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The First Principles - Essay Example

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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…
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The First Principles
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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.
References
Smith, A. (2010). Wealth of Nations: An Inquiry into the Nature and Causes of The Wealth of Nations (Mobi Classics). New York, NY: Digireads.com Publishing. Read More
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