Nobody downloaded yet

Monopoly...is a great enemy to good management. Adam Smith, (1776), The Wealth of Nations, Book I, Chapter XI. Discuss - Essay Example

Comments (0) Cite this document
Summary
It is indeed an undeniable belief that “monopoly…is a great enemy to good management.” It can constrain technological innovation while providing little incentive for change. While these facts are undeniable far more important for the purposes of this paper is what to do…
Download full paperFile format: .doc, available for editing
GRAB THE BEST PAPER97.4% of users find it useful
Monopoly...is a great enemy to good management. Adam Smith, (1776), The Wealth of Nations, Book I, Chapter XI. Discuss
Read TextPreview

Extract of sample
"Monopoly...is a great enemy to good management. Adam Smith, (1776), The Wealth of Nations, Book I, Chapter XI. Discuss"

Download file to see previous pages In the light of this statement therefore this question involves the discussion of the various market structures and their contribution to the achievement of the highest possible level of allocative and productive efficiency (in both static and dynamic senses).The question already suggests that the Monopolised market structure is not conducive to “good management” or efficient resource allocation. Resource allocation in a modern economy demands allocative efficiency which means that resources should be allocated to match the wants of society. Essentially this would mean a point of allocation where no redistribution would enable one individual to be made better off without making someone else worse off. Allocative efficiency would therefore consider both the consumer (demand) and the producer (supply) and that it should satisfy the needs of both.
This essay will mainly discuss the two main extremes of competing market structures i.e. monopoly and perfect competition and to a slightly lesser extent similar models along the vast range of economic models falling halfway between these extremes for example Oligopolies.
Perfect Competition represents the efficiency achieved by an industry which has extensive competition and almost no interference in the market forces either by the sellers or buyers or the government. Monopoly on the other hand represents a rather inefficient means of market structure characterised by lack of competition and extensive market control. 3.The reason the statement by Adam Smith seems to resent Monopoly power is because of the complete market control by the monopolist who as the only seller in the market will control the supply of goods in the market and is able to influence the price of its product sometimes in an unfair way.
Perfect competition, in contrast is preferred in this regard as a market structure where each firm has neither got any significant ...Download file to see next pagesRead More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“Monopoly...is a great enemy to good management. Adam Smith, (1776), Essay”, n.d.)
Monopoly.is a great enemy to good management. Adam Smith, (1776), Essay. Retrieved from https://studentshare.org/miscellaneous/1544544-monopolyis-a-great-enemy-to-good-management-adam-smith-1776-the-wealth-of-nations-book-i-chapter-xi-discuss
(Monopoly...Is a Great Enemy to Good Management. Adam Smith, (1776), Essay)
Monopoly...Is a Great Enemy to Good Management. Adam Smith, (1776), Essay. https://studentshare.org/miscellaneous/1544544-monopolyis-a-great-enemy-to-good-management-adam-smith-1776-the-wealth-of-nations-book-i-chapter-xi-discuss.
“Monopoly...Is a Great Enemy to Good Management. Adam Smith, (1776), Essay”, n.d. https://studentshare.org/miscellaneous/1544544-monopolyis-a-great-enemy-to-good-management-adam-smith-1776-the-wealth-of-nations-book-i-chapter-xi-discuss.
  • Cited: 0 times
Comments (0)
Click to create a comment or rate a document
CHECK THESE SAMPLES - THEY ALSO FIT YOUR TOPIC
Analysis of Book III Chapter I of The Wealth of Nations
...? Analysis of Book III Chapter I of The Wealth of Nations The success of a nation depends on numerous factors. It not just relies on a single entity which will bring economic stability for its whole population. There are factors that contribute to the success or failure of a nation. Could the wealth of the nation be its people and not the amount of reserves it has? Is it possible? Analysis of Book III Chapter I of The Wealth of Nations Adam Smith took approximately a...
6 Pages(1500 words)Term Paper
Book Review on Wealth of nations
...?Book Review on Wealth of nations by Adam Smith Adam Smith, in his seminal work The Wealth of Nations has laid the foundations of all the modern economic thought and political economy. Smith has published his thoughtful insights on various political economies through five major books and this review focuses on Book One where the author deals elaborately with the causes of improvement in the productive powers of labor. The book is divided into various chapters and this review specifically deal with the...
5 Pages(1250 words)Term Paper
Wealth of nations by Adam Smith
...? Wealth of Nations Chapter 5 Analysis Written by Adam Smith in 1776, readers of today find the bookWealth of Nations” almost impenetrable since the language used is flowery and the terminologies are outmoding yet wander into digressions. In spite of that, this book is one of the world’s most important books because it did for economics what Newton and Darwin did for physic and biology. Adam took what seemed outdated in trade and commerce then used public policy and his wisdom to re-state all these facts into complete, fresh, and new principles that people use fruitfully centuries later (Smith, 2010). In his work, Adam outlined gross domestic product concept for measuring wealth of a nation through identification of huge gains... of...
