金融與人文概要.ppt

1、,經(jīng)濟(jì)、金融與人文,薛 琦 世新大學(xué)講座教授,I. 亞當(dāng)斯密-被遺忘的古典智慧 原富(The Wealth of Nations): 探討國家財(cái)富的本質(zhì)及起源 道德情操論: 亞當(dāng)斯密的矛盾 ( Das Adam Smith Problem) II. 奎內(nèi)（ Franois Quesnay ）的金融觀 貨幣像人身體的血液 市場(chǎng)紀(jì)律的維護(hù)者金融的酷 (cruel and cool) 結(jié)語,大 綱,An Inquiry into the Nature and Causes of The Wealth of NationsBy Adam Smith 1723-1790,“The annual labo

2、ur of every nation is the fund which originally supplies it with all the necessaries and conveniences of life which it annually consumes”,V. Challenges Ahead,According 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

4、the 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 h

5、as 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 labo

6、ur 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

7、 each 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 Wealth of Nations - Liberalism,Laissez Faire “Every man, as long as he does not violate the laws of justice, is left p

8、erfectly 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, available to support further division of labour. Therefore, the government should not try to

9、 direct industry into export industry, or into agriculture, or in any particular direction.,The Wealth of Nations - Speculation,Those who are called philosophers or men of speculation, whose trade it is, not to do any thing, but to observe everything; and who, upon that account, are often capable of

10、 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 economy. Strong government was a great necessity, particularly to create and enforce laws

11、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 every other member thirdly erecting and maintaining certain public works and certain pub

12、lic institutions which it can never be for the interest of any individual, or small number of individuals”,Adam Smith,Government and the people should do what it does best: businessmen should not control the justice system; government should not try to run businesses. Monopolyis a great enemy to goo

13、d management.,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 be better administered, has more resources, and is slightly less dominated by

14、“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 that the government “represents” the people may not hold,W.A. Lewis, “The Stat

15、e of Development Theory”AER (March 1984), p.4.,According to Adam Smith,財(cái)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 Smiths economy grows to its full complement of riches as permitted by its l

16、aws and institutions, and there it rests.”,Arthur W. Lewis, 1984,Das Adam Smith Problem,Question raised by German Historical School How to reconcile altruism in Morality laid out vividly in Moral Sentiments of which the first chapter in on Sympathy, and self interest in Economics which is the core o

17、f Wealth of Nations. 道德情操論強(qiáng)調(diào)利他主義，尤其該書第一章一開始講的是論同情，而原富的核心是自利，這兩種對(duì)人性的描述顯然不一致。,Das Adam Smith Problem,Chronology of Smiths teaching and writing career 1723 born 1737 Glasgow, studying Greek, Latin, Mathematics and Morality 1940 Oxford, studying Philosophy 1948 Edinburgh, lecture 1750 Lecture note on Ec

18、onomics 1751 Glasgow, Professor of Logic; 1752 Professor of Morality 1759 Publishing MS 1761 2nd ed. of MS expanding the part on Politics, Economics and Jurisprudence 1763 Lecturing on “Law, Police, Revenue, and Arms.” 1764 Turing in European continent for 2 years and 8 months with Duke Buccleugh an

19、d starting to draft WN,Smith Problem (cont),1765.12-66.10 meeting F. Quesnay in Paris 3rd ed. MS, adding “considerations concerning the first formation of languages” More information on taxation in America, 4th ed MS 1776 Publication of WN 2nd ed. WN 5th ed. MS 3RD ed. WN 1786 adding Introduction an

20、d the final edition of WN Honorable principal of Glasgow U. intensive revision of MS, adding sec. III, Ch.3 1790 the final 6th ed. of MS,Let Smith Answer the Question,Smith has constantly and interweavingly revised MS and WN. “In the last paragraph of the present work, I said, that I should in anoth

21、er discourse endeavour to give an account of the general principles of law and government and in what concerns police, revenue, and arms, and whatever else is the subject of law. In the Enquiry I have partly executed this promise; at least so far as concerns police, revenue, and arms.” Advertisement

22、, MS. “在本書（第一版）的最後一段，我說，我會(huì)在其他地方對(duì)法律、政府的一般原則，或是有關(guān)警察、歲入、軍備，或其他有關(guān)法律的課題，另做說明。在原富一書中我已經(jīng)部分做到了這項(xiàng)承諾，至少在有關(guān)警察、歲入與軍備的部分?！?Let Smith Answer the Question,In Scotland then, moral philosophy covers ethnology, morality, jurisprudence, and politics including political economy. “What purpose isthe pursuit of wealth? w

23、hat are the advantages which we propose by that great purpose of human life which we call bettering our condition? To be observed, to be attended to, to be taken notice of with sympathy, complacency, and approbation ” 人具有創(chuàng)作的慾望與創(chuàng)新的本能，一個(gè)鐘錶匠的故事。 追求財(cái)富的目的為何？在我們?nèi)松繕?biāo)中所謂改善我們生活的目的為何？其實(shí)是引人注目，受到關(guān)切，贏得同情，一種自滿，或獲

