Essays on Adam Smith

Part 1.

Ancient civilizations are famous for their innovations and fast technology development, specifically, when talking about the Ancient Egypt and Rome. The base line of my dissertation concerns the required innovations in the financial industry, thus in this paper I will refer to the innovative management approaches in the Ancient Egypt. However, prior to analyzing their methods and approaches it is important to take into account the fact that religion was dominant over civil authorities in the Ancient times. Therefore, most of their laws and management decisions were also based on the religious norms or dictated by the priests. “The ...

Problem Statement

There are a number of reasons, defined by the ethical as well as the economic and the political scenes, for the non-diminishing interest in addressing the gap between the rich and the poor. "The rich get richer and the poor get poorer" is an aphorism, which outlines the major views on economic inequality and the criticism, seen in academic and business literature, towards the philosophy of free market and capitalism in general. One of the principal works, laying the foundation for the discussion, is the work by Thomas Piketty, Capital in the Twenty-First Century (2014), who places the idea ...

Credit Risk Management

Commercial Loan Market Commercial loans are debt arrangements agreed upon by the lender (business) and borrower (financial institution) to cover operational costs or fund business projects. During economic downturn, financial institutions are cautious of their lending and consequently import strict regulations that force borrowers to pay a higher interest rate. The agreement between the lender and borrower in the market is documented in a “credit agreement.” In credit risk management, the most important components of the agreement describe the covenants, the security requirements, priority of payments and events of default.

Segmentation of Commercial Loan Market

Financial institutions use credit rating to qualify borrowers based ...

According to both the political elites, academic consensus and the never ceasing babble of the chattering classes, the defining challenge of the moment in Western culture is economic inequality. President Obama has spoken time and again about the challenges posed by gaps between the rich and everyone else and his arguments have been supported by ceaseless references to the growing divide between the top one percent and everyone else. Though hundreds of millions of people have been lifted out of dire poverty over the last 25 years by the dynamic forces of capitalism and its spread to developing nations, ...

Capitalism has come a long road before becoming the dominant social order on the planet. Adam Smith was one of the first economists to fully describe the benefits that free market capitalism can bring. Moreover, he was the first to systematically analyze the main economic categories such as wages, labor, profit, rent, population, demand, and supply. His work Wealth of Nations was groundbreaking, and he is considered one of the fathers of capitalism not without a reason. In this work, I will show that Adam Smith succeeds in his criticism of mercantilism and governmental market regulations and proves that ...

The Evolution of Economics, Economic Systems and Politics

The science of economics, starting with Adam Smith –the father of economics, is the total efforts for developing an understanding of the economic behaviors of the humans. The science of economics follows a development path in defining the economics. The first definition of the economics was based on the household management. Members of family specialize in completing some specific tasks. The specialization relies on the genders' traditional functions. This definition was developed by the philosophers in the ancient times before the Dark Age in Europe. Adam Smith developed this definition by creating a theoretical economic system which has the ...

Adam Smith is an important figure in the field of economics. Smith’s writings in economics contributed greatly to the development of capitalism as a means of economic organization in society. One aspect of the society that puzzled Smith was how it was made up of individuals acting in their own interest, yet it still held itself together. Smith theorized that an invisible hand played an important role in a society based on a market economy. According to Smith, the invisible hand leads the private interests of individuals in a direction that benefits the interests of the whole society ( ...

Classical economics also known as liberal economics was first developed by the father of economics, Adam Smith. His book "An Inquiry into the Nature and the Causes of the Wealth of Nations" was written in 1776. This period is considered as the beginning of classical economics. Adam Smith contributed to economics with his moral thought. He has given our capitalist economy a different form. But Karl Marx first used the term classical economics . He was the most influential thinker and most controversial in his time. He was a great philosopher, social scientist and revolutionary. He is the main person ...

Adam Smith

Adam Smith

Personal Background

Adam Smith was born in 1723 in Kirkcaldy in Scotland and was raised by his widowed mother. Adam Smith’s educated began at a local district school. In the year 1737, Smith was sent to the Glasgow College, later he also studied at the Baliol College in the Oxford University. Smith graduated with an extensive understanding of European literature and started to hate the school of English thought. In the year 1751, Smith was hired by the Glasgow University as the professor of logic. In the year 1752, Smith transferred to the moral philosophy. Smith’s lectures ...

