Essays on Adam Smith

Abstract

The paper focuses on the development of taxation based on contributions of  Ricardo, Smith and Petty. They both developed the taxation idea from Locke’s theory of a single tax on rent. Their major contribution was on the incident tax, which demonstrates value system, power relations and group interests on taxation. Finally, the paper analyzes how taxation influences economic decision in the 21st century.

Introduction

The development of political economy in the 17th century was characterized by an effort to flee from Locke’s theorem that all taxes would eventually fall on the rent of land as well as his Continue reading...

Hallstead, Ted and Cobb, Clifford, “The Need for New Measurements of Progress,” in Mander, J., & Goldsmith, E. (1996). The case against the global economy: And for a turn toward the local. San Francisco: Sierra Club Books.
Short synopsis of the article: The authors seek to discover why people and politicians are still focused on the obsolete economic measurement, GDP. Beginning by discussing the economic boom of the 1990s, Hallstead and Clifford explain that while Allen Greenspan was assuring the media that the economy was in great shape many Americans were wondering why they were working longer hours with seemingly Continue reading...

Adam Smith, David Ricardo and Thomas Robert Malthus

Abstract
In this paper, we have combined the classical analysis of development and growth with that of luxury consumption. We have also focused on the role played by landlords and labors in the classical economic theories. We have also discussed the other classical economic factors like property rights and contractual agreements in determining fresh investments in agriculture and consumption/growth patterns. Further, we discussed the classical consumption and growth theory of Smith and how that is different from that of the more neo-classical economists like Ricardo and Malthus. The paper also discussed the supply based economic growth model of Ricardo Continue reading...

Synopsis

Features, facts and highlights
The first issue the author emphasizes on is the connection between poverty and inequality. Adam Smith was of the view that poverty cannot be divorced from inequality. The author suggests that this could be the missing link in formulating policies that effectively eradicate poverty. The author also mentions the idea of ‘prodigals and projectors’ who Jeremy Bentham dismissed as innovators. Adam Smith warned that since these people are often left to their own devices, they could disrupt market operations. The author avers that such persons could have led to the global financial crisis.
The second Continue reading...

Introduction

Manderville argues that “private vices” (or self-interest) leads to “publick benefits” (such as social structures like language, law and markets). This is because thinkers like Manderville posit that the best approach for running a society is to create and maintain a Capitalist structure where all members commercialize their effort and make the best of it in terms of profiting from their activities. This paper posits that the benefit of such a commercial society is that it enables people to turn their selfish and unsociable passion into good and positive things. The paper will evaluate this thesis in the light Continue reading...

- If Adam Smith were faced with the problem of procuring donor organs, he might suggest that we would be better off relying on donors’ self-interest rather than their benevolence, and advocate a market solution to distributing this scarce resource. Karl Polanyi, however, might argue that society would be harmed by allowing the market to displace the gift relationships created by voluntary donation. Although both died before successful organ transplantation was possible, use what you have learned of their theories to state the position you think each would take on whether and why organ donations should be organized on Continue reading...

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Essay 1

The Diamond-Water Paradox first appeared in Adam Smith’s An Inquiry into the Nature and Causes of the Wealth of Nations (30) to illustrate the irony of value as seen by consumers and traders. It since became a classic analogical centerpiece among subsequent economists to explain their respective theories of value. This essay gives a snapshot of Smith’s original description of the paradox, followed by David Ricardo and Eugen von Bohm-Bawerk.

Adam Smith’s ‘Paradox of Value

So goes the ‘Diamond-Water Paradox’: “Nothing is more useful than water; but will purchase scarce anything; scarce anything can be Continue reading...

Introduction

Economic perspective and economic laws are some of the important ones that associated with different economies of the world accordingly (Casson, 1990). As per the sayings of Alfred Marshall and Adam Smith, the law of economics revolves specifically around the level of economic perspective of consuming and utilizing the money. In fact the core sayings of these individuals are in the favor of effectiveness and shows that economies should utilize their facts and the consumption and savings values in a perfect and organized manner (Casson, 2006).
There are number of authors of economics which has had presented different ideas Continue reading...