4 Pages(1000 words)Term Paper
Adam Smith
..., and this occurrence, Adam Smith has mentioned, exists due to the ‘benevolent invisible hand’. All these effects take place dynamically and automatically (Helen, 2001). Contribution to Economics Adam Smith gave major contributions in the field of economics through his economic thoughts, publications and theories. The major contribution of the economist was given in the year 1776 in the form of his most prominent book, The Wealth of Nations’. This work established the economic dimensions of the Industrial Revolution and has converted economics into the characteristics of social sciences. The...
4 Pages(1000 words)Term Paper
The Nature and Causes of the Wealth of Nations, Adam Smith
...? The Nature and Causes of the Wealth of Nations The Nature and Causes of the Wealth of Nations Adam Smith is considered to be the father of modern economics. He contributed extensively towards the shaping of the overall foundation of economics by writing some works. “The Nature and Causes of the Wealth of Nations” is admitted to be the most significant contribution to the field of classical economics. “The Wealth of Nations” is viewed as a magnum opus in the field of economics and moral philosophy. The book discusses some of the most important ideas pertaining to the free market, the division of labour, and how the forces of supply and demand actually work in the free market. One of the essential ideas in “The Wealth of Nations... return of...
6 Pages(1500 words)Essay
Adam Smith Wealth of Nations
...Adam Smith - Wealth of Nations Adam Smith is one of the well-known political economists in the 18th century because of his work called "An Inquiry into the Nature and Causes of the Wealth of Nations" or simply called Wealth of Nations. His work paved the way to modern economics and gave rationale for capitalism, free-trade and libertarianism. Smith is actually considered to be the Father of Modern Economics. Adam Smith's ideas as reflected in his work are still relevant today. His concept of free-trade is still what majority of the world's economy is practicing. Free trade, according to Smith, is the ability of the economy to produce the sufficient amount of goods and provide different varieties with the guidance of what he calls... in the...
1 Pages(250 words)Essay
Adam Smith: Wealth of Nations - Book IV, Chaper II
...monopoly of their home markets, by imposing high tariffs on imports. Smith’s work contributed to the ongoing debate as to the expediency of revising commercial terms with France and undertaking tariff revisions. In this context, The Wealth of Nations sets forth strong, irrefutable arguments in favor of free trade and demonstrates that monopolies are not advantageous to the individual or to society. In Book 1V, chapter 2 of The Wealth of Nations, Smith discusses the consequences of imposing restraints on the import of foreign goods...
5 Pages(1250 words)Essay
Adam Smith
...Adam Smith Today Adam Smith is recognized as one of the foremost economist of the modern world. In his text the Wealth of Nations, Smith established a view of economic structures that has since come to be recognized and adopted by world nations as capitalism. While Smith’s theories proved widely prescient, in some regards they clung to an overly idealistic articulation of world processes. This essay examines Smith’s understanding of capitalism and demonstrates why his ideals cannot entirely be followed in the modern world. In the Wealth of...
2 Pages(500 words)Essay
Adam Smith Inquiry on the Wealth of Nations
...Adam Smith Inquiry on the Wealth of Nations In comparing the lives of industrial laborers in England with those of hunters and shepherds in more primitive, ‘barbarous’ societies, Adam Smith successfully portrays the difference between the two lives and equally holds a higher opinion on the life of a “barbarous” hunter or herdsmen. Nevertheless, he suggests that that the government initiates a widespread education for children for the sake of eliminating poverty in the nation. This is despite the fact that he initially argued that specialization and division of labor are engines are the key to success. Subject to his...
1 Pages(250 words)Essay
Adam Smith
...DVISION OF LABOR: ADAM SMITH By Division of Labor: Adam Smith Division of labor has, to a great extent, improved production levels and efficiency of organizational structures. Division of labor enables specialization hence better performance from the workforce due to experience gained over recurrence of the same tasks. However, efficiency of division of labor is dependent on several factors. With division of labor, each department has increased dexterity, more time is saved and advancements in technology hence improving departmental production and consequently production of the entire organization. Several factors such as necessity can be attributed as...
5 Pages(1250 words)Essay
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 Monopoly...is a great enemy to good management. Adam Smith, (1776), The Wealth of Nations, Book I, Chapter XI. Discuss for FREE!
logo footer
Contact us:
+16312120006
Contact Us Now
FREE Mobile Apps:
  • StudentShare App Store
  • StudentShare Google play
  • About StudentShare
  • Testimonials
  • FAQ
  • Blog
  • Free Essays
  • New Essays
  • Essays
  • Miscellaneous
  • The Newest Essay Topics
  • Index samples by all dates
Join us:
Contact Us