…yes, yeah. Yeah. So, so in fact, um, the, So there's an obvious fallacy here. Because the basic story, it goes back to Adam Smith, this guy who made up this story. Some people say it goes back to Aristotle. It's funny just reading. But Adam Smith, he's…

…Adam Smith, this guy who made up this story. Some people say it goes back to Aristotle. It's funny just reading. But Adam Smith, he's trying to imagine Native Americans sitting around, saying, OK, I'll tell you what. I'll give you five deeper pelts for…

…gold and silver becomes money, well, the taxes itself is a really interesting thing. Why? Because if the theory, the Adam Smith theory of money is correct, and money just sort of emerges because people find barter inconvenient, Taxes actually don't make…

…got the same thing. Curiously enough, to first get capital free market ideas across, they had to put that on hold because Adam Smith doesn't believe that. Adam Smith thinks everybody's actually kind of nice. I won't go into that. But we just want to be…

…enough, to first get capital free market ideas across, they had to put that on hold because Adam Smith doesn't believe that. Adam Smith thinks everybody's actually kind of nice. I won't go into that. But we just want to be the object of other people's…

…people now condemn as this sort of enlightenment thing which we need to get beyond. It can't be radical because guys like Adam Smith liked it. However, if you look at the real history of this, it really comes from Native Americans more than anything…

…out with his lectures on progress right around that time. He's the guy who basically invented the notion of progress. And then Adam Smith takes it up a year later. And before you know it, you have the stages of evolutionary development. But all of that…

…of a certain purity, of a certain denomination. So they're providing this sort of monitoring, policing role. This is the sort of Adam Smith economist version. And of course then they say, well, of course they cheat and do it wrong and debase the currency.…

…based on trust and are a form of mutual aid. So you have the idea that everything should go by the market. In fact, Adam Smith, as it turns out, took a lot of his ideas and even some of his best lines from medieval Persian sources. But in China,…

…Apparently Al-Ghazali, writing around 1100, has a needle factory where it takes 25 operations to make a needle. It's clear Adam Smith got it from there, probably through the French encyclopedists. What are some other examples? You never saw two dogs…

…through the French encyclopedists. What are some other examples? You never saw two dogs exchanging a bone. A famous line from Adam Smith comes from Tusi. Even Muhammad is supposed to have said in a hadith that it's impious to set prices because under…

…the use of cash as itself something moral. They were beginning to feel that credit was a problem. So you have people like Adam Smith saying, well, you know, it's not from the benevolence of the butcher or the baker that I expect my meal, but rather his…

…sociality itself, this mutual indebtedness, became criminalized. It was almost as if sociality became criminalized. I mean, and You refer to Adam Smith, but this seems something, I mean, this kind of as a theme seems to be born out of the Scottish…

…the birth of political economy, I don't really understand it. And also there's Mandeville, right? The Fable of the Bees. Right, which Smith hated, but he also reproduced bits of it, yes. Where does this come about from? I mean, is it... You know, in…

…talking with David Harvey on the lectures that he's given now for almost 40 years, I think, on capital. My name is Neil Smith. I teach in anthropology and geography at the City University of New York. And David's been a colleague of mine since he came…

…nineteenth-century political economy. This is mainly English, not solely English, but it's from Locke and Hobbes and Hume to of course Adam Smith and Ricardo and Malthus and a host of other figures like Stuart and minor figures. And he subjected all of…

…he didn't have the web and all those kinds of things, so he laboriously copied it up by hand, long passages from Adam Smith, and then wrote a commentary on them. Long passages from Stuart, again, long commentaries on them. In fact, what he was doing…

…learned from going through theories of surplus-value was how to deconstruct arguments this way. In fact, what he does is to say Adam Smith makes this argument, what is he missing out? What is the absence, what is the missing piece in this that really…

…the poor are going to get poorer. This was a very, very important finding for Marx because it actually refuted, of course, the Adam Smith notion that give us a free market economy and then that will redound to the benefit of all. Marx kind of says, you…

…the act of work. Widespread in the era of industrialisation was the labour theory of value. Initially, economists such as Adam Smith and David Ricardo advanced the labour theory of value, along with contemporary industrialists. This was also taken up with…

…third object, you have to find someone else, to yeh woh. So this guy, first chapter, he bashes the shit out of Adam Smith, ki kya chodiya tha Adam Smith. Economists don't know the history. They make scenarios from their mind and present those scenarios…

…someone else, to yeh woh. So this guy, first chapter, he bashes the shit out of Adam Smith, ki kya chodiya tha Adam Smith. Economists don't know the history. They make scenarios from their mind and present those scenarios in such a way that Daniel…