The theory of moral sentiments and the poem ‘A Mouse’ talk about the sentiments of human beings. The two writers have different views on human feelings. In the theory of moral sentiments, Smith believes that other people's sentiments drive a person's sentiments. According to him, human beings are driven with sympathy. They tend to be touched by others sad moments rather than the happy moments (Zhang, 33). When someone is sick people will feel sympathy towards that person but when they are in their happy moments, other people are most likely not to share in with the happiness. People Continue reading...

Summary

The book, “Adam Smith in Beijing,” was written by Giovanni Arrighi. In his work, Giovanni portrays how China has extraordinarily risen over the years hence inviting the reassessment of the concept of “The Wealth of Nations”. In the eighteenth century, Adam Smith made predictions that eventually there would be equalization of power existing between the West and the territories conquered by the West. The book vividly explains the growth of capitalism from the days of Iberian Peninsula, Genoa, Venice, the Dutch Empire, the Spanish empire to today’s United States. Thus, the book provides a detailed explanation of the Continue reading...

According to the Division of Labour as proposed by Adam Smith, growth is rooted in the constantly increasing division of labor. This thought relates predominantly to the interest of the labor power, precisely with relation to the breaking down of big jobs into several unimportant components. In such a scenario, every single worker becomes a specialist in a secluded vicinity of production, consequently rising his competence. The reality that it is not necessary for laborers to toggle responsibilities during the course of the day additionally saves more time and money. Interestingly, this was what exactly permitted many factories in Continue reading...

Introduction

History of Economic Thought is a subject which is has a critical account of development of all emerging economic ideas, seeking for their originsand, in most cases, trying to figure out their results.The history of economic thought is concerned with thinkers and theoriesin the fields of political economy as well as general economics from the far past ranging to the immediate present (Roll 1996, p23).The broad subject of economics was considered as a distinct discipline until the 19thcentury.
For instance, the ancient Greek philosopher named Aristotle, in one of his works on ethics and politics thought about the ‘ Continue reading...

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David Hume one of central figures of Scottish Enlightenment said “The Christian religion not only was at first attended with miracles, but even at this day cannot be believed by any reasonable person without one.” This is an ample evidence of his rational and logical thinking. He always argued in favour of proof in order to establish the truth – making him one of the strongest rationalists and also establishing himself as an empiricist. Continue reading...

Invisible hand concept

A great economist, philosopher, scholar and researcher Adam Smith passed this world a few centuries ago and left us quite controversial matters to be discussed and clarified. Famous and prominent scholars tend to leave us certain mysteries for this world to wonder.

In his book “An Inquiry into the Nature and Causes of the Wealth of Nations”, Adam Smith asserts:

“Every individual is continually exerting himself to find out the most advantageous employment for whatever capital he can command. It is his own advantage, indeed, and not that of the society, which he has in view. But the study of his own advantage naturally, or rather necessarily, leads him to prefer that employment which is most advantageous Continue reading...

This paper is divided into three sections. The first section is a review of academic research and studies on corporate theories, positions and counter-positions. The second part discusses the two theories – stakeholder value theory and shareholder value theory. This section evaluates key arguments associated with each theory. In the third part, the paper evaluates why value-driven stakeholder approach should be embraced by managers of corporations. The paper finalizes the discussion by concretizing the arguments in a summary and offering submissions for future managers.
This paper hypothesizes that profit maximization is no longer the only priority of organizations; other non-economic Continue reading...

