Adam Smith was an 18th Century professor of logic and philosophy who had immense interests in the workings of economies,and their impact on people’s lives.Smith’s best works are exhibited in his 1776 publication followed by Wealth of Nations…
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According to Smith, this entailed a non-interference or hands-off approach by authorities/governments towards private enterprise. His postulates were geared towards advocacy for the establishment of a laissez faire trade policy both on the local and international scene. Samuel Smiles is another free thinker whose postulates on the economic wellbeing of the society heavily echoed Smith’s postulates almost a century later. Smile’s notion was based on the need for enhanced self-actualization and development, which would ultimately lead to a more vibrant individual and societal economic prosperity. Adam Smith was focused more on self-interest and Smiles focused more on morality. This paper seeks to highlight both authors’ arguments with relation to economic liberalism before and during the industrial revolution, and how their focus influenced their works. Economic liberalism can also be regarded as fiscal liberalism because it entails the freeing up or giving a free reign to all matters pertaining to financial activities both at the individual and societal level (Perry, Peden & Von Laue, 2006). The basic aim of economic liberalization is to eliminate the involvement of organizations and institutions in making economic decisions that affect people’s economies....
He attributes the age’s productive powers and increase of quantity of work to three aspects or circumstances. He argues that division of labor enhanced every worker’s ingenuity, it saved time and the great number of machines that facilitated and abridged labor, enabling man to do the work of many (Perry, Peden & Von Laue, 2006). Division of labor also enhanced what Samuel Smiles attributes to failure of society because division of labor encouraged selfishness and individualism. These attributes according to Smiles did not do much in terms of developing societal economies, but encouraged in its stead a culture that bred social vices. These vices negatively impacted on the economic development of communities and nations. Individualism and the self-centered approach towards economic liberalization that Smith advocated for during his time did not help a lot in terms of improving the wellbeing of society. Samuel smiles on the hand, lauds division of labor as a great benefactor to the development and realization of capitalistic ethics. Smiles postulates that true growth in an individual and society in general is only possible through the spirit of genuine self help at a personal level. According to Smiles, no amount of intervention from institutions and legislation can contribute to individual advancement if the individual is not willing. Too much guidance and direction from government policy only leads an individual to exist in a helpless state (Perry, Peden & Von Laue, 2006). This is because they get used to the situation where everything is done for them, and they have no control of their decision-making in life. The prosperity of a nation is dependent upon the sum of individual uprightness, industry and energy just like national
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(Adam Smith Vs. Samuel Smiles Essay Example | Topics and Well Written Essays - 1000 Words)
“Adam Smith Vs. Samuel Smiles Essay Example | Topics and Well Written Essays - 1000 Words”, n.d. https://studentshare.org/history/1482305-adam-smith-vs-samuel-smiles.
Adam Smith is an economist and a writer of a number of prominent books, such as The Nature and Causes of the Wealth of Nations written in 1776. He theorized a system, which fixed essential principles of economics and its operations (Smith (a), n. d.). His book explicates the relation of supply and demand and the ideation of division of labour forces in the industrial period, which accorded him such distinction that catapulted him to the Board of Customs in Scotland.
Adam Smith is one of the well-known political economists in the 18th century because of his work called "An Inquiry into the Nature and Causes of the Wealth of Nations" or simply called Wealth of Nations. His work paved the way to modern economics and gave rationale for capitalism, free-trade and libertarianism.
What is more, John Maynard Keynes and Adam Smith offered more than economic theory; they proposed policy solutions to the existing economic problems. These solutions were developed in order to improve macroeconomic performance and national prosperity.
As Wesley Mitchell put
639). The first edition of Smith’s book, “The Wealth of Nations,” was written in 1776. This discussion utilized the third edition dated 1784. Adam Smith lived from 1723 to 1790 (Ekelund and Hebert 1997, p. 97; Landreth
While Smith’s theories proved widely prescient, in some regards they clung to an overly idealistic articulation of world processes. This essay examines Smith’s understanding of capitalism and demonstrates why his ideals cannot entirely be followed in the modern world. In the Wealth of Nations Smith established a pure view of capitalism.
requires state intervention to ensure that the prices of labor, land, and money are all controlled only by economic factors internal to that self-regulating market. When social, environmental, religious or national policies interfere with the operating of that self regulating
Men have the capacity to produce more than they can consume hence exchange the surplus of their produce with that of others of which they are in need of but are not able to produce themselves. This in turn necessitates division of labor.
With division of labor, each department has increased dexterity, more time is saved and advancements in technology hence improving departmental production and consequently production of the entire organization. Several factors
According to the researcher, Adam Smith and Karl Marx are individuals that played a major role in the economics field. Their theories have been adopted, referred to and used by several economists in the analysis of concepts. It is important to note that while Adam Smith shows harmony and development, Marx shows struggle, instability and chaos.
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