexit..
"adam smith" Discussed on The Economist Radio
"The. Welcome to the economist Oskar. I'm the Calvary head of economist radio this week in one hundred seventy fifth anniversary open future season. Clicking back to our beginning. The economists was founded to fight for free trade and open markets is the best way to happy healthy and wealthy societies. One of the first Greek champions of this cause was the eighteenth century Scottish economist and philosopher Adam Smith, the author of the wealth of nations popularized ideas. Listen. Now, part of everyday language from the invisible hand of the market to vested interests and the division of labor, his face Grace's, the back of the British twenty pound note the question for you while you listen, which American TV villain kept copy of the wealth of nations on bookshelf we've set out to discover more about the man behind the free market nostrums and the way. He shaped our understanding of how the world works is. One thing that Smith does triumphantly right? And that his, he puts markets at the center of political economy and as worries that market's failing to many people, fuel a surge in populism in the west. What does an author who died in seventeen ninety have to teach us in the twenty th century? His view was that if it was too big a gap between the very Richardson, the very poorest, it would be difficult for a nation to progress to understand the world that shaped him desiging desires. We traveled to the windy crags and gothic spires of Edinburgh. In the eighteenth century, the Scottish capital became known as the Athens of the north, attracting the greatest minds in literature. Philosophy and science Smith's work, drew him to the city throughout his life and eventually made his home here at panel house. If Adam Smith came back today, he would definitely recognize his house. The proportion of the house is as it was when he was here. It's a very traditional building. It's Edinburgh sandstone. All the stones in it are all different colors, their dot Brown and pink pale blue, some of them and we're approaching the front door. I think the only difference is that the lamp above it in his day would have had gas doesn't it's very safe. So we at addressee house. That's the McGregor dean of enr business school. She's about complete a ten year project. Bringing Adam Smith's house back to life. And we're coming into the ground floor of patio house. It all painted in block color might look like incredibly trendy, but this is how you painted a house in seventeen hundred. Harriet, what university bought this house and have refurbished it so that it can become once again, a place for economic debate and a place where people meet together to solve the big problems of the world just as they did back in the seventeen ninety s and that's what we hope for this house. The difficulty of getting to grips with Smith is the besides pan Moore. He left so little behind. He published only two books in his lifetime. Neo Kay is an economist at Heriot watt university. Smith was a perfectionist, which is why you left instructions to executives after his death to destroy his unfinished works nowadays, people regard as a tragedy, reflection of the mandate perfectionist. He was a caricature of an absent minded professor. He would walk from your house up to customs house, and people would see this strange person who rather ungainly would be talking in the air and just letting so he was a strange in awkward person, but you'll love the company is friends. One of the things about Edinburgh, those days at the time of the Scottish Lightman was it was a rich broth, an amazing flowering of talent, literally talent, philosophical talent, scientific talent, all coming together around a very small geographically bounded city. At number. One of the strange things about it was when he died, he his death wasn't particularly marked upon which was surprising. So in some senses, the first reaction was mooted, but then. His message to the world became clearer and much influential later and is now recognized as basically the father of more than economics. That grand title has haunted snits memory. But how much truth is there to it? Jessye Norman is a conservative member of parliament who writes about big figures in political thought. He's turned his hand to Adam Smith in a new biography..
"adam smith" Discussed on MyTalk 107.1
"Invisible hand it's adam smith right there well there are many designers i'm sorry not designers but a costume designers on on tv shows and on movie sets that are not using yes collections anymore so the stars have made it known that they won't wear those items anymore they're not asking for them yeah yeah so that's a good step in the right direction i think would we even recognize if we're watching the good fight and one of the attorneys is wearing a beautiful dnc suit would we even know anyway no but it's just a silent protest i guess to say no we don't want your softening dot okay yeah it's such a funny thing with with fashion because we praise some of the snarky commentators for saying things there is they have to have a personality into safe things true that line you know and definitely he has stepped over that many times i'm not saying i'm not defending him at all but it does make you think okay well what is acceptable what isn't acceptable where is the line are we were living in a world where we need more kindness anyway but when it comes to fashion sometimes it's brutal yes and don't you think that we've gotten to that point that we just going through like a you know we're going through the societal shift where there were certain behaviors that were praised and acceptable and now we're going you know what i'm sorry that's out of fashion now and either catch up or we're going to start going no you're the problem now yeah you always been we just have an identified exactly voice or we're just we're just done right we don't have to continue to be okay with certain things so just because we created a culture that said it's cool to be snarky all the time we'll now maybe we're not sometimes yes sometimes that's a little too much obviously nobody knows where he's coming from like white selena gomez is ugly really what is your standard of beauty because she's pretty adorable i'm sorry is i want to make a correction in in the first photo she was wearing a bunch of different red dresses they weren't necessarily dole chain gabbana but he just made a comment someone else said she looks like a pomeranian dog you're right and he's like ha ha ha it's true and she's so ugly just like why what he's also in the past feuded with miley cyrus so her brother actually did one of his shows and then you know miley cyrus made some comments and he just went after and said i don't want your brother i don't know what it was but he didn't want his brother modeling for him anymore at all this is really weird back and forth fighting thing that he got into with miley cyrus and that was over a year ago so it's just a history of oh yeah maybe that's social media oh guys we're gonna take a break when we come back orange is the new black the trailer came out and some fun news about little prince louise christening let's next laurie and julia company fiftyseven explores montreal with his stunning new girlfriend monique pendlebury age picture it looks like he's with his i'm embarrassed for him if something happens to casey nine and he thinks he's going to do that if i'm gone.