Research Paper

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Economic Thought

1. Ibn Khaldun in his work The Muqaddimah has as a central organizing principle for society. His concept of Asabiyyah, or social cohesion, refers to the social bonds that form as a result of divisions of labor. Explain how this principle is derived from this “division of labor.” 
Prolegomena is a book written by North African Muslim historian, Ibn Khaldun in 1377 which records an early view of universal history. Called “Muqaddimah” the Continue reading...

Introduction

In the second half of XX century a trend towards scaling up and strengthening the role of the state in the economic sphere. At the same time it is recognized that the highest efficiency is achieved in a competitive market mechanism. Therefore, the state aims to not adjust the market mechanism, and to create conditions for its free operation, providing a high level of competition. Competition should be wherever possible regulatory influence of the state, and wherever it is needed. Most economists converge in the understanding that the "invisible hand of the market" is required to be supplemented by Continue reading...

THE ROLE OF GOVERNMENT IN A MARKET ECONOMY

Introduction 2
What is Different Happened in 2008? 3
The Monetary Policy’s Contribution 6
Looking for Guilty Agents or Guilty Ideas in the Economies 7
An Important Example for the Developing Countries: the Egyptian Economy? 8
Conclusion 9

References 12

THE ROLE OF GOVERNMENT IN A MARKET ECONOMY
Introduction
The first economist believed in the full competition. Adam Smith expressed that there is a perfect system in the economy similar to the perfect system in the universe. As the God does not intervene the system in the universe after the creation, the state or any other power should not intervene Continue reading...

Adam Smith

Adam Smith is a renowned economist who has accomplished three great things. The first great accomplishment of Smith is the definite substitution of income for the older idea of a capital aggregation of “treasure”. His second accomplishment is the use of wealth per head in lieu of wealth in the aggregate. His third great accomplishment is the approval of working, investing and trading for personal gain (Phillipson 21). Smith is a phenomenal economist who tried to show that there was one element at the basis of all the rest of the members of society, which is the competition. Although Continue reading...

Classical model of the economy has weaknesses that Keynes took advantage of to come up with the Keynesian model. In the classical view of the economy, the belief is that the market will always tend towards providing full employment and that people were satisfied with what the real world is described to be (Caporaso, 1992). However, this belief could not hold any water when the Great Depression started in the economy. It was at this time when economists wanted a more rational way of formulating economic policies. The operations of the market in the view classical theorists failed to Continue reading...

The economy of the modern world reflects the two prominent theories of Adam Smith and Karl Marx. The world economy currently marked with free trade which Adam Smith theorizes in his book, the Wealth of the Nation. A small part of the world, however, is in the close trade applying the principle of communism. The western part, for example, engages in a free trade or capitalism form of economy, while a minor part of the world is in communist/socialist state.
According to an online encyclopaedia, communist/socialist states include People Republic of China, Republic of Cuba, Lao People’s Democratic Continue reading...

Is Smith, Leon and Keynes Contributions Relevant in Today’s Market Concept?

Abstract
This study involves studying, investigating, and analyzing various economic theories, how they relate to each other, and their relevance to modern market concept. The contributions of economic thinkers like Adam Smith, Leon Walras, David Ricardo, John Stuart Mill, Thomas Malthus, Jean-Baptiste Say, and John Maynard Keynes played a lot on what we have today. As the world of market and economics continues to be more complex, some of the ideas of these great economists have ceased to be operational. It all started with classical economics. The Era of “The Wealth of Nation” by Adam Smith in 1776 marks Continue reading...

Compare and contrast the Ideas of Liberalism and Marxism in Global Political Economy.

Introduction
The study of cooperation and conflicts between different nation states has been termed as the International Relations; the main purpose of IR had always been on the issues pertaining to peace and war in the region. Recently, in the twenty-first century, there has been a conscious shift from these issues to take into consideration the issues related to wealth and poverty; the issue of who is gaining wealth in the international system has been known as the International Political Economy. ‘Political economy’ was the term used for referring to the study of the general conditions under which the Continue reading...

