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.
Nobody downloaded yet

308 2nd assignment - Essay Example

Comments (0) Cite this document
Summary
Whereas profit as residual value is the concept of profit that contemporary citizens are most familiar, his concept of profit as compensation or cost of doing business can be argued to be the…
Download paper
GRAB THE BEST PAPER
308 2nd assignment
Read TextPreview

Extract of sample
308 2nd assignment

This essay considers these strands of Adam Smith’s theory of classical economics by investigating their interrelation.
In the Wealth of Nations Smith offers a famous example of a primitive value system. Using the example of a beaver and a deer, he states that it takes twice as long to hunt the beaver as the deer, so that the beaver should be worth twice as much as the deer. In this example the value of a good is directly related to the labor that is required to procure it, therefore the profit is the compensation or cost of doing business. Smith states, “In this state of things, the whole produce of labour belongs to the laborer” (Medema & Samuels, 2003, p. 162). Smith acknowledges that such an example is not only simplistic, but due to the complications of the contemporary economic structure is no longer feasible. Indeed, the contemporary market (18th century United Kingdom) has given way to a process he refers to as division of labor, which complicates this example.
In the Wealth of Nations Smith argues that one of the fundamental characteristics of the 18th century British economic structure is the division of labor. According to the division of labor In Chapter 1 (Medema & Samuels, 2003), Smith describes a situation where labor is divided within a pin factory so that the ultimate number of pins produced is greatly increased. In order to achieve this increase in production the capitalist must engage the services of the laborer and the landlord, and invest heavily in machinery. It follow that “In every society the price of every commodity finally resolves itself into some one or other, or all of those three parts” (Medema & Samuels, p.162). Smith is ultimately stating that the price of the commodity, after factoring in the costs of the land, labor, and machinery, is the residual profit.
Smith distinguishes between natural prices and ... Read More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“308 2nd assignment Essay Example | Topics and Well Written Essays - 1000 words”, n.d.)
Retrieved from https://studentshare.net/miscellaneous/391657-308-2nd-assignment
(308 2nd Assignment Essay Example | Topics and Well Written Essays - 1000 Words)
https://studentshare.net/miscellaneous/391657-308-2nd-assignment.
“308 2nd Assignment Essay Example | Topics and Well Written Essays - 1000 Words”, n.d. https://studentshare.net/miscellaneous/391657-308-2nd-assignment.
  • Cited: 0 times
Comments (0)
Click to create a comment
CHECK THESE SAMPLES - THEY ALSO FIT YOUR TOPIC
Philo 110 2nd midterm
According to Lackey’s point of view, the Congress has chosen policy that knowingly brings death to the innocent people, but nobody perceives it as murder. I certainly agree with Lackey’s point of view on this statement because increasing or decreasing speed limits do not significantly affect the behavior of motorists.
4 Pages(1000 words)Essay
1st and 2nd amendments
The first amendment states “Congress shall make no law respecting an establishment of religion, or prohibiting the free exercise thereof; or abridging the freedom of speech, or of the press; or the right of the people peaceably to assemble, and to petition the government for a redress of grievances”.
3 Pages(750 words)Essay
2nd Catcher in the Rye ASSIGNMENT
I don’t think I would have liked him. Holden seems to lack to respect for anyone he comes in contact with, which at times is very confusing since he claims to have fond feelings for a few people in the story. Holden
2 Pages(500 words)Essay
HUMAN RESOURCES MANAGEMENT-2ND ASSIGNMENT
ow the organization can retain its critical work force and how they can delegate and works to the employees so that better flow of communication prevails. The main aim of the company here is to transfer the proposed value by means of their employees to the customers and the
8 Pages(2000 words)Essay
308 1st assignment
Mercantilism has taken on many forms and must be explored in-depth to gain a true understanding of its tenants. A History of Economic Thought: A Reader characterizes mercantilism as, “generating a
4 Pages(1000 words)Essay
Second (2nd) narrow bridge collapse
Deaths, injuries, project delays and losses of money have formed part of the bitter memories of collapsed building and other accidents in the work place. Stalker and Andrew (157-158) confirmed that the second narrow bridge accident that claimed lives of nineteen
10 Pages(2500 words)Essay
2nd Degree Murder
category of homicide cases, it must be demonstrated that the death causing act must have been imminently dangerous and likely to cause serious harm to others. The reason why this has to be demonstrated is due to the sensitivity that the death of an individual may sometimes
5 Pages(1250 words)Essay
2nd Reflection Paper
As far as the skills are concerned, I have understood that these disabled people are no less than any one, and that they can contribute to the society in a much better manner than us. My volunteer work at this group
1 Pages(250 words)Essay
Bill of Rights 2nd Amendment
The Amendment which states that, “A well regulated militia, being necessary to the security of a free state, the right of the people to keep and bear arms, shall not be infringed” specifically relates to the right to bear
7 Pages(1750 words)Essay
2ND PAPER
Researchers have indicated that days to come, America will remain constant as the most powerful country on earth for a long time. However, the United States military and economic strength would go down if attacked by
5 Pages(1250 words)Essay
Let us find you another Essay on topic 308 2nd assignment for FREE!
Contact us:
+16312120006
Contact Us Now
FREE Mobile Apps:
  • About StudentShare
  • Testimonials
  • FAQ
  • Blog
  • Free Essays
  • New Essays
  • Essays
  • The Newest Essay Topics
  • Index samples by all dates
Join us:
Contact Us