Contact Us
Sign In / Sign Up for FREE
Go to advanced search...

The First Principles - Essay Example

Comments (0) Cite this document
In his book The Wealth of Nations, he addresses principles of economics: specialization, division of labor, mutual gains from trade and freedom of trade (Smith, 2010). The statement “It…
Download full paper File format: .doc, available for editing
GRAB THE BEST PAPER97.6% of users find it useful
The First Principles
Read Text Preview

Extract of sample "The First Principles"

The First Principles Adam Smith is one of the with a deep commitment to influence people in economics. In his book The Wealth of Nations, he addresses principles of economics: specialization, division of labor, mutual gains from trade and freedom of trade (Smith, 2010). The statement “It is not from the benevolence of the butcher, the brewer, or the baker that we expect our dinner, but from their regard to their own interest. We address ourselves, not to their humanity but to their self-love, and never talk to them of our own necessities but of their advantages” is an elaborate explanation of the principles of economics.
By stating different people in trade, I. e butcher, brewer, and baker, smith was expressing principles of division of labor and specialization in trade. All the mentioned personnel’s play a role in production that ends up satisfying the consumers’ needs of their products.
Smith was sensitive of the mutual gains expected by both the producer and the consumer. He expresses the gains obtained by both parties when he considered that the produces has own interest in the trade that lead them to produce their products regardless of who will purchase their goods. This in return helps in solving the consumers’ needs of supply. The consumer on the other hand has little regard to whom produced the product, to them availability of supplies take centre of interest. Thus, both the producer and the consumer benefit in the end.
The producer is at will to produce their products based on their area of interest. This is influenced by the advantages one gets from trade rather than on what the other person does. The producer thus enjoys freedom of trade even in the congested market since they do not produce out of compassion but out of gains obtained from trade.
Smith, A. (2010). Wealth of Nations: An Inquiry into the Nature and Causes of The Wealth of Nations (Mobi Classics). New York, NY: Publishing. Read More
Cite this document
  • APA
  • MLA
(“The First Principles Essay Example | Topics and Well Written Essays - 250 words”, n.d.)
The First Principles Essay Example | Topics and Well Written Essays - 250 words. Retrieved from
(The First Principles Essay Example | Topics and Well Written Essays - 250 Words)
The First Principles Essay Example | Topics and Well Written Essays - 250 Words.
“The First Principles Essay Example | Topics and Well Written Essays - 250 Words”, n.d.
  • Cited: 0 times
Comments (0)
Click to create a comment or rate a document


First Amendment

She got furious, scolded him for being a failure all his life and quickly wrote him a referral to principal. Once Jacob refused to leave class, school security was called in to escort him out. Later a parent conference meeting was scheduled and he was awarded an hour detention for a week. Was Jacob’s right of freedom of expression under first amendment violated? Was the management decision justified? How can we draw a balance between rights and obligations under the garb of freedom of expression? One’s unpopular speech is other’s free speech. Is disciplining student a right reserved to college faculty? This essay tends to analyze these questions by comparing two essays from Stanley Fish and Stuart Taylor in order to seek a plausi...
5 Pages (1250 words) Essay

First Amendment

...? The First Amendment Protects Free Speech The First Amendment does protect free speech. More precisely, it protects a person’s legal right to express their opinions freely without fear of government intervention. The Constitutional right extends solely to government attempts of suppressing speech not corporations, organizations or individuals. This is a common misconception. Some people think they have the right to say whatever they want to or about whomever they choose without fear of legal retribution. This is not true. The First Amendment defines freedom for the U.S. separating it from many other nations that do not allow free speech but not all speech is protected, an important distinction among other aspects of speech this discussion...
3 Pages (750 words) Essay

First amendment

There have been a number of issues posing questions as to the effectiveness and extent of the provisions in the First Amendment. One of such is the Citizens United case popularly referred to as the ‘Citizens United v. Federal Election Commission’, in which the US Supreme Court, following a 5-4 decision, ruled that corporations and unions have similar political speech rights as individuals under the First Amendment. Being a conservative non-profit organization, Citizens United claims its commitment to restoring the control of the United States government to the citizens, as well as to emphasize American principles of limited government, autonomy of enterprise, strong families, and state sovereignty and security. Citizens United pr...
13 Pages (3250 words) Essay

First Farmers

... Book Review- “First Farmers: The Origin of Agricultural Societies” by Peter Bellwood Encompassing the past 12,000 years, First Farmer: The Origin of Agricultural Societies offers a relative assessment of the development and spread of agricultural activities across various parts of the world where, Peter Bellwood, the author utilizes data from biological anthropology, archaeology and comparative linguistics. The data is collected from different regions in the world thought to be the origins of agriculture, using the three sources mentioned above as evidence. These sources provide supporting facts to the already existing theories on early farming. Moreover, Bellwood covers the spreading of agricultural activities from Central Africa, Middle...
5 Pages (1250 words) Book Report/Review

