By Robert E. Lane
--David O. Sears, Professor of Psychology and Political technology, UCLA
"Lane's deep wisdom of the resources of human happiness permits him to improve a robust critique of financial theory."
---Robert A. Dahl, Sterling Professor Emeritus of Political technological know-how, Yale University
Robert E. Lane is the Eugene Meyer Professor Emeritus of Political technological know-how at Yale collage. His prior courses comprise The lack of Happiness in industry Democracies (2000) and The industry event (1991).
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Extra resources for After the End of History: The Curious Fate of American Materialism
Smith 1978, pp. 521-22) It is remarkable, as pointed out by Bowley (1975), that Smith realized that the division of labor is the prime technical means of increasing 28 Economic theories in a non-Walrasian tradition productivity before he developed profit and capital theory fully in The wealth of nations, a first in the history of economics. It is important, therefore, to see his approach to capital from the point of view of his theory of the division of labor. Smith's theory of the division of labor itself is apparently not changed between the Glasgow lectures and The wealth of nations.
The market price will rise more or less above the natural price, according as either the greatness of the deficiency, or the wealth and wanton luxury of the competitors, happen to animate more or less the eagerness of the competition. Among competitors of equal wealth and luxury the same deficiency will generally occasion a more or less eager competition, according as the acquisition of the commodity happens to be of more or less important to them.. . When the quantity brought to market exceeds the effectual demand, .
The capital employed in agriculture, therefore, not only puts into motion a greater quantity of productive labour than any equal capital employed in manufactures, but in proportion too to the quantity of productive labour which it employs, it adds a much greater value to the annual produce of the land and labour of the country, to the real wealth and revenue of its inhabitants. Of all the ways in which a capital can be employed, it is by far the most advantageous to the society. (Smith 1976, pp.