24、得認(rèn)同。,Let Smith Answer the Question,“It is the vanity, not the ease, or the pleasure, which interests us. But vanity is always founded upon the belief of our being the object of attention and approbation”. “the eye is larger than the belly, The capacity of his stomach ( the land lord )bears no propor

25、tion to the immensity of his desires, and will receive no more than that of the meanest peasant.” 吸引著我們，讓我們著迷的其實(shí)是一種虛幻，不是身心的舒適與愉悅?？仗摮碜晕覀冏哉J(rèn)為是眾所矚目或認(rèn)同的對(duì)象。 眼睛比肚子大。富人的肚量跟他的慾望相比根本不成比例，而他吃的不會(huì)比最寒酸的農(nóng)人多。,Let Smith Answer the Question,“In what constitutes the real happiness of human life, they are in no respec

26、t inferiour to those who would seem so much above them. In ease of body and peace of mind, all the different ranks of life are nearly upon a level, and the beggar, who suns himself by the side of the highway, possesses that security which kings are fighting for.” 對(duì)於能帶給一個(gè)普通人生活樂趣的事物與程度，絕對(duì)不會(huì)比那些高高在上的人來的

27、遜色。在身體的舒適和心靈平靜上，所有不同階層的人幾乎都在同一水準(zhǔn)上。一個(gè)在馬路旁曬太陽的乞丐，他所享有的安全卻是國王要耗盡武力才能爭取到的。,Let Smith Answer the Question,“When Providence divided the earth among a few lordly masters,They are led by an invisible hand to make nearly the same distribution of the necessaries of life, which would have been made, had the ea

28、rth been divided into equal portions among all its inhabitants;” 當(dāng)上帝將土地分配給幾個(gè)地主，（地主得到佃農(nóng)耕作收成後最好的部分）佃農(nóng)分享其餘，這隻冥冥中看不見的手的安排竟然和將土地市場(chǎng)分配給農(nóng)民得到的結(jié)果一樣。,Let Smith Answer the Question,On government: “The man of system, is apt to be very wise in his own conceit, and is often so enamoured with the supposed beauty of

29、 his own ideal plan of government.” 國家當(dāng)權(quán)者很容易自認(rèn)英明，誇大其事，然後沈迷在他自己所規(guī)劃的國家發(fā)展理想的美鏡中。,The Theory of Moral Sentiments1759Chapter I. Of Sympathy,How selfish soever man many be supposed, there are evidently some principles in his nature, which interest him in the fortune of others, and render their happiness n

30、ecessary to him, though he derives nothing from it, expect the pleasure of seeing it. 不管一個(gè)人有多麼自私，都有一種很明顯的本性，那就是關(guān)心別人的幸福，把別人的快樂當(dāng)成自己的事，樂於看到它發(fā)生，此外別無所求。,前 言,自由社會(huì)，自由市場(chǎng)的基石正義的關(guān)心、道德的培養(yǎng)。 自由的危險(xiǎn)就在於忘卻道德的意義。 缺乏行動(dòng)的道德姿態(tài)無異是空口白話。 經(jīng)濟(jì)效率與道德操守是可以互相強(qiáng)化的。一個(gè)基於道德的商業(yè)模式才能夠結(jié)合最靈光的腦袋和最善良的心。,Part 1 財(cái)富 Wealth,在人類之間，使其成為社會(huì)的，非常重要的互動(dòng)，也

31、就是一種同情。 過度分工會(huì)使人變笨，註1而且人的特性之中比較高貴的部份會(huì)遭到遺忘。 市場(chǎng)力量雖然不具備人格特質(zhì)，卻不表示我們不是人。,註1：過度分工會(huì)使人變笨，這是斯密提出的觀點(diǎn)，見WN, V.I.f.50 781-5。,Part 1 財(cái)富 Wealth,即使市場(chǎng)機(jī)制是無私的，身為一個(gè)人，卻不能，也不可以毫無感情。感情其實(shí)是很重要的。 毫無限制地追求財(cái)富會(huì)造成腐化。 缺乏一個(gè)有限政府，商業(yè)制度將無法完美運(yùn)作，但一個(gè)社會(huì)若缺乏道德基礎(chǔ)，它也一樣無法妥善運(yùn)作。,Part 1 財(cái)富 Wealth,自私是當(dāng)你的需求和別人的法定權(quán)益發(fā)生衝突時(shí)，還自我中心地固守自己的需求。 自利是人在為自己設(shè)想的同時(shí)，別

