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Views of Adam Smith Concerning Economics - Assignment Example

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The assignment "Views of Adam Smith Concerning Economics" operates mainly based on research questions which can be stated as follows: “What is Adam Smiths’ view of economics and morality? And how does this compare with modern economics?” …
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Views of Adam Smith Concerning Economics
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Download file to see previous pages According to the research findings, it can, therefore, be said that the father of modern economics, Adam Smith, has made writings which are so impacting. His “invisible hand” arguments are applied today to define many types of phenomena, like the degradation of the environment and the scientific progress. Mathematicians of the modern day study the aspect of “invisible hand” in the game theory. This is a class of mathematics dealing with strategies as well as payoffs. Smith was also known for his religious nature where he viewed his concept of the “invisible hand” as the way the universe is administered by God where people’s utility is maximized. Some structures have, however, to be in place for this concept to efficiently function. For instance; moral norms have to be highly adhered to, rights to property have to be strong, and misrepresentation and theft have also to be prohibited for moral norms to be seen to be upheld. But according to him, despite the issue of theft being a vice, theft by a poor person from a rich individual leads to overall happiness. Smith viewed the universe to be working according to the following description; The presence of a deity that is benevolent and who governs the globe with an aim of maximizing the happiness of humans, so as to achieve this he created people and put in the nature that results to their actions in this way, the globe is perfect and there is equity in happiness to all, even if God created humans to be happy, they still believe that with more wealth they  would be happier and lastly, that this belief is a nice thing since it ends up making people struggle for more wealth. ...Download file to see next pagesRead More
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