It is over 100 years since The Principles of Scientific Management was first published. How relevant are Taylor's ideas for un

... target. Taylor’s theory of scientific management is based on four principles, which are aimed at increasing the efficiency of the workers. The first principle states that in management, you should substitute the rule of the thumb work methods with methods based on systematic research of the jobs. This means that the methods that are to be used in performing certain work should not be based on approximations or assumption but rather on methods that have been proven to work. The second principle states that the management should scientifically pick, instruct and develop every employee to perform his work perfectly rather than inactively leaving them to coach themselves. The third principle of the scientific theory of management...
10 Pages (2500 words) Essay

First Things First

...First things First I wanted to star t the new year with including my husband in one of the most important things that I have done each year since the car accident I had in 2007. I am talking about giving first fruit. I believe that doing this will keep us out of poverty and though it may try our union as a married couple at first, it will make us stronger together. I waited for the perfect time to introduce my idea of giving first fruit. One morning, he came home just as one of my favorite TV ministries was getting ready to start. I waited until he got to the bedroom and I quickly ran up and changed the channel to 373, The Word Network. I said, "Honey, Pastor Jamal is going to be on Paula White Ministry and youve got to see it." He...
1 Pages (250 words) Essay

First Exam

... of operations (Long-Arm Statute - Further Readings 2011). The U.S. Supreme Court upheld this principle and stated that judgments by a court of law without such jurisdiction mere violations of due process of law. According to Illinois Liquor Control Act of 1934 As Amended Through Public Act 89-0376 given on the Illinois State website, “Any person under the age of 21 years who presents or offers to any licensee, his or her agent or employee, any written evidence of age and identity that is false, fraudulent, or not actually his or her own for the purpose of ordering, purchasing, attempting to purchase or otherwise procuring or attempting to procure, the serving of any alcoholic beverage, who falsely states in writing that he or she...
2 Pages (500 words) Essay

First econ

... Economics Introduction The term economics is used to refer to the study of changes in human behavior as a response to management of resources that are limited in nature and can be used in different ways in order to attain certain aims and objectives. Economic principles are not only applied in the business world, they are even applied in various situations that individuals experience in their routine life. This writing will focus on two different principle of the study of economics and how these principles play a role in the lives of an individual. The two principles that will be used for this writing includes opportunity cost and demand/supply. Body The term opportunity cost in the study of economics is used to refer to the cost...
2 Pages (500 words) Essay

The Transformation of Management Principles in Ernst and Yong

The world is becoming a global village. The evolution process has changed the face of the earth and all her nations. The economy has changed and so have the governing principles on which they are based. Hence, the managing techniques for the betterment of quality in living and communication have undergone metamorphosis too. At the workplace, change is a constant factor; growth and progress are prerequisites to survival in a competitive atmosphere. The process of adaptation and reformation happens at various levels and varied paces in each organization. How commercial organizations and the people within the organizations, transformed while contributing themselves to transformations, can be understood through case studies of various...
8 Pages (2000 words) Case Study

Activities and Principles of Ethnography

"In it’s the most characteristic form it involves the ethnographer participating, overtly or covertly, in people’s daily lives for an extended period of time, watching what happens, listening to what is said, asking questions - in fact, collecting whatever data are available to throw light on the issues that are the focus of the research. Equally, though, as we shall suggest later, there is a sense in which all social researchers are participant observers; and, as a result, the boundaries around ethnography are necessarily unclear" (Hammersley and Atkinson, 1995, Pg 1-2)
One difficulty with the notion of ethnography is that it may seem a residual category. It is associated with the study of people, not ourselves,...
14 Pages (3500 words) Assignment

Practices and Principles of Adult Nursing

These would gradually reduce her little depression and give her more hope over her life. And also one fact should be noted that she is a 65-year-old woman, so she still has chances of recovery.

Osteoarthritis: The National Institute of Arthritis and Musculoskeletal and Skin Diseases has this definition for Osteoarthritis as “ Is the most common type of arthritis, especially among older people. Sometimes it is called degenerative joint disease or osteoarthrosis. Osteoarthritis is a joint disease that mostly affects cartilage. Cartilage is the slippery tissue that covers the ends of bones in a joint. Healthy cartilage allows bones to glide over one another. It also absorbs energy from the shock of physical activity&...
9 Pages (2250 words) Assignment

Human Performance: Theories and Principles of Motivation

I have been assigned two HRM consultants who are busy designing the motivation questionnaire to be administered to all the group employees. However, this also gave me an opportunity to reflect over my personal strengths and weaknesses as I would soon have the most responsible task of convincing the top management about the contents of the questionnaire and the finalization of motivation report and its possible uses in the group in the formulation of exact policies and tactics to improve employee morale. My immediate boss gave me this entire assignment breaking the line structure and formalized it by getting it ratified by the board. He also built an incentive and bonus deal for me to be awarded on the successful completion of the...
12 Pages (3000 words) Case Study

