Why did Adam Smith believe that the free production of wealth was good?
Date Submitted: 05/27/2003 15:03:34
Category: / Society & Culture / People
Length: 1 pages (385 words)
Category: / Society & Culture / People
Length: 1 pages (385 words)
Adam Smith was a philosopher but is also accredited to creating the market economy, supply and demand. Smith's book "The Wealth of Nations" not only explained how his new way of economics would work but also left some insight on how we wealth could better our societies.
Through the division of labor he used a perfect example. Instead of one person making a whole nail; why not use a few people to create the same …
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…the price of certain goods and leave that consumer with extra money to spend.
Since people are now buying goods at a cheaper price and working less, they are able to have more free time and create more ideas to increase productivity. As all this is taking place the country is growing and producing a richer society. Through the technical progress of economics and the division of labor, we are inadvertently creating a better society.
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