Adam Smith is a Scottish economist and philosopher who was born in an area called Kirkcaldy in the year 1723. However; his actual date of birth is unknown. His father died when he was still a young boy, but his mother ensured he went to school. He performed quite well in school. His main areas of study were Latin, history, and mathematics. His exemplary performance earned him a scholarship at the University of Glasgow to study moral philosophy. He continued excelling in university and obtained another scholarship to study in Ballion College at the Oxford University. However, after a ...

One of the most popular political economists in Europe was Adam Smith who had the chance to judge through examinations the implication of colonies that had transpired for over 300 years. However, even if the analysis he made were dispassionate and very full of meaning for the arguments and insights, he incorporated his bias of being an opposition to the disproportionate regulation of the trades happening among colonies. In addition, Adam Smith had this interrelation with the declaration of independence which contained that all human being around the globe are said to be created as equal. This also entails ...

[Economics]

However, if you take a look at the history of the development of banking, the first evidence of some kind of bank prototype was seen in XII century in Genoa. In Italy at that time there were lots of bankers – money-changers who put their coins on the table. Originally, bankers in the XIII century, mostly known as Lombards, gradually outweighed the Jews who were proficient in money-landing. The Italians brought in business skills, enhanced by their invention of double-entry book-keeping. Such cities, like Milan, Genoa, Siena and Lucca earned much earnings from this new trade. However, Florence took ...

Adam Smith:

Adam Smith was born in Scotland June 16, 1723. He is one of the most revered personalities in the history of the United States (Hanley 40). After the age of 15, he joined Glasgow University where he commenced his philosophy studies. Adam Smith later attended Oxford’s Balliol College in the 1740s. After graduating, he traveled extensively across Scotland, lecturing the public on his economic philosophy. He was a strong believer in the free market economy, which he considered as a system of natural liberty. The Wealth of Nations remains one of the Smith’s most famous works in ...

Introduction

Over the years, several researchers have consistently argued that religion play a bigger role in any form of economic development (Neill, 2010). Some have pointed out to the issue by claiming that the role is quite conspicuous and cannot be overlooked, well, the subject remains an issue of controversy; it attracts diverse opinions from all walks of life. However, several inquiries into the study have indeed pointed towards the direction, above all, they conclude by citing a close proximity between religions and the economic spur (Michael, 2012). Most importantly, some of these researchers have proposed that the topic of ...

Trade played a significant role as a factor of economic growth in the establishment and development of the economy. In terms of emerging economy the meaning of foreign nation’s welfare increases. Such economy evolves under the influence of globalization, which implies a special role of foreign trade. This is due to the fact that the traditional comparative advantages, such as the difference in the allocation of countries of production factors, monopoly on natural resources and geographical conditions, and those associated with innovation processes, new technologies, with the choice of the consumer, its level income. At the same time ...

Abstract

Adam Smith is the founder of Economics whose ideas have drawn a lot of attention among other economist. Being also a philosopher his famous works ' The Wealth of Nations' and ' The Theory of Moral Sentiments' describes the theory of price formation, relationship between market outcomes and the public interest, the role of the state and the sources of economic growth. This has shown path to many economist. Some of them agreed with him while some disagreed. His theories are also considered in modern economics as his models also relates to how people should treat themselves and others. ...

[Class title]

Introduction Economic freedom refers to a state or condition wherein people and organizations can do business freely without being ruled over or being subject to any restrictions or limitations. In his seminal work, ‘An Inquiry into the Nature and Causes of the Wealth of Nations,’ Adam Smith, a British philosopher and economist, argued that laissez-faire, or the doctrine that industries and markets functions best if they are unregulated and free, is best for the economy. Smith believes that if the markets are unregulated, traders and merchants will compete against each other in order to provide better products ...