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Economics is a field which has its recognition in almost every walk of life. Different authors have different views about the concepts of economics and among them; the name of “Adam Smith” is one of them. According to the Concept of Adam Smith, Economics is the name of earning and consuming the money (Martin Cardel Gertsen, p.12). The main concept of economics strides that, how to earn the money and how to consumer it?
Eco Products are the products that meet with eight assessment based criteria which includes weight, resource recycling, Continue reading...

- Mercantilism
What was the ultimate goal of the mercantilist philosophy and why this goal was considered radical at the time. What type of exports/imports did they encourage/discourage and what was the impact on the domestic working population?
The mercantilist philosophy was a policy that was enacted by the European colonists with the aim of increasing wealth in their country. Thus, the main way to increase their wealth was to entice its colonists to pay the supplied goods from the European nation using gold. This is because gold was considered more valuable than the colonists’ money. As a means Continue reading...

Since America attained independence, the realization of individual goals has remained key among many of its citizens. The clamor for ‘happiness’ as enshrined in the ‘Declaration of Independence’ was taken to insinuate that individuals could obtain satisfaction by piling stacks of wealth for themselves. The Constitution upheld the ‘Bill of Rights’, which safeguarded personal interests against violation by the central government. Decisions made by the Supreme Court in the initial years emphasized the enforceability of legally binding contracts. People who migrated into America had the notion that they would access the opportunities that came with the ‘land of new Continue reading...

Introduction

Economics is a term which lies in almost every walk of life and it is a term which is quite important from different standpoints. The term of economics has been utilized and discussed entirely through different provisions in total. There is no single definition of the term ‘Economics’ exist in this world, because every author has been discussing the same in a somewhat different manner in total.
Adam Smith and Alfred Marshal are known as the founder of Economics (FOE), found that economics is the study of wealth and the concept of the same should have been categorized into Continue reading...

The debate about which is better between rural and urban life elicits mixed reactions among many people. Insights given by Adam Smith may partly settle this old debate. Adam Smith considers country life to be more precious than town life on several accounts. For instance, smith argues that it makes economic sense for people to invest more in the rural areas than in the urban areas due to lesser risks on their investments, and the fact that they can control their land. For this reason, smith argues that, it is more beneficial to invest one’s capital on land Continue reading...

Both Karl Marx and Theodor W. Adorno are Germany philosophers who made significant introspective examination of sociology and other significant studies that are of significant value to society. Karl Marx was born in 1818 in Trier, Germany. Marx schooled in Trier from 1830 to 1835 and he later went Bonn University where studied law. While at Bonn Marx had most of his time spent in running large debts in addition to socialization. Though majority of the people in his birth town were Catholics being of Jewish dialect, Marx chose to be a protestant. Marx later moved to Berlin University Continue reading...

The concept of ''liberalism'' emerged in the early 19th century in European political literature. For the first time this term was used in Cadiz Constitution in Spain in 1811, when a group of politicians defined the constitution drawn up by them as liberal. Later this concept was included in the English, French, and then in all the European languages. The term ''liberalism’' comes from the Latin ''liberalis'' which means freedom (Merriam-Webster Dictionary). Today, liberalism is a complex system that characterizes the economic and political relations in the country. Initially, liberalism was a purely political notion; economic sphere, although Continue reading...

International trade theories suggest that gains from trade are maximized when there is free trade. However, in real life, we do not see free trade among all countries. Why?
International trade theories suggest that gains from trade are maximized when there is free trade. However, in real life, we do not see free trade among all countries. Why?
The evolution of international trade has occurred in a gradual manner. Developing nations are considered to be important growth markets for exports in the United States and the importance of foreign direct investment (FDI) outranks the exports as an entry point Continue reading...

Division of labor

It a process whereby people specialize in areas of production in which they are best fitted to work. A British economist of the 17th century Adam Smith is accredited to have developed the modern model of division of labor. He proposed that division of labor has caused greater increase in production than any other factor. (Smith, 1776).This differences are experienced in greater size in more developed nations with more industry and improved technology and they are the major causes of universal opulence in these countries. For example industry is more amenable to division of labor than agriculture causing Continue reading...

