20180421 Adam Smith Thread
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Continuing with the weekly update:
From Reference #1:
Page 1028
And thus ends “The Wealth of Nations”. I am undecided about where to proceed from here with Mr. Smith.
In the mean time:
Because this thread is based upon Adam Smith's writings, it is appropriate to comment upon “living” economics as it is unfolding “in real time” today in 2018. The saga of tariffs continues.
1. An article published by https://thefederalist.com showed up in the news feed, so I'm planning to consider it next week. The title is: “Why Free Trade, Not Tariffs, Actually Increases American Jobs”
The Associated Press in the United States ran a story which appeared in the local newspaper on April 28, 2018. The title is:
Begin Quotation:
Hope for trade visit to China: A delay in harmful tariffs
End Quotation
Authors are: Josh Boak and Christopher Rugaber
In a quarter of a news page, the authors report that the delegation of US representatives headed to China may be able to negotiate a delay in the implementation of tariffs that each side is threatening to impose on the other. The authors explain the position of the US team, and provide some insight into the position of the Chinese negotiators. The article quotes economic adviser Larry Kudlow:
Begin Quotation:
it would take time to persuade China to conform to fundamental trade rules ...
End Quotation
From: https://thefederalist.com/2018/04/18/fr ... ican-jobs/
The article includes a review of history of free trade arguments and practice over several centuries. The single sentence that I find troubling is:
Begin Quotation:
Put simply, prosperity results not from a “favorable balance of trade” or from “jobs”, but from productive activity.
End Quotation.
It seems to me that this single statement encapsulates the ivory tower aspect of thought engaged in by some. The scope of the word “prosperity” is not defined by the writer. For the individual who secures an income for self and family, a “job” is the most reliable source of prosperity. I am aware that what we recognize as a “job” is often an artificial construct designed by a “job creator” who assumes responsibility for the risks inherent in the capitalist enterprise. A “job” is also quite likely to be an example of Division of Labor upon which Capitalism thrives.
The title is: “Why Free Trade, Not Tariffs, Actually Increases American Jobs” The author is: David Weinberger
In an attempt to understand how new technology might help the United States to address the present dilemma, this thread will include discussion of “FAB” by Neil Gershenfeld. “FAB” was published in 2005, and in 2018 Dr. Gershenfeld has teamed with his brothers Alan and John to update “FAB” and to try to see into the future of “Personal Manufacturing”. The new book is entitled “Designing Reality”. It is my intention to flow directly from “FAB” to “Designing Reality”, although influences from the 2018 book may show up in this thread as the discussion at hand may inspire them.
Reference #4 Pages 67 through 76
Title: “The Present”
Section: Subtraction
This section covers a variety of tools which may be computer controlled to remove material.
Devices include:
sign cutter (page 67)
laser cutter (pages 68-72)
waterjet cutter (pages 72-74)
Numeric Controlled mills (74-76)
Begin quotation from page 76:
The unsung hero of all these cutting tools is their metrology, the measurement devices that let them monitor what they are actually doing.
End Quotation.
(th)