"adam smith" Discussed on KBOI 670AM
"Be in a state that politicians very concerned about if in fact you're not one of these protective businesses and so forth you might even realize the price increases right away because they are diffused as milton freeman and adam smith another site them or my being a purist no they're rationalists they do in reality because those prices are spread all throughout the economy so as friedman would say i take it if you work in the steel industry you feel the positive benefit of taxing other competitors outside the country but if you are purchasing let's say toasters all over the country you're not gonna feel it directly and you're not gonna feel it right away because you buy a thousand things a year one hundreds of things a year but it is harmful to the economy and empowers the central government because which businesses are going to be protected with tax increases on the american people which employees are sacrosanct which employs are not and what about the downstream employees the car dealers that might be affected or the people who sell appliances at sears who might be affected by the increased prices and who might be laid off are their jobs not as important are their families not as important what about job creation how do you create jobs but tariffs that is with taxes on services and goods that people wanna purchase at aren't produced in the united states can you give me any examples of this while mark.
"adam smith" Discussed on Acquired
"Yes it was adam smith and he had an idea for a company that we've we've actually talked about in the past on this show to sorta like bring social laments and personal information to email inboxes starting with outlook and he started a company called zap ni which is inbox backwards and applies to why with it ends up getting in and then immediately after the program he moves out to san francisco raises a bunch of money and they're kind of like the new hot startup and so what does all this have to do with dropbox so turns out that adam was the same fraternity and actually the little brother of ju halston at mit and so drew is back at mit he sees all this and he's like men my little brother in my fraternity just raise five million bucks out california i gotta get in on this i need to start a company he's super inspired you know he sees atoms kind of path you're y c says he has to do it to what turns out that drew had a company on the side at mit called accolade which was doing sat tutoring and so he applies to y combinator i believe is that winter with this sat prep company and you realize he he he had applied with the he applied once before dropbox had applied before drought accolade which actually is a pretty good name for a company just turns out it was not a good business.
"adam smith" Discussed on Historical Figures
"Move obstructions to free trade upon which the invisible hand of commerce would then guide the nation to prosperity he blamed the lack of economic progress in europe on the feudal system that had been in place for hundreds of years which he felt encouraged landowners to extend rather than improve their estates it was a system designed by those in power and designed to restrict socioeconomic mobility without the relics of feudalism more the restrictions of arbitrary taxes smith believed that a society could grow and prosper on the backs of its citizens and the division of labour less economic restriction would mean that people could pursue their own financial gain and as he had addressed in the theory of moral sentiments smith believed this self interest would drive the improvement of society as he famously quoted in the wealth of nations it is not from the benevolence of the butcher the brewer or the baker that we expect our dinner but from their regard to their own interest the wealth of nations laid the foundation in of what we call capitalism and essentially the american dream the thought that no matter how lowly your station your determination and drive can lead to prosperity as gordon geico put it in wall street greed as good precisely the wealth of nations proved to be one of the most influential tax of the enlightenment and cemented adam smith's legacy as one of history's greatest philosophers sadly he had little time to celebrate his book success with his greatest friend david hume who died on august 25th seventeen 76 only a few months after the wealth of nations was published and though hume's death left smith is the sole remaining iconic philosopher of the scottish enlightenment smith found little time for publishing new work success of the wealth of nations led to smith's appointment as commissioner of scottish customs on january 24th seventeen seventy eight a post that allowed him to set scottish policy on the taxation of foreign imports many assume smith would treat.
