Adam Smith Essay - 820 Words

Some say he was absent-minded or even oblivious, but I rather like to think of it as frequent states of profound thought. The man I refer to is Adam Smith and after having read the assigned excerpts and a few other passages from his The Theory of Moral Sentiments and An Inquiry into the Nature and Causes of the Wealth of Nations I not only hold him in a new light, but I have arrived at three heavily debated conclusions. First, he believed that self-interest is the singular motivation that effectively leads to public prosperity. Second, although Smith feels that the oneamp;#8217;s pursuit of selfamp;#8211;interest should be their primary concern, he knew that humans are inclined to take interest in and enjoyment from kind and charitable†¦show more content†¦amp;#8220;It is in this manner that we obtain from one another the far greater part of those good offices which we stand in need of; (Classic Readings in Economics, pg 7). amp;#8220;It is this same trucking disposition whi ch originally gives occasion to the division of labour; (Classic Readings in Economics, pg 7). When Smith speaks of the division of labour he refers to the specialization of workers into certain trades. This happens because an individual discovers talents that he possesses and may be advantageous for him to further develop in order to increase his wealth. People perhaps imagine that goods will make them happier and seek them for that reason, but they are deluded. Adam Smith for one thinks the delusion is a good thing because without it people would not work. This desire to acquire amp;#8220;acts as a driving power to guide men to whatever work society is willing to pay for; (The Worldly Philosophers, pg 46). So as you see, Adam Smith felt that amp;#8220;the selfish motives of men are transmuted by interaction to yield the most unexpected of results: social harmony; (The Worldly Philosophers, 47). You may ask, amp;#8220;What kind of cold-hearted man would promote selfishness as the o nly way to think and act?; This leads to my next hypothesis. Smithamp;#8217;s first book the Theory of Moral Sentiments was published just five years before he began writing his second, the Wealth of Nations amp;#8211; whichShow MoreRelatedAdam Smith706 Words   |  3 PagesAdam Smith was a Scottish political economist and moral philosopher, who studied moral philosophy at Oxford University and University of Glasgow. Smith is considered by many to be the founding father of economics and the first free-market capitalist. In fact, in many ways his philosophies and theories have helped shape our country and our economy into what it is today. Smith introduced us to the invisible hand theory which referred to the free markets. The invisible hand theory stated that ultimatelyRead MoreThe Biography Of Adam Smith1505 Words   |  7 PagesThe Biography of Adam Smith Adam Smith was born in Kirkcaldy, Scotland in the year 1923, and died in the year 1790 at the age of 67 (Stewart, 1861). His exact date of birth is unknown but was baptized on 5th June 1723. His father was a prosecutor, advocate, and solicitor but passed on two months after his birth, leaving his mother to bring him up. His mother, Margaret Douglas, played a great role in his upbringing, especially in education. 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As Smith studied, he examined closely the business side of the world and made some interesting predictions. He believed that people in societies, who behaved and acted in their own interest would produceRead MoreMoral Sentiments, By Adam Smith997 Words   |  4 Pagess well as abroad (Mastin, 2008). In Theory of Moral Sentiments, Adam Smith developed the foundation for a general system of morals. It showed that the moral ideas and action are the basic elements since human is social creatures. It identified that moral is the basic need as social using it to interact and express their feelings. It also stated that the society need the prudence and justice to survive, and explains the additional, beneficent, and actions that enable it to flourish. It was a veryRead MoreAdam Smith Economy Essay1763 Words   |  8 PagesAdam Smith thoughts and the role of government in a capitalist system Abstract The aim of this paper is to discuss government intervention in the economy. Adam Smith, the founder of economics, stated that the free market is guided by the invisible hand, reduces government intervention and identifies three main functions of the government: national defense, administration of justice and public utilities. However, many issues emerged during the Great Depression, leading to the emergence of new theoriesRead MoreAdam Smith And Alfred Marshall Essay2212 Words   |  9 Pagesdifferent phase of the growth. In this essay I will be particularly focus on Adam Smith and Alfred Marshall. These two key figures have many similarities between one another and also some differences in the way they experienced the economic state of London and also their teachings. For example, one similarity between Smith and Marshall was that they both were living in London during a time of social wellbeing and economic growth. Smith experienced London during the industrial revolution which to ok place