The Government and Economy - Term Paper Example

The government and economy The general way of looking at society differs from person to personand from time to time. For instance, an economist will have a view of the society that is completely different from a sociologist’s perception of the society. The same difference will also exist between a modernists and a psychologist. With regards to The Wealth of the Nations, there have been so many interpretations and analysis. People have understood this document in varying ways and analyzed it differently. In the event a person was to come across the document for first time – having a wealth of sociology, they would immediately classify the document as being one of the many inquiries that have been made with regards to a certain special field in sociology. There are a number of attributes about the author that stand out with regards to this definition. From a sociological point of view, a reader may be tempted to think that the author had a well or improved view of modern Sombart has made or placed forth a very strong statement with regards to the fact that the entire era of modern capitalism and all the aspects related to this differs from earlier industrial epochs. This is mainly with regards to something far deeper than the mere methods of conducting business and other activities. He has gone forward to point out and present details that prove the dominant motive or main cause for doing business has undergone changes. The controlling purpose and main cause of modern business has become to increase the various volumes and also to enlarge the power of capital. In this case, capital is being enlarged for its own sake, and also for the sake of the social power it confers. This has been established as the main standard or purpose of modern business and economic lives (Congress). Whatever the influence or impact of Adam Smith’s work may have been there is an important aspect to take into consideration with regards to studying and analyzing this work. A person cannot simply study his philosophy or philosophical work as a whole. This is so extensive that even in the fragments or portions that of the study that has been brought down, without certainty or a high levels assurance of about his basic positions. It is important to note that the basic portions set forth were clearly and positively based and founded on various human principles as opposed to the implicit capitalistic principles. It is important to note that Wealth of Nations was never authored or engineered with capital assumptions in mind. The occurrences or activity were as a result of the various services related to capital and those that are directly associated with capital. These formed the basis of the books which was to assess the goals of economics in part. Contrary to this attribute about the authoring of the book, the author had also assumed that the various economic activities and occurrences in their entirety were, as a matter or principle of course, a means or way of putting people in possession or giving out power with respect to the various means of life. Additionally, to state or put across the same fact or truth in a little different way, Smith went ahead and assumed that the entire value and concepts contained therein are attached to varying economic activities was a matter that was to be decided and settled by their effects on consumption (Jewell, 1982). That is to mean, instead of attributing the production of wealth in the forefront, as being the most important measure with regards to economic processes, the author evidently, at least through his fundamental theory, regarded or attributed the production of wealth as a minute or mere incidence to the consumption and utilization of wealth. The author’s whole moral philosophy was that the ultimate or vital evaluator of all creation and utilization; that is, the individual process, as it was assessed, analyzed and synthesized on the grounds of moral philosophy, was reviewed to be the tribunal of, or associated to the last resort for verdict or ruling upon the economic process. This has proceeded to the most certain or applicable perspective or view of nineteenth-century political economy. This is as the European countries are concerned. Speaking figuratively, economists play a center role with regards to what was laid firth by Adam Smith (Jewell). Apostolic succession that has been presented with regards to the social philosophy from Adam Smith is mostly through the sociologists as opposed to the economists and other related parties. The sociologists have maintained or kept alive the elemental spark that is contained in Smith’s moral philosophy. Economists have contended and fought for some of views of life with respect to the persons as opposed to terms of technology. This is to mean, they have placed persons and related subjects at the very center of their entire picture of life. They have also assigned and attributed a subordinate place or low ranking to the various theories of those technical activities and concepts which try to explain and deal with the material products. As opposed to the sociologists, the economists are the heresiarchs and separatists. This is with regards to amplifying the significance of technological tills (Jewell). Adam Smith started the point of departure and this has always been important to locate and analyze. The general outline presented through the Wealth of Nations contains details that are important in the analysis of the point of departure. This is important with regards to the correct description of what has been presented. It is also important to ensure that the description set forth is also acceptable and meaning full. Technological inquiry is also associated with this analysis. Hit is also imperative to look into the proportion of the products and the manner in which this is related to population. Such an analysis will look at the manner in which these proportions should divide, and the story of whether it is a better or worse contribution of the necessaries and conveniences that exist. The author also adds that, generally, these proportions should be regulated effectively in every nation around the world. This should be done by taking into consideration two different circumstances. First off, the analysis should take into the consideration the skill, judgment, and dexterity through which its labor usually applied the second aspect should also look into the diversity that exists between the people that are employed in useful labor and those that are not. In the early stages of economic analysis, the word useful plays an important role. The author might have borrowed a leaf from the Pandora’s Box theory. It is important to accept that a connection exists between what the author tried to state and the principles in economics. In a nutshell, it is usually a very simple suggestion that, in the event other factors are equal, a nation is set to have, most if not all, goods to consume which usually contains the highest proportion of people. These people often make themselves very “useful” in the process of producing most of the consumable products. The author did not mean or try to imply that this was the only means or way of one being “useful” in a larger scenario. The author observes further in this link that the profusion or scantiness of substance goods usually seems to ne dependent largely on the former condition and situation as opposed to the latter. The author’s reason for thinking in this manner is usually derived from the contrast or difference that exists between the savage family or grouping, in which every individual is usually compelled by the severities of life and situations to employ themselves either directly or indirectly in finding food, yet scarcity universal. It is also important to note that the various civilized nations, in which many people live in, there is comparative idleness and other associated conditions. The Wealth of Nations is dedicated to analysis of the various facts. One of these facts is concerned with the search for the causes or reason that can be attributed to the improvements that have graced the productive powers with regards to labor. Another important aspect to take into consideration is the order with regards to the distribution of natural production and the various conditions of men within the society. Economic theories later became and have continued to be associated with moral assumptions. Whenever an economical theory is formulated, moral assumptions take center stage. This has given rise to dissimilar analogous accompanied by questions that are usually meant to look into the various designation and titles that are related to property in the millpond or stream. There are various things that stand out with regards to these assumptions. The assumptions have received mixed reactions from economists and sociologists. Sociologists have refuted and gone to the extent of tabooing the discussions that are concerned with or related to these assumptions. The manner in which the subject has been taboos can be compared to slavery and congress. All sociologists require that the assumptions be disregarded in the same manner as congress stood in unity when opposing slavery. There has been an increased reference to the morals with regards to the assumptions that have been laid forth. The central fact in the British economic and other relative economies histories makes it necessary and vital for everyone who is concerned with the various moral questions to become excessively familiar with the influences that the various economics have and continue to exert upon the investigation of moral questions and its impact. Morals and business are always related to one another. Business ethics was founded as a means through which people can assess the moral details contained in business. The task at hand is to increase the awareness of the fact that has been laid forth in Smith’s work. This is to be achieved through looking at the different technological details that have been presented forth through Smith’s work. This is important as it helps in outlining the role played by morals in economic theories. It also helps the concerned parties to understand the effect of moral moorings on economics and theories formulated in economics. There are various reasons why analysis should be conducted with regards to productive laborers and capital stock. It is important to assess the various relationships that exist between the quantity of capital stock and the employment of productive laborers. The proportion presented by this interplay is an important factor to analyze. The manner in which this productive labor is utilized also stands out with regards to analysis. Work Cited Congress (U.S.). (2006). Congressional Record, V. 148, Pt. 13, September 20, 2002 to October 1, 2002. New York: United States Congress. Jewell, M.E. (1982). Representation in state legislatures. Kentucky: University Press of Kentucky. United States. Congress. (1866). Congressional edition. Washington: U.S. G.P.O. Read More