Adam Smith's Wealth of Nations examines the consequences of economic freedom. This book covers many different concepts such as the role of self-interest, the division of labour, the function of markets, and the implications of a laissez-faire economy. The essential message of the book was that man's self-interest would promote the economic well being of all. Smith explained his theory of self-interest in the Wealth of Nations by stating, "every man as long as he does not violate the laws of justice is left perfectly free to pursue his own interest his own way, and bring both his industry and his capital into competition with those of any other man or order of menaE (Smith 93). Smith claimed that the keys to wealth are productive men, productive stock, and productive land. He also believed that the wealth of a nation consists in the well being of the mass of ordinary citizens. "Smith tried to convince people that the wealth of a nation would be promoted with vastly greater effectiveness by the obvious and simple system of natural liberty than by national planning of the mercantilist sortaE (Smith 391).
"He stated that the role of government is to protect the land from fo
Karl Marx and Adam SmithKarl Marx and Adam Smith. ...Adam Smith The 18th century British philosopher and economist Adam Smith (1723-1790), was in some essential ways very much like Marx. ... (2641 11 )
Adam Smith on WagesAdam Smith on Wages. ADAM...Adam Smith was born in 1923 in Kirkcaldy, Scotland, across the Firth of Fourth from Edinburgh. Eventually ... (4223 17 )
Adam Smith's Conception of ValueAdam Smith's Conception of Value. ...Adam Smith postulated that the relative value of labor provided a basis for the determination of commodity values. ... (3439 14 )
Marx & Adam SmithMarx & Adam Smith. 1. Marx's ... produced. 2. Adam Smith's concept of the "invisible hand" describes the self-regulating nature of markets. Smith... (1333 5 )