Even if the fall takes centuries the collapse of society is inevitable. Throughout history there have been numerous societies that have collapsed. Rome for example collapsed because of a number of reasons such as expansion, greed, religion, barbaric tribes, politics. The collapse of the slave system lack of conquest. Less conquest eventually meant fewer cheap slaves, which in turn meant fewer human resources to keep the wheels of industry, agriculture and infrastructure turning. Meanwhile, Rome's rulers lessened the value of the currency through oppressive taxation and inflation. The remains of these civilization are on every continent. Abandoned relics, broken ...

Introduction

The taxation system is the largest contributor when it comes to government revenue. There are five basic principles when it comes to the idea of taxation. These principles are: 1) to raise revenue, 2) reprice certain goods and services (tobacco, alcohol, etc.) to meet social objective, 3) income and wealth redistribution, 4) raise representation within the democratic process, and 5) to reorganize the economy (Murphy, 2009, p. 211). It is a firm argument that all of these principles must be in place in order for the concept of taxation to work.

The meaning and importance of equity (fairness) in UK taxation

In 1776, Adam Smith introduced the principles of ...

The video presented in the module tries to analyze various aspects of economics. The video is based on three grounds: the U.S economy, impoverished countries, and Opportunity International's role in ensuring that poverty levels in developing countries are reduced. The narration admits that although the U.S. economy is excellent, that is not the case with other countries. That is the main reason why Opportunity International has taken the initiative to provide microloans to individuals to start businesses. As a time of the narration, Opportunity International had managed to provide its services in 28 countries. Opportunity International believes that the ...

Peggy Little

PHI 445 Ashford University The two competing economic systems are capitalism and socialism. In Adam Smith’s Capitalism, there are three vital concepts; the economy is driven by selfish desire for luxury goods, economic balance is achieved through a self-regulating invisible hand, and the government’s role in a nation’s economic system should be limited . In Karl Marx’s socialism, there are three main features; in a capitalist system, workers are alienated from their labor, in capitalism, there is a class struggle between the working class and the business owners, and workers must improve their situation by revolting against capitalist ...

The article provides us with a profound insight of the Adam Smith’s philosophy. Moreover, it depicts Smith in a new light, which was unknown to most of the people, even those interested in economic theory and philosophy. Amartya Sen, in his article “Adam Smith and the contemporary world” asserts that usually people underestimate Smith’s influence on the economic theory and society as a whole. To prove the point, the author provides scores of relevant examples, quoting different passages from various works.

Everyone knows that Adam Smith is considered to be a “father of a modern economy”, however, not all of his ...

The recent global financial crisis has called for a re-invention and re-definition of the relationship between the market and the state. This relationship has pre-occupied economic and political arguments for centuries. Political economists have constantly grappled with the question of the state’s role in the economy, of whether it should or should not intervene with the self-regulated market. Karl Polanyi, Adam Smith, Karl Marx, Rousseau and John Locke are five theorists who hold disparate views on the role of the economy in the economy. Marx and Polanyi argue for a more active government while Smith, Rousseau and Locke thought that ...

Introduction

Adam Smith is one of the most revered economists that influenced the development of modern economic thought. Adam Smith is famous for coining the term “the invisible hand of the market” which is the perfect metaphor for market movements driven by supply and demand. However what makes Adam Smith’s thinking unique is how it ties is yet contradicts the teachings of great thinkers ahead of him such Aristotle and Saint Thomas Aquinas on their ideas of wealth accumulation and self-motivation. He also thought similarly but contrasted with his contemporaries such as Bernard Mandeville.

Adam Smith was a Scottish ...

An ideology refers to how a particular individual or a group of individuals thinks concerning a certain issue. There are several ideologies as exhibited by various thinkers. Ideologies give the basis of economic and political policies. The major ideologies are ethical, legal, race, religious, political etc. In the political scene, there are the ideologies, which are classified, as democratic, theocratic, aristocratic and monarchical (Farmer, 2005). In this essay, we are going to compare and contrast the conservative and the liberal ideologies on their stand on the role of the government on the market place. We will also look at the competing position ...

1. Claims of Globalism

Globalism is mesh of inter-reliance at a multi-continental level whereby, there is exchange of people, information, and capital between continents. An increase in Globalism is termed as Globalization while a decrease is De-globalization.

