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Thinking like an Economist - Essay Example

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Summary to essay on topic "Thinking like an Economist"
Adam Smith is very famous for being the proponent of the "invisible hand" and how it helps maximize the welfare of the whole society. According to him, the whole economy will function most efficiently when the market is left alone and players pursue their best interest…
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Download file "Thinking like an Economist" to see previous pages... I believe that the ideas of Adam Smith are still relevant in our current world economy. It is irrefutable that only a few things changed over the century which implies that older ideas can still be applied in the present. This is even more applicable to social sciences like economics as the past dilemmas still haunt the policy and decision makers of today.
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The problem of maximizing public good is still a one of the greatest questions in the world economy which can be answered by the ideas of Smith.
The relevance of the ideas of Smith can be seen on how governments are presently trying to deregulate industries and privatize some previously government owned corporations. The countries doing this are coming to the realization that deregulation and privatization triggers a more competitive environment for industries and corporations alike, leading to more efficient operations. It is also notable that these processes ensure that the true value of goods and services in the economy is reflected in the pricing system as subsidies are now removed. Deregulation and privatization also significantly improves the overall efficiency in corporations' operations thereby maximizing producer surplus. When producers pass this in the form of lower prices, consumer surplus is maximized and the overall economy profits.
One of the best examples to illustrate Adam Smith's concept of "invisible hand" is fr ...Download file "Thinking like an Economist" to see next pagesRead More
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