The Assessment Related Principles of Teaching

...Evaluation In the assessment related principles of teaching, the assessment toll should match with performance objective. a) Which assessment tool touse, which test to formulate must be based on our performance objective. If our assessment tool is aligned with our performance objective, we can claim that our assessment tool is valid. In the concrete, this means that if we want to teach our students how to make Shrewsbury biscuits, we simply let them work with their kitchen equipments and see them bake. Our performance test is aligned with our performance objective, therefore it is valid. If , however, we make use of a written test and ask our students to write down the steps of baking Shrewsbury biscuits, from the very beginning...
10 Pages (2500 words) Assignment

Corporate Governance: The OECD Principles of 1999

The OECD report applies mainly to those corporations whose stock is publicly traded rather than to private corporations. However, the King Report on corporate governance that was put forth in 2002 takes into account the corporate scandals that have occurred. Therefore it focuses on corporate governance within individual firms and includes the scope of Director responsibilities and duties of the Board. It also allows for the impact of technology and its impact on corporate governance. Therefore, while the OECD approach is broad-based, the approach is company-specific in the King Report. Moreover, the OECD report does not take into account individual director responsibilities or the impact of technology like the King report.
9 Pages (2250 words) Term Paper

Putins Foreign Policy Changes during His First Presidential Term

Our world, since its ‘origination’ has been a ‘hotbed’ of activity. Activity in the sense, we humans have been showing activeness both mentally and physically, which have transformed our globe from a primitive one to an advanced one. The activities are normally carried out by humans, organizing or segregating themselves into different countries or nations. It is common knowledge that for a country to reach the top echelons, its leader has to be very capable and strong. That is, a capable and strong leader will only be able to provide a better life and future for his/her country and its citizens. From time immemorial, the success or failure of a country depends on the role, the leader plays. The leader is th...
82 Pages (20500 words) Dissertation

An Evaluation of the Role That the Principles of Behaviour Therapy Have to Play in Clinical Hypnosis

Hamburg (2006) first used this combined effort to treat two patients who were scared of dying. He uses his paper to encourage clinicians to refrain from not using their knowledge at the introductory classes of hypnosis but to go into it deeper. Many therapists at that time were taking the bold step of combining behavior therapy with hypnosis (Chaves, 2006). One group used hypnosis for desensitization therapy (Kirsch et al, 1995). However, there was general disagreement about the manner of hypnosis being employed and the methods of mentalist constructs. Chaves who strongly believed in the treatment combination used it as a base for many of his therapeutic interventions (Chaves, 1997a as cited in Chaves, 2006). The hypnotic therapy...
8 Pages (2000 words) Article

Marketing Research and Its Ethical Principles

Many ethical questions are attached to market research in today’s world. Many ethical violations are taking place to achieve various motives like minimizing research costs through lack of informed consent of participants, violation of rights of the respondents, use of unauthorized information, confidentiality violations, making false statements and promises, etc. this paper will specifically focus on ethical issues about the Rights of the Respondents of marketing research.
Deontology suggests that people should fully comply with their obligations and responsibilities when it comes to ethically analyzing any situation. These obligations and responsibilities of the analyst may be towards a particular person, a group or co...
6 Pages (1500 words) Research Paper

The First President of the USA - Father Founder of True Principles

... On April 30, 1789, Washington took the oath as the 1st president of the United States in the federal hall, New York, and there he said,” As the first of every thing, in our situation will serve to establish a Precedent," he wrote James Madison, "it is devoutly wished on my part, that these precedents may be fixed on true principles." He was not concerned about the powers which constitution gave to congress but he as the President, was quite concerned about the foreign policy and its implications on his country. When the French Revolution resulted in a major war between British and the French, he insisted being on the neutral side until the time when America would be standing in a more commanding position. Unfortunately opposite to his...
10 Pages (2500 words) Research Paper

First Fifty Years of American Cinema

...Fifty Years of American Cinema Introduction Today contemporary filmmakers stand on the shoulders of over 100 years of insights and stylistic innovations made by directors throughout the 20th century. A considerable amount of this innovation occurred during the early years of the cinema and were implemented and articulated to perfection in the first fifty years. During this period one witnesses Edwin Porter’s development of the western genre, and Georges Melies’ fantastical science fiction creations. The first fifty years of cinema were truly a golden age of artistic revelation. This essay considers the progression of stylistic devices during this period, and considers their relevance and influence for later filmmakers. M Fritz Lang’s...
6 Pages (1500 words) Term Paper
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.

Let us find you another Essay on topic The First Principles for FREE!

Contact Us