"adam smith" Discussed on Historical Figures
"Within the duke permission to relocate to paris but first they took a short summer tour in the south of france in the pierre unease with scott and mcdonald a well earned vacation and once it was over new was right back to work at the end of the summer smith and the duke departed for a twomonth stay in geneva and finally arrived in paris in december seventeen sixty five why geneva did smith have a secret love of chocolate swiss chocolate wouldn't actually be distributed abroad until the second half of the century so that's probably not withdrew them there but it was the home of voltaire who was perhaps the most famous philosopher of the era and one of smith's idols smith had a few sieve praise for voltaire's famous social satire adam smith said quote the ridicule and the sarcasm which he so plentifully bestowed upon fanatics inherit aches of all sects have enabled the understanding of men to bear the light of truth and prepare them for those inquiries to which every in belhadj mind ought to aspire he has done more for the benefit of mankind than those grave philosophers whose books are read by a few only the writings of voltaire are made to be read by all and quote smith admired voltaire so much that he even owned a bust of him at home getting to talk politics and philosophy with voltaire must have been like a kid who grew up with a poster of lebron james in his bedroom facing off against him in the nba it would have certainly been a very exciting moment in any case smith and voltaire were able to meet a handful of times during his visit to geneva during which they discussed issues such as the tense relationships developing between the geneva court and the local parliaments interstates smith and the duke of buccleuch left geneva in the late autumn of 17 sixty five and arrived in paris around christmas unlike into loose smith found ready access into paris's intellectual society david hume was currently serving as the british ambassador secretary and though he left.
"adam smith" Discussed on Historical Figures
"The first series was on rhetoric with the second to focus on jurisprudence these lecturers establish smith is a serious philosopher and gave him the intellectual credentials he needed these lecturers were heavily influenced by the philosophy of david hume and demonstrated smith's abilities to apply hume's philosophy to his own unique critique of the academic philosophy of the era the lectures were a huge hit the spy to saturation of public lectures across many fields smith's were a particularly hot ticket the audiences were large enough to net smith over hundred pounds the equivalent of a pro visceral salary unfortunately there are no surviving tax for any of smith's lectures although a set of students notes taken from one of smith's courses at glasgow university in seventeen sixty two are reliable guide on the content that they would have contained in smith lectures on rhetoric which is the art of persuasive speaking and writing he utilized a method inspired by you clearly in geometry to discuss the fundamentals of language he introduced his argument as an axiom or accepted truth then used precise analyses and illustrative examples to confirm its truth is essential argument proposed that language is at its most persuasive when it's used with propriety which is to say in a way that seems fitting to others as well as to oneself using language with propriety was a skill that would refine people's manners and morals as well as their powers of communication essentially rhetoric was a subject that had everything to do with how the human personality is formed and perfected rather than viewing language as a gift from god as many rhetorician said previously argued smith thought of it as a human invention that is fundamental to the species survival and happiness he presented this conjecture in the form of a fable about how aboriginal men and women had been encouraged to develop means of communication so they could articulate their mutual wants from an excerpt of the student notes from his class in seventeen 62 adam smith said quote two savages who met together and took up their dwelling in the same place would very soon endeavour to get signs to denote those objects which most frequently occurred and with which they were most concerned the cave they lodged in the tree from whence they got their food.
"adam smith" Discussed on Historical Figures
"That focuses on the origins and uses of money attending oxford gave smith the time and resources to pursue and develop his own ideals and the freedom to study various philosophies of his choice and no philosophy would have a greater impact on him than the work of david hume one of the most famous philosophers of the enlightenment period david hume was born in seventeen eleven twelve years before adam smith and had an eerily similar upbringing he too was raised by a widowed mother and his father had been connected to the law army and local government of berkshire in scotland he enrolled at edinburgh university at the remarkably young age of 12 to prepare for a career in law finding it boring he turned his studies toward philosophy and letters like smith hume spent time studying on his own in his native barrick scher and then in france where he laid the foundations for what he called the science of man in january seventeen thirty nine he published the first volume of his treatise of human nature with the second volume coming in november seventeen forty unfortunately for hume these texts were not met with great acclaim he famously noted that his treatise quote fell dead born from the press without reaching such distinction as even to excite a murmur among dezelic although the work wasn't a great success that still caused a bit of a stir for its flagrant religious scepticism to the point that francis hutchison smith's revered professor glasgow use the full power of his influence to block hume from the moral philosophy chair in seventeen 45 it seems that hume did learn a lesson from his first work finding much more success with his essays moral political and literary of 17 forty one and forty two they were designed to be much more accessible and written in a simpler style than his previous work smith's guardian james oswald who is also friends with whom was incredibly impressed with the essays he told a friend that quote nothing can be.
