The Father of the Economics During the 18th century, when Adam Smith lived, the most important social, moral, and technological presumptions had matured.
These assumptions have helped to shape the market system as the publicly accepted and entrenched economic lifestyle, and the basis for cultural and even ethical relationships.
A year later he became a professor of moral philosophy. In his opinion, it was the happiest and the most useful stage of his life (Ross).
His moral philosophy lectures supplemented sociology and economic issues.
Smith was intimately familiar with the counterargument that higher wages for laborers would translate into a new taste for luxury, leading to dissatisfaction with previous conditions, as well as the claim that high wages would tend to sap industriousness and incentivize laziness.
But Smith rejected such claims on the grounds of human flourishing: Is this improvement in the circumstances of the lower ranks of the people to be regarded as an advantage or as an inconveniency to the society?
The reference comes in the midst of Smith's chapter on the wages of labor in the first book of Wealth of Nations.
Its specific context is Smith's intervention in a current debate over the relative desirability of "improvement in the circumstances of the lower ranks of the people." Not everyone welcomed the prospect of improvement in the condition of the poor.
t is difficult to imagine two things more different, on their face, than public policy and political philosophy. Yet for all these differences, the divorce of political philosophy from public policy would be fatal to each.
Check back in every Tuesday for additional essays in the series. One responds to the challenges of the moment; the other to challenges that have been with us from the earliest times.