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How Adam Smith's Writings Help Us to Grasp One or More Specific Issues in Contemporary Politics - Essay Example

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College
Author : handaudreanne
Essay
Philosophy
Pages 7 (1757 words)

Summary

Explain how Adam Smith’s writings help us to grasp one or more specific issues in contemporary politics Born in Scotland in the year 1723, Adam Smith is a Scottish key literary figure of political and moral importance. He is the author of books like Theory of Moral Sentiments, (TMS) published in 1779, and the 1776 publication, Inquiry into the Nature and Causes of the Wealth of Nations (WN) (Otteson 3)…

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How Adam Smith's Writings Help Us to Grasp One or More Specific Issues in Contemporary Politics

In the book Wealth of Nations, Smith argued that wealth does not only mean possessing metal but also included the ability to satisfy one’s needs and desires (Otteson 7). He stated that prosperity can be increased if the division of labor is increased, which he demonstrated by using the example of pins. He established logical insights like equality of returns, which was explained by the relation between wage rate and the type of the work. In short, economic and political theories of Adam Smith provided the guidelines that help to understand the wealth of nations and throw light on the political scenario and policy making (“Adam Smith”). Theories of Adam Smith - Theory of Invisible Hand at Work and Division of Labor In his book Wealth of Nations, Smith has focused on the fact that market forces ensured the production of the goods and services in quality and volume. This was coined as the metaphor of invisible hand at work. People should be allowed to regulate the markets on their own. He was of the idea that if people are given the liberty to control the market, they will utilize the resources in the best possible ways with the welfare of the public as the byproduct. ...
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