"adam smith" Discussed on Historical Figures
"Conomic issues adam smith's work helped spur economic changes that led to the extinction of the feudal system that had been in place for hundreds of years today will be examining the life of adam smith and how his experiences shaped a philosophy that founded the economic systems of much of the modern world not much is known about adam smith's compared to many famous historical figures he wasn't much of a correspondent and he even went so far as to burn most of his personal papers an unpublished works before he died we don't even know the date of his birth although we do know he was baptized on june 5th seventeen 2003 incur car day scotland while not as big as scotland's two main cities glasgow and edinburgh crooked a was an economically important port city smith's father also named adam was deeply involved with the local economy smith senior was born in sixteen sixty nine and was educated in law at aberdeen in edinburgh universities in seventeen fourteen he was appointed controller of customs and kirca day which involved the taxation of international goods trafficked through crooked as port in seventeen ten he married his first wife lilius drummond the daughter a wealthy and boro politician they had a son hugh who also worked in krikati customs until his death in seventeen forty nine or fifty sometime between seventeen sixteen and seventeen eighteen lilius died smith remarried in seventeen twenty wedding margaret douglas the daughter of a local lord who had been a member of the old scottish parliament before it was dissolved by england through the act of union in seventeen oh seven the active union capped a turbulent period of scottish politics that began after the glorious revolution in sixteen 88 the act unified england and scotland into the single state of great britain with the single parliament overseeing both established in westminster london england and scotland have a long turbulent history and not everyone was a fan of the merger in fact they're still an active independence movement within scotland today and relationships between the two nations can be tents the act of union did little to ease this tension between england and scotland.
"adam smith" Discussed on Historical Figures
"Mm as fans of history we're excited about a new podcast by the great courses plus called food a cultural culinary history this is not a park ass podcast but it is a fascinating look at food as a driving factor in history just search for food a cultural culinary history on apple podcast google play or wherever you get your podcasts today uh the icons we discuss on historical figures have huge legacies it's time to start yours turn your dreams into reality by creating a unique website on square space ted to square space dot com for a free trial and when you're ready to launch use the offer code historical to save ten percent off your first purchase of a website or domain hi i'm vanessa richardson non carter roy welcome to historical figures every wednesday we discuss a different persons lasting historical impact unique personality and impression on the world around them if you want to listen to any previous episodes you can find them on your favorite podcast directory and while you're there we'd really appreciate if you could leave a five star review our audio biographies cover big lives but we like to focus on little known facts today we're discussing adam smith known as the father of modern free market economics and famous for his books the theory of moral sentiments and the wealth of nations adam smith was one of the great philosophers of the enlightenment period an intellectual and philosophical movement which span the eighteenth century enlightenment philosophers were characterized by a rational and scientific approach to religious social political and eat.
"adam smith" Discussed on Make Me Smart with Kai and Molly
"Well what i gotta tobin read my adam smith all right uh so so here's the productivity thing and first of all wage growth right productivity is uh the measurement of widgets produced per hour work in the most simple basic terms and if we produce more widgets per hour worked if we are more productive than the company for which we work can sell more widgets make more money and then in theory in theory passed some of those along to its workers in the form of wage increases right so that is the most simple definition of why productivity so essential to economic growth because once you get wage growth then you have those uh wage earners who also double as consumers in their offduty time right they go out and buy stuff companies have to make stuff uh the proclivity cycle uh continues and economic growth is thus generated so so that's the the fundamental relationship of productivity and and wage growth now when you throw technology in there comes really really perplexing anna and if you're a regular listener in the marketplace you know that productivity in this konomi has been stuck for years and years and years and a lot of people believe that is because we've seen most of the gains in productivity that technology can give us right whether it's robotic uh car assembly plants whether it's smartphones what have you and the problem now is how do we break through to the next level of productivity growth where new technologies can help us actually increase worker wages as productivity increases it's a really really hard problem because the fundamental reason this economy is stuck is because we've maximized our productivity we can't figure out how to get more widgets out of workers without like you know beating them and that's that's a a serious problem and that's my answer while announcing ten tied directly t it as a great answer by the way uh lab athena tied directly to you into job replacement by machine oh yeah yeah it's it it is totally related.