Globalization integrates global markets and liberalizes them

Globalism integrates global markets via the inter-reliance among the continents and liberalizes global markets through the divide between a state’s economy and the government, such that there is minimal interference from the government. The absence of government interference increases social interaction among the continents and the exchange of technology, labor, and wealth.

Globalization is unavoidable and permanent

The establishment of inter-reliance among the continents has been going on and will continue to take ...

1. Why might an industry which at first glance seems to be purely competitive or monopolistically competitive because of its large number of firms atsecond glance turn out to be monopolistic or oligopolistic? For a better understanding on the appearance that an industry may take, one must first of all have a clear understanding on the terms that are attached to it, changing its status. In this respect, it should be stated that an industry that seems to be monopolistically competitive refers to a market where many companies are selling differentiated products. This differentiation my come up from the features ...

John Stuart Mill was born on 20 May 1806 in Pentoville, London. He was the first-born son of James Mill and Harriet Burrow who got married in 1805. His father was born in Scotland but had to move to London to advance his career in economy as well as in philosophy. John’s father and his close friend, Jeremy Bentham, played a pivotal role in equipping him with the knowledge that he would require to lead a successful life.

John began his education at a rather early age. He started learning Greek at the age of three. When he was eight years ...

Question 1. Why should Starbucks, Kraft, and Nestle create "ethical supply chains”?

The concept of ethical supply chain has grown more and more popular in the recent years. Ethical in this case should not be confused with legally right, since ethical considerations go far beyond legislation or business relations. Ethical behaviour is usually linked to social responsibility of the companies, which is embedded into their strategy and operations. In businesses related to the global sourcing of inputs, ethical behaviour largely depends on the fair trade concepts, which promote supporting suppliers in the poor countries in order to improve their productivity and enhance competitiveness (Barrar, and Gervais). Since supply chain is in ...

The Unintended Consequences by Wheelen

Wheelen calls unintended consequences to perverse incentives. The law of unintended consequences describes a particular policy that is formulated for solving the problem that may just make the problem worse. The law of unintended consequences is also a warning that government, society, and business always lead to the unanticipated as well as undesirable results or outcomes. By unintended consequences Wheelen also means that the acts and actions of government and people comprises of the effects that are unexpected or unintended. Human beings are considered as the complex living beings because they like to do those acts that make them well off, ...

The gospel of the self-regulating market dominates political and economic debates of our time. The belief that government should play a limited role in the economy has a long history that dates back to the days of Adam Smith, the father of homo economicus. This paper argues that despite contrary opinions from scholars and policymakers, the state has always played an active role in the economy evidenced by the work of classical political economy theorists. At the center of the argument is Karl Polanyi’s defense of the state in The Great Transformation. The paper further explores Adam Smith, Machiavelli, Rousseau ...

Introduction

In this research paper, concept of Division of labor by Adam Smith is critically evaluated. The concept itself is briefed clearly and precisely. Complex dimensions of Division of labor are seen in detail with including the drawbacks. Real implications in the today’s world are also seen with having examples of institutes and countries where the concept of specialization is applied. There are several benefits related to division of labor or specializations are included in this paper along with the proposed benefits from the author of concept Adam Smith himself. At the end, evaluation of two countries, Germany and ...

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 proposal ...

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 ...

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 ...

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. ...

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 of the ideas ...

- 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 a market ...

[First Last Name]

English [Number]

[Date Month Year]

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 had for ...

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 ...

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 become ...

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 interconnections ...

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 England to rapidly ...

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 ‘art of ...

<Put your full name here> <Put your professor’s / supervisor’s name here> <Put your course here> <Put the date here>

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 ...

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 to ...

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 features ...

Research Paper

Academic level: Professional Paper Format: MLA Spacing: Single Final Research Paper Academic level: Professional Paper Format: MLA Spacing: Single

Wizard Writers

Part I Student XYZ DD MM YYYY

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 ...

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 the "visible hand ...

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 ...

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 he considered the ...

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 sustain ...

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 Republic, ...

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 ...

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 ...

[Author’s Name] [Institution’s Name]

Ans-A) Page-579 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 ...

- 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 ...

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 ...

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 different provisions ...

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 ...