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Adam Smith and Political Economy - Essay Example

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The prosperity of individuals and the community is determined by rules which are set to influence individual conduct and their sense of responsibility. …

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Adam Smith and Political Economy

The quality of life and individual prosperity is determined by social and economic progress of individuals and the community at large (Bowie, Michaels and Solomon, 243). People should engage in activities that promotes fairness and unity in the society for common interest of the society. Therefore, individuals must show concern for others in the society, in order to achieve harmonious and significant living. The individual’s liberty in fulfilling social obligation is one of the driving forces of a nation development. People make their own choices without interference from others to maximize their personal gain. The choice to be made must satisfy a certain need in the society (Bowie, Michaels and Solomon, 264). Adam Smith perceived rivalry as an important element in an advancement of the nation. Exercising this personal liberty sets persons mind free to engage in activities which brings benefit to both individuals and to the community. This liberty has made people to choose their own activities to engage in. However, individual liberty should not obstruct the rights of other people in the society. No one is coerced to undertake any activity whatsoever. ...
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