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An Analysis of George Stiger Criticism of Adam Smith - Essay Example

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An Analysis of George Stigler criticism of Adam Smith Name: Institution: An Analysis of George Stigler criticism of Adam Smith Abstract In a fluent way of manifesting the criticisms economists have on Adam Smith, George Stigler classifies Adam’s notion on wealth based on self interest…
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An Analysis of George Stiger Criticism of Adam Smith

Download file to see previous pages... Smith refrains from making reference to self interest in the analysis of the popular passage motives but rather resort to the phrase ‘self love’. From these two phrases ‘self interest’ and ‘self love’ a misconception can arise that the two are synonyms. Criticisms of Adam Smith The most indebted intellect by Adam’s work is Hirschman. In his work on interests and passions, there has been evidence of relationships between moral philosophical development and modern model on self interest and rationale for state theory. Adam’s article contributes much support to Hirschman’s work and emphasizes it more. There are certain instances when Smith contradicts himself. This should not be considered as failure as far as his works is concerned. Similar to his classical ideologies, Smith fronts an argument that, in order for one to get the truth, an issue being debated should be viewed from all perspectives (Miller, 1993). Clarity on this has been made on moral sentiments theory, where Adam adopts debates on commerce corruption influence, and consequently denies them to be splenetic philosophy. From Smith’s perspective, the nations’ wealth was a significant reconciliation of human’s political and social idea on fruits of commerce. From Hirschman’s idea, an argument arises that the reason to economic adventure as an independent science is because of Smith’s republican leanings. ...
From the article, the dominating characters did not place themselves in a focal point with consideration on their contemporaries and predecessors. Focusing on ways authors perform their own systems of construction, they always reject the fundamentals of other authors in order to build theirs. Traditionally, economists persist that the behavior of having self interest hold particularly for activities in economics. Attempts have been made to take self interest in a broader perspective as the initial principal in analyzing the behavior of individuals. There are claims that a comprehensive approach to economics is that which can be applied to all individuals, regardless of the price behaviors or imputed prices, infrequent or recurring decisions, minor or large solutions, mechanical or emotional ends, poor or rich people, children or adults, women or men, stupid or bright, doctors or patient, students or teachers. Adam smith refrained from the fact that as much as an individual’s economic behavioral pattern is always predictable there always few instances when the pattern changes (Smith, 1776). Another intellect asserted that in case the universe in physical form was a subject to motional law, then the universe in moral form will be a subject to interest. In General, self interest stands out as the only motivation for human action. George Stigler conveys a message that is used by many economists as he reiterates that the quote on baker, brewer and butcher contributes to the primary principle and to the modern economics. As much the interpretation of self interest is easily floated in mind, it is a testimony of interest paradigm. Initially, the idea to pursue self interest by agents of independence would lead to ...Download file to see next pagesRead More
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