1. History of economic thought

2. οἴκος

3. History of economic thought οἴκος (oikos)

4. History of economic thought οἴκος (oikos) = house

5. History of economic thought οἴκος (oikos) = household

6. History of economic thought οἴκος (oikos) = household Οἰκονομία

7. History of economic thought οἴκος (oikos) = household Οἰκονομία (oikonomia)

8. History of economic thought οἴκος (oikos) = household Οἰκονομία (oikonomia) = household management

9. Adam Smith (1723 – 1790)

10. Professor of Logic, moral philosophy

11. Adam Smith (1723 – 1790) Professor of Logic, moral philosophy Theory of Moral Sentiments (1859)

12. Adam Smith (1723 – 1790) Professor of Logic, moral philosophy Theory of Moral Sentiments (1859) Sympathy

13. Adam Smith (1723 – 1790) Professor of Logic, moral philosophy Theory of Moral Sentiments (1859) Sympathy Self-interest

14. Adam Smith (1723 – 1790) Professor of Logic, moral philosophy Theory of Moral Sentiments (1859) Sympathy Self-interest Market (competition)

15. Smith, “invisible hand” By preferring the support of domestic to that of foreign industry, he intends only his own security; and by directing that industry in such a manner as its produce may be of the greatest value, he intends only his own gain, and he is in this, as in many other cases, led by an invisible hand to promote an end which was no part of his intention. Nor is it always the worse for the society that it was not part of it. By pursuing his own interest he frequently promotes that of the society more effectually than when he really intends to promote it. I have never known much good done by those who affected to trade for the public good. It is an affectation, indeed, not very common among merchants, and very few words need be employed in dissuading them from it.

16. Smith, “invisible hand” By preferring the support of domestic to that of foreign industry, he intends only his own security; and by directing that industry in such a manner as its produce may be of the greatest value, he intends only his own gain, and he is in this, as in many other cases, led by an invisible hand to promote an end which was no part of his intention. Nor is it always the worse for the society that it was not part of it. By pursuing his own interest he frequently promotes that of the society more effectually than when he really intends to promote it. I have never known much good done by those who affected to trade for the public good. It is an affectation, indeed, not very common among merchants, and very few words need be employed in dissuading them from it.

17. Smith, “invisible hand” By preferring the support of domestic to that of foreign industry, he intends only his own security; and by directing that industry in such a manner as its produce may be of the greatest value, he intends only his own gain, and he is in this, as in many other cases, led by an invisible hand to promote an end which was no part of his intention. Nor is it always the worse for the society that it was not part of it. By pursuing his own interest he frequently promotes that of the society more effectually than when he really intends to promote it. I have never known much good done by those who affected to trade for the public good. It is an affectation, indeed, not very common among merchants, and very few words need be employed in dissuading them from it.

18. Adam Smith (1723 – 1790) Professor of Logic, moral philosophy Theory of Moral Sentiments (1859) Sympathy Self-interest Market (competition) Division of labor

19. Increase in productive powers (how many pins can a worker produce)

20. Division of labor Increase in productive powers (how many pins can a worker produce) Pin-making divided into 18 distinct operations

21. Division of labor Increase of dexterity

22. Division of labor Increase of dexterity Time saving

23. Division of labor Increase of dexterity Time saving Invention of machines

24. therefore but indifferently accommodated with the necessary ma chinery, they could, when they exerted themselves, make a- mong them about twelve pounds of pins in a day. There are in a pound upwards of four thousand pins of a mid dling size. Those ten persons, therefore, could make among them upwards of forty eight thousand pins in a day. Each person, therefore, making a tenth part of forty eight thousand pins might be considered as making four thousand eight hundred pins in a day. But if they had all wrought separately and independently, and wit hout any of them having been educated to this peculiar busi- ness, they certainly could not each of them have made twenty, pe rhaps not one pin in a day; that is certainly, not the two hund- red and fortieth, perhaps not the four thousand eight hundredth part of what they are at present capable of performing, in conse- quence of a proper division and combination of their different op- erations.

25. therefore but indifferently accommodated with the necessary machin ery, they could, when they exerted themselves, make a- mong them about twelve pounds of pins in a day. There are in a pound upwards of four thousand pins of a middlin g size. Those ten persons, therefore, could make among them upward s of forty eight thousand pins in a day. Each person, therefore, making a tenth part of forty eight thousand pins might be considered as making four thousand eight hundred pins in a day. But if they had all wrought separately and independently, and withou t any of them having been educated to this peculiar busi- ness, they certainly could not each of them have made twenty, perha ps not one pin in a day; that is certainly, not the two hund- red and fortieth, perhaps not the four thousand eight hundredth part of what they are at present capable of performing, in conse- quence of a proper division and combination of their different op- erations.

26. Adam Smith (1723 – 1790) System of perfect liberty

27. Adam Smith (1723 – 1790) System of perfect liberty, hampered by

28. Adam Smith (1723 – 1790) System of perfect liberty, hampered by Monopolies

29. Adam Smith (1723 – 1790) System of perfect liberty, hampered by Monopolies Guilds

30. Adam Smith (1723 – 1790) System of perfect liberty, hampered by Monopolies Guilds Import dues and taxes

31. Adam Smith (1723 – 1790) Role of the government

32. Adam Smith (1723 – 1790) Role of the government Defense

33. Adam Smith (1723 – 1790) Role of the government Defense Justice

34. Adam Smith (1723 – 1790) Role of the government Defense Justice Infrastructure

35. Adam Smith (1723 – 1790) Role of the government Defense Justice Infrastructure Education

36. World market

37. North American colonies

38. World market North American colonies Slavery