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Analysis of Book III Chapter I of the Wealth of Nations
Pages 5 (1255 words)
Analysis of Book III Chapter I of The Wealth of Nations Name University Abstract 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…
Smith still applied the law of supply and demand. However it is not purely based on the number of produce and raw materials present in a particular location. The author also pointed out the importance of human labor inputted into the manufacturing industry. His view explored the concept that labor could be the most important factor for a nation to reach success and stability. For labor to be effective in a specific industry, laborers should be skilled in terms of employment of useful labor. Produces cannot be cultivated if not for laborers who toil the soil, plant the seed and take care of the crop until it is ready to be harvested. It is from this labor that the resources can achieve stability or even go beyond its breakeven point. As Smith stated it: According, therefore, as this produce, or what is purchased with it, bears a greater or smaller proportion to the number of those who are to consume it, the nation will be better or worse supplied with all the necessaries and conveniences for which it has occasion (Smith Intro par.2) It has been more than 200 years since the book was published. However the concepts still applies and can be related to the present economic stature of a specific location. The concepts that Smith had proposed and explained are the basic principles on how to make a nation achieve stability and competence in a very unstable economy which can be considered as the present reality. ...
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