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Adam Smith - Term Papers

Adam Smith

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 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 one’s pursuit of self–interest should be their primary concern, he knew that humans are inclined to take interest in and ...

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would automatically produce what the people demand. He knew this would work be more effective and efficient than any governing body or groups of planners to decide the Three Economic Problems: What to produce? How to produce it? For whom to produce? He knew because the people, the consumers would be making those decisions for themselves. Smith also noticed that self-interest lead to increased trade and bargaining. “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). “It is this same trucking disposition which 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 ...

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PAPER DETAILS

Added: 3/24/2006 11:32:45 AM
Category: Biographies
Type: Free Paper
Words: 814
Pages: 3

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