…anthropologist, we talk about the myth of barter. In a way, it's a pet peeve we have with economists because 200 years ago, Adam Smith wrote a story about the origins of money. He was speculating. He didn't know. But he thought, well, once upon a time,…

…was to some degree an imaginary, a utopian project. I mean, David Graeber mentioned this several times in this chapter. He says Adam Smith was essentially a utopian. And because there was so little money, actually. So they went back to money, said this is…

…interview today where somebody was writing also about the origins of capitalism. And he has said pretty much the same thing. He said like Adam Smith was a utopian. He was also a bit of a cap man because he had like, you know, he was working for an…

…we go. All right. Hello. Welcome back. We are today going to be discussing the chapter on the Middle Ages, which Andrew Smith, Williamsburg Regional Library, he or she, takes what is really a conventional topic, or so it seemed until the publication of…

…the other reading groups' issues bleed into this one. And then the other thing was when what Stas was saying, I know Adam Smith, of course, claimed that rentier was not a good thing, because a rentier didn't do anything for the economy. And that's what…

…didn't do anything for the economy. And that's what many people claim is going on now. that people have kind of left behind Adam Smith and said, yeah, I can just make money from nothing. And I wonder if that's certainly an issue that is being debated…

…Look away, look away. Again, another one of those nothing to see here kind of moments. And it goes back to Adam Smith, actually. There's a fascinating story that we all learn about where money is supposed to come from. Originally, there's barter and…

…or you have to create a sphere where people are just thinking about the stuff, which is kind of what economists were doing. Adam Smith and people like that came from a class where they thought you really should be able to walk into the butcher or the…

…go to the store and just buy things. For a long time, shops had to produce their own money. Now, so why does Adam Smith tell this story? Because if you think about it, it makes no sense, right? Here's this guy, here's his neighbor. He wants his…

…to create markets, particularly labor markets in this case. You can realize one of the great mysteries, if you believe the Adam Smith version of history of where money comes from, it's spontaneously created from below, was why did ancient kings want money…

…me yesterday, actually, that it's a very popular topic with lots of think tanks, and he's heard it a lot. Yeah, no, the Adam Smith Institute came out with an article a few weeks ago about how fantastic it is, yeah. Yeah, so there's a potential there. I…

…who were responsible for that. It was church law that handled those kind of economic questions in the Middle Ages. And even Adam Smith was a professor of moral philosophy. That's what he actually did for a living. Yeah. Yeah, and my point is also where,…

…babies. And both are envisioned in a certain way in political economy as I think like production, the image you have of it in Adam Smith and Ricardo Marx for that matter, kind of sitting in the back of their head is almost this sort of male fantasy of…

…course of your life. The remarkable thing is it's all based on, you know, first time you really hear the story is in Adam Smith and the Wealth of Nations, written in 1776. And he poses it entirely as speculation. He says, well, it must have gone like…

…It's not just made up of... And so, now, I think perhaps the wrong turn in economics, I wouldn't quite attribute to Adam Smith, since he's also the guy who wrote A Theory of Moral Sentiments. The wrong turn probably came from, you know, Walrus and…

…themselves. But they operate very differently because your reputation and honor is capital. And thus the theorists, and it turns out Adam Smith took a lot of his best lines from these medieval Islamic sources, from people like Ghazali and Tusi, like the…

…so that he adopts the terms that economists of his time used. And he's trying to demonstrate that even if you assume that Adam Smith, David Ricardo, all these other authors are right, and markets really do work the way he says they do, it's all free…

…we've had a story about why this happens that you read in your basic economic 101 textbook. It was actually invented by Adam Smith in 1776. The Wealth of Nations is the first time you see someone really making the argument in detail. And it continues…

…never found a single community where everyday transactions take the form of I'll give you 40 chickens for that cow. They don't exist. Adam Smith himself had no way to know this. He was just speculating. But now we do and they keep on telling the story.…

…other things that they like. Governments very quickly get in on the deal. And in fact, one interesting thing is by the Adam Smith account, if money just sort of emerges from the need to get over the inconveniences of barter, well, it would be very…

…market ideology. And this is a fascinating thing. I mean, a lot of people will be very annoyed to learn this. But Adam Smith actually got most of his best ideas and best lines from medieval Islam. like the pin factories. It actually comes from Al-Ghazali…

…with, you know, the four stages. Well, pastoralism is in there. The four stages of development, which I hear later is taken up by Adam Smith. And then all the stops take it up. Yeah, yeah. So this is it. This is like the smoking gun, where it comes…