Extra Credit Notes Exam 1

How to make a capitalistic society more humane and more meaningful.

Adam Smith: Lectured on logic, one of the greatest thinkers in economics.

1. Specialization: Tasks done by one person in a day can be done by multiple people in multiple areas. PROBLEM: A sense of meaning is not there in a smaller business

2. Consumer Capitalism: Luxury consumerism has a role played in society. It does more for the poor than societys ideas. Humans have higher needs outside of this.

3. How to treat the rich: Rich care about honor and respect. Govts should understand the rich and give them honor and ststus for them to help the poor

4. Educate Consumers: Wanting better quality and paying better prices. We have choices and being able to use them.