Saturday, January 15, 2011

Jeff Weintraub Opens a Debate on Adam Smith's Theory of Natural and Market Wages

Jeff Weintraub, a professor at the University of Pennsylvania and University of Haifa opens a discussion on a “theoretical conundrum” that two of his (undoubtedly bright) students (Daniel Albornoz and David Kanter) raised with him on Adam Smith’s “optimism” about the market raising real wages among the poor as an outcome of “progress towards opulence” (HERE).

Jeff Weintraub’s interesting statement on the conundrum raised by his students, is supported by the statement of Dan and David, and his own additional comments, plus a longer Postscript response based on David Ricardo’s views on the same issues (always a sure fire way to obfuscate Smith’s meaning, IMHO).

Jeff Weintraub’s post is far too long to re-post here, though I would like to, but copyright and politeness considerations inhibit me from doing so. I would urge Lost Legacy readers to follow the link to Jeff’s website and read the argument there.

I shall compose my reply and post it later today. In the meantime please read the link first.



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