Philosophy - Lecture 1 - Ch1. - The Observers and the Medlers

A metaphor for the unseen forces that move the free market

invisible hand

The rich, he says, are ‘led by an invisible hand’ to make nearly the same distribution of the necessaries of life as they would have done if the earth had been divided so that everyone received roughly the same amount

The theory of moral sentiments (1759)

The billionaire spends billions trying to get to Mars, but that
provides work for builders, engineers, etc. The billionaire’s money ‘___’ and helps the economy overall.

trickle-down economics

Belief in the existence of a god or gods, specifically of a creator who intervenes in the universe. Moved from
a belief in regular divine intervention (tearing up the floorboards) to a view that God’s role was exhausted in setting up the whole process

Theism

belief in the existence of a supreme being,
specifically of a creator who does not intervene in the universe (The great watchmaker)

Deism

an outline of interdependent systems that flow across
different parts of the economy in the way that blood, for instance, flows through the arteries of the body. It shows how the products of agriculture would be distributed among the several classes of the community and how payments would flow from
one part of a ‘healthy’ economy to another

Quesnays table

remember: loss to the fishery as a result of
the production of some extra tins of
paint by the factory is bigger than the
gain to the factory from producing and
selling those tins.

Fish and paint