32、人也可以獲益。註3 要?jiǎng)?chuàng)造財(cái)富，社會(huì)必須讓每一個(gè)個(gè)人享有充分的權(quán)益。,註3：見WN, IV.ii.11 456。,Part 1 財(cái)富 Wealth,財(cái)富多寡無關(guān)幸福。對(duì)於已經(jīng)超過窮苦境地的人來說，富人與窮人可能得到的幸福不會(huì)有什麼實(shí)質(zhì)差異。 心境平和可以決定人是否幸福。 貧富程度和他的幸福卻沒有絕對(duì)的因果關(guān)係,Part 1 財(cái)富 Wealth,窮人之子的寓言:(在追求名利之後），如今他已走到生命的終點(diǎn)，他的身體受到勞苦與病痛的磨損，心總因?yàn)閼浧疬^去的千般傷害與失望，而感到懊惱。註4 名利不過是瑣碎的小裝飾品，不會(huì)強(qiáng)過孩子的百寶箱。 （失業(yè)者）受傷的是他的自尊心。 坐在包廂看球與到酒吧看球，都是

33、一項(xiàng)理性選擇？人們隨時(shí)都在自我欺騙。,註4：斯密絕妙的寓言窮人之子見於TMS, IV.I.8 181。,Part 1 財(cái)富 Wealth,她比任何她擁有的東西都要優(yōu)越。(To own or to be) 心靈是自我做主的地方，光靠它就可以將天堂變成地獄，地獄化為天堂。註5 財(cái)富當(dāng)然值得人們?nèi)プ非?。但它並不值得用那麼激烈的熱情去追求，那樣的熱情會(huì)驅(qū)使我們?nèi)ミ`背審慎或正義的原則。註6,註5：彌爾頓有關(guān)天堂與地獄的詩是出自失樂園（Paradise Lost, 1674）, Book 1, Line 253。 註6：見TMS, III.3.31 149。,Part 1 財(cái)富 Wealth,假如財(cái)富成為

34、一個(gè)單一目標(biāo)，你就會(huì)看到，總是有人比你有錢。富人的愉悅，多的是虛榮心與優(yōu)越感，很少帶著全然的寧靜祥和。註7 企業(yè)在短期內(nèi)的高利潤，對(duì)消費(fèi)者而言，其實(shí)是好的。註8 （大企業(yè)）這個(gè)階層的人的終極利益，就是反對(duì)競爭。,註7：見TMS, III.3.31 150。 註8：斯密覺得弔詭的理論好玩。在斯密的“Essay on Astronomy”(EPS, IV.34, p.75)裡，他表示做學(xué)問的人自然會(huì)喜歡弔詭。據(jù)說斯密也喜歡用弔詭做為教學(xué)工具(Stewart, EPS, p.275)。,Part 2 轉(zhuǎn)型 Transformation,論仇恨：你無法同情我所遭遇的不幸，或無法分擔(dān)一些我的悲傷，那麼我

35、們將完全無法互相容忍。你該開始設(shè)想人的感覺，分享人的感情。 每一個(gè)人的心裡，都存在著被愛的欲望！ 同情彼此的感覺是生命的根本。,註9： 相對(duì)於霍布斯，斯密寫到，人天生有種取悅別人的原始欲望；除此之外，人還有種應(yīng)該獲得認(rèn)可的欲望，也就是，成為一個(gè)值得讚賞的對(duì)象(TMS, iii.2.6-7 116-117)。,Part 2 轉(zhuǎn)型 Transformation,我們希望看到別人的幸福，而道德也就是從這個(gè)基礎(chǔ)上建立起來的。註10 戀愛是一種想像的激情，也是有點(diǎn)可笑的，至少在外人眼裡看來。註11,註10：見TMS, I.I.1 7。 註11：詳見TMS, I.ii.2.1 32。,Part 3 道德

36、Virtue,我從來沒見過有什麼體系是完美的！而且有許多並不完美的體系卻運(yùn)作得相當(dāng)不錯(cuò)。 所謂同情，是對(duì)他人情感的一種了解。也就是同情別人的感覺。註13 我們的被動(dòng)情感雖然幾乎總是直接、下流（慶幸沒發(fā)生在我身上），而自私的，但我們的主動(dòng)原則往往很慷慨而高貴。,註13：斯密對(duì)同情的廣義定義可見於TMS, I.I.1.5 10。,Part 3 道德 Virtue,利潤不是目標(biāo)，而是為員工塑造工作意義之後的副產(chǎn)品。 心境平和也就是幸福之所繫。 當(dāng)你面對(duì)的是一個(gè)你知道會(huì)重視內(nèi)在自我形象的人，信任就會(huì)產(chǎn)生。註14 論物價(jià)資本，人力資本，社會(huì)資本（制度）：社會(huì)資本包括道德。註15,註14：見WN, IV.ii.6 454。 註15：見J.S. Coleman, “Social Capital in the Creation of Human Capital,” American Journal of Sociology, 94 (Supp1.), 1988, pp. s95-s120。,Part 3 道德 Virtue,幸福是來自內(nèi)在的成長與轉(zhuǎn)化，來自與他人的關(guān)係漸入佳境。 良知是一種心念能力，使人能夠判斷自己的行為，並運(yùn)用責(zé)任感自我調(diào)整，讓自己的行為符合道德標(biāo)準(zhǔn)。 理性幫助我們運(yùn)用自制力，理