Why Adam Smith hated rent | @MarianaMazzucato
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- Опубліковано 21 лис 2023
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If Adam Smith could hear the anti-democracy, market fundamentalist views being espoused by the likes of the Adam Smith Institute today he would be horrified.
I've been to his grave in Edinburgh. The Adam Smith Society even paid /bribed someone so they could put up a plinth with a quotation, trying to make him look like a modern neoliberal.
So many people misunderstand Adam Smith and particularly his term "the invisible hand of the market". Smith used this term to argue against international trade and suggested "the invisible hand' would prompt English business men to invest in their own nation and therefore save England from cheap goods flooding into the country and thus save Englands economy from global competition. Smiths words have since been twisted to imply the necessity of international trade for which he actually argued against. In _Wealth Of Nations,_ Smith even wrote about the horrors of division of labor and how it turned workers into mindless machines that are an affront to basic human decency. So many people cite Smiths _Wealth Of Nations_ without having read it or understanding that it's actually a critique of modern neoliberalism and the proliferating of free trade agreements like NAFTA or the TTP. Smith is probably the most misunderstood economic writer in history. His name and work are used as justifications for things he was vehemently opposed to.
Either Smith or Marx definitely for most misunderstood economist
Really? So David Graeber too misunderstood Smith?
rent is definitely an inhibitor. need more people with easier access to creating innovative business to have a great economy.
The only thing she got from Adam Smith is his apple
Mortgage is renting to own.
Get over it.
Truth.
Property tax is renting to never own.
More truth.
Deal with it.
You're cringe. Deal with it.
I believe in capitalism over some of the other systems that were tried, but we need to make sure people have affordable housing and food so they can actually bring value and be creative. If only a small percent can live well, than we are no different than India.
There is a portion in the Wealth of Nations that describes the difference between the motives of a merchant versus a “country gentleman” in terms of how they handle their capital, and I believe by extension it was also applicable to rent. Merchant is suited to reinvest the “rent” into capital while the “country gentleman” was more inclined to spend it on expense.
I’m not an economist, but I wouldn’t say he was against rent, but looked at it as implied with how it built personal capital. As a landlord, I take from Smith’s principles that one should not use rent and increases or leveling of capital as hoarding, but to use it “circularly”, to build continuously.
Adam Smith actually hated capitalism, he just explained that it worked better than other systems even though it has many problems
You mean he would hate neo capitalism we live in today. Capitalism he understands creates economy with wealth better distributed than we have today..
It should be law that all UA-cam clips must begin with hair like this
Omg!!!! For a second I thought she was about to transform into a banshee or something! Omg SOMEONE Must make a GIF outta that ASAP!!!!! The first 2 seconds are gold! And then the enthusiasm on her face while wipping her hair is the cherry on top!
She's an excellent presenter and I love, love, LOVE her charisma. I can tell by the way you type that you are far removed from the same level of education as her.
I didn't know he was Scottish. He was born in 1723 Kirkcaldy ( Scotland) near Edinburgh. Past Away in 1790 ... his grave is in Edinburgh - Canongate Kirk..Going to visit him one day ... Great Man. Its crazy how far Scotland drifted away from his teaching... We have tge highiest income taxes in Britain 😂 high level of national debt and almost half of the population living in rental properties 🙈
Against rent seekers, Adam Smith was a Bitcoiner!
I'm pretty sure he was not a fan of any ponzi schemes.
I wouldn't say bitcoiner but if you want to learn more about what smith thinks about money read his chapter on disgresion on silver in wealth of nations
pretty sure there is a huge amount of rent seeking going on with bitcoin
Rent is bad! But the monopoly of force, ruling and regulating the market, that is wonderful!😂
CharGPT disagrees;
The interpretation that Adam Smith meant "free from rent" when referring to a "free" market is not accurate. While Smith did discuss various economic concepts, his emphasis on a "free" market was more about the absence of excessive government intervention and the belief that individuals pursuing their self-interest would contribute to overall economic well-being. The concept of a free market, as presented by Smith, encompasses competition, voluntary exchanges, and the idea of the invisible hand guiding economic forces. Rent, in the context of his writings, was not a central focus of his idea of a free market.
That's why we must fight the new AI regulations. They are rent seeking schemes.
LOL, nope.
What does she mean about rent exactlyy? Im from germany and when i want to translate it there are 5 different meanings.
Miete
Pacht
Erbgeld
Pachtzins
Mietzins
What is it exactly?
Adam Smith referred to "rent" as the income derived from the ownership of land and other natural resources. In his seminal work, "The Wealth of Nations," Smith described rent as the return to landlords for the use of the land they own. He distinguished rent from wages (the return to labor) and profit (the return to capital). According to Smith, rent arises from the productivity of the land, which provides value to those who use it, enabling landlords to charge for its use.