Abstract

The emerging economies are usually faced with more uncertainties than developed economies. This provides a harsh environment for operations, which creates a situation where the decisions of the organization are well analyzed before being enforced. This calls for inclusion of an independent body in the decision making body of an organization. This paper will expound on the role of independent directors in an organization in regard to emerging economies.
1. Introduction
1.1. Background
Corporate governance refers to the balance that exists in the management of resources of an organization in the most efficient means in order to achieve the Continue reading...

Introduction

A transnational corporation is any corporation that is registered and operates in more than one country at a time. They are also called multinational corporations. These corporations have their headquarters in one country while operating wholly or partially owned subsidiaries in at least one other country (Schularick & Solomou pp. 33 – 70). These subsidiaries report to the corporation’s central headquarter, where all its operations are organized. Since the 1950s, these transnational corporations have largely grown in number, which has brought about controversy because of their political and economic power and the complexity of their operations. This has cropped due Continue reading...

Introduction

Economics studies the rationality of human beings. They maximize on deriving the possible benefits from a resource constraint. Economics covers a vast area. The broad meaning of economics gives rise to sub branches of economics. It may either be international economics or domestic. International economics involves both international trade and finance. It explains the patterns of transactions and relations of citizens from different countries and their consequences. International trade section of international economics studies the flows of goods and services from the international suppliers and international buyers. International finance focus on the effects of the exchange rates and capital Continue reading...

Adam smith was a moral philosopher and a political economist who made significant contributions in various theories of philosophy, as well as economics. His contributions play a crucial role in the modern scholars and learners as they are used as the basis of reference. The economist as well as a philosopher was a university lecturer where most of his research work was conducted. Smith conducted a research on the nature of the wealth of individuals and moral conditions of individuals publishing two books namely, the theory of moral sentiments in the year 1959, and an inquiry into the nature Continue reading...

Executive Overview

Total Asset Relief Program (TARP) is a program by the United States government geared towards purchasing of assets and equity from various financial institutions with the aim of strengthening its financial sector. This program was signed into law by the United States president George W. Bush in 2008. During that year, the government came up with this program to address the subprime mortgage crisis in the state. Initially, TARP authorized an expenditure of $ 600 billion. However, the mount was reduced to $475 courtesy of Dodd-Frank Wall Street Reform and Consumer Protection Act. The stimulus program of Total Asset Relief Continue reading...

The idea behind the diamond-water paradox starts with the concept of value. According to Adam Smith, value can be defined to mean the “value in use” or “value in exchange”. Those that have the greatest value in use will have the smallest value in exchange. In the same way, those that have the greatest value in exchange will have the smallest value in use. As such, we possess things of high value in use to acquire those things with high value in exchange and vice versa. For example, water has a very high value in use while diamond has Continue reading...

Conservative vs Liberal Ideology

America is considered by many as the “Land of the Free”, wherein any person could practice his belief, ideology and affiliation without the need to fear the government from forced intervention. Civil liberties and human rights matter most for the Americans, especially under its Constitution. However, there have been chances wherein ideologies became the cause of conflict inside the country, which could be seen in the country’s two leading political parties: the Democrats and the Republicans. Conservatives supports the growth of capitalism and retention of traditional laws to sustain the growth of the country, while the Liberals support Continue reading...

Introduction

In the essay we shall be discussing facts from the film, Casablanca that suggest that it is more of a love and romantic story than it has been thought to be otherwise. The movie has been considered by many to be a collection of movies. This is because of its historic significance and the fact that it combines a number of elements into one. The aspect of love and romance has been revealed in certain instances such as sacrifice and desperation because of love. The plot has been set in a country and place that was considered a haven Continue reading...