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It leads to increased productivity and consequently greater output, high wages and income per capita thus opulence of nations (Ekelund & Hebert 129). Natural harmony exists in economy due to the mechanism of the ‘invisible hand’ which drives individuals’ self-interests to promote greater good hence there is no need for government intervention. Competition in the market is vital and money is just for making trade more flexible.
David Ricardo (1772-1823) in his Principles of political economy and taxation (1817) was concerned with distribution of wealth within Smith’s analytical framework. Like Smith he advocated for competition without restraint. He also acknowledged existence of use value and exchange value but concentrated on the natural exchange value which is determined by scarcity and labor cost of production (Bhatia, 116). Since rent is not part of the cost (its value in excess of real production) and capital is past labor, this leaves labor cost to determine relative value of commodities (Ekelund & Hebert 156). However, different types of labor are adjusted in market by relative rates of rewards and wages gravitate towards subsistence. If more than subsistence then population (labor supply) increases depressing wages and vice versa (p. 120).
Thomas Robert Malthus (1766-1834) focus was on population. Unlike Ricardo, he saw an imbalance between population and means of subsistence hence ineffective demand. For Malthus population increased in geometrical progression while means of subsistence increased in arithmetic progression hence population was bound to outstrip supply of means of subsistence if not checked (Bhatia 135). Population growth thus needed to be checked through preventive and positive checks such as delayed marriage, celibacy, moral restraint, floods, droughts, famine, disease and war. For Smith and Ricardo, demand for labor determined rate of population increase and was always kept
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(“Smith & Ricardo vs. Malthus, Bentham, Senior, J.S. Mill and Say Essay”, n.d.)
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(Smith & Ricardo Vs. Malthus, Bentham, Senior, J.S. Mill and Say Essay)
“Smith & Ricardo Vs. Malthus, Bentham, Senior, J.S. Mill and Say Essay”, n.d. https://studentshare.org/macro-microeconomics/1630453-smith-ricardo-vs-malthus-bentham-senior-js-mill-and-say.
According to Kant, an act can be deemed as appropriate and right if the individual originally did the act considering it as his/her moral obligation. In view of Kant, it is just nothing else but duty that can entitle an act as right (Schwartz). Kant thinks that duty essentially makes the actions morally sound and justified as compared to their maxims.
Ricardo eloped in a controversial marriage to a Quaker, resulting in estrangement from his family. After his mother refused to speak to him and his father disowned him, Ricardo was forced to face the world on his own without the family support. Fortunately, he had already made contacts in the business world, so he continued to sell stocks as his father did.
Mill and Bentham Jeremy Bentham (1748-1832) and John Stuart Mill (1806-1873) are the two historical figures most closely associated with the philosophy of Utilitarianism, which seeks to ground moral reasoning in a calculation of utility by judging actions on the basis of the degree of goodness, happiness, and pleasure that they produce socially or personally through situational results.
Notable scholars such as Karl Marx, Thomas Malthus, and Adam Smith among others are known mostly for stirring these debates through their perspectives and arguments. This essay will focus on Malthus, Marx, and their perspective on capitalism. For instance, Malthus argues that capitalism can produce general “gluts,” that is, an over production of good.
In those tyranny hierarchies, leaders used power to dictate society. The community followed what these leaders said without question. On realization that tyrannies oppressed their subjects, citizens set up rights that defined the limits of leaders’ power.
Adam Smith vs. Samuel Smiles. Adam Smith was an 18th Century professor of logic and philosophy who had immense interests in the workings of economies all over the world, and their impact on people’s lives. Smith’s best works are exhibited in his 1776 publication followed by Wealth of Nations, which rightly addresses the notion of economic liberalism.
(1991, p.30) His conviction is in that the individual should have absolute control in matters that affect only him or her. Mill is substantially influenced by his belief in human imperfection, his certainty in the value of choice as a contributor to well-being of the individual.
The first one makes says that people at all time must act appropriately and the second rules promotes the value of respect and says that well being of all individuals is important and therefore, one should not use others for their own