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1、古典經濟學家的智慧薛 琦台灣證券交易所董事長I. 亞當斯密-被遺忘的古典智慧 原富(The Wealth of Nations): 探討國家財富的本質 及起源 道德情操論: 亞當斯密的矛盾 ( Das Adam Smith Problem) II. 奎內（ Franois Quesnay ）的金融觀 貨幣像人身體的血液市場紀律的維護者金融的酷 (cruel and cool) III.結語大 綱 An Inquiry into the Nature and Causes of The Wealth of Nations By Adam Smith 1723-1790“The annual la
2、bour of every nation is the fund which originally supplies it with all the necessaries and conveniences of life which it annually consumes”V. Challenges AheadAccording to The Wealth of Nations Wealth is not a fixed quantity - wealth is a function of labor productivity and therefore of people, and of
3、 the incentives which encourage them to raise productivity. Even today, some people still mistakenly believe that the worlds wealth is a fixed quantity, and where one grows richer and another grows poorer.Adam Smith Since mercantilists and colonialists believed that wealth was limited, they wanted t
4、he government to keep most of it. They established government-authorized monopolies, controlled by their friends and supporter, using the police to stop anyone from competing with the monopolies.The Wealth of Nations Specialization and Division of Labor Nations have become wealthy because labour has
5、 become more productive. Labour is more productive because it is more specialized; tasks have been divided and subdivided until anyone can easily learn to do any job and do it well. The division of labor saves time that is lost “in passing from one species of work to another.” The division of labour
6、 leads to invention, and it makes it easier for a worker to learn and become skilled at the job.The Wealth of Nations - Market and Capital Stock The extent of the division of labour is limited by the extent of the market. The more people there are involved in mutual exchange, the more specialized ea
7、ch can be. The accumulation of capital (stock) is also relevant - “Labour can be more and more subdivided in proportion only as stock is previously more and more accumulated” The amount of capital in a country determines the number of “useful and productive” labourers.The Wealth of Nations - Liberal
8、ismLaissez Faire “Every man, as long as he does not violate the laws of justice, is left perfectly free to pursue his own interest his own way” A system of natural liberty: a nations wealth is increased by whatever industry is most profitable, i.e. whatever industry produces the greatest surplus, av
9、ailable to support further division of labour. Therefore, the government should not try to direct industry into export industry, or into agriculture, or in any particular direction.The Wealth of Nations - SpeculationThose who are called philosophers or men of speculation, whose trade it is, not to d
10、o any thing, but to observe everything; and who, upon that account, are often capable of combining together the powers of the most distant and dissimilar objects. According to Adam Smith Self-interest is an unchangeable part of human nature, so it is wise to let personal incentives build a richer ec
11、onomy. Strong government was a great necessity, particularly to create and enforce laws and to ensure justice.Adam Smith“The sovereign has only three duties: first protecting the society from violence and invasion secondly protecting every member of the society from the injustice or oppression of ev
12、ery other member thirdly erecting and maintaining certain public works and certain public institutions which it can never be for the interest of any individual, or small number of individuals”Adam SmithGovernment and the people should do what it does best: businessmen should not control thejustice s
13、ystem; government should not try to runbusinesses.Monopolyis a great enemy to goodmanagement.Regarding Government The market works less efficiently in the developing economy than in the developed economy. The market gives better service in rich than in poor countries, so also the government tends to
14、 be better administered, has more resources, and is slightly less dominated by “politics” and personal advantage in decision making. The imperfect solution of the market could be better than that of the government. The government needs to be modernized just as much as the market. Also the assumption
15、 that the government “represents” the people may not holdW.A. Lewis, “The State of Development Theory”AER (March 1984), p.4.According to Adam Smith財富分配 “No society can surely be flourishing and happy, of which the far greater part of the members are poor and miserable.”According to Adam Smith“Adam S
16、miths economy grows to its full complement of riches as permitted by its laws and institutions, and there it rests.”Arthur W. Lewis, 1984Wages are not high in a stationary country however rich. China has been long one of the richest countries in the world. It seems, however, to have been long stationary. Macro Polo, who visited it
