Adam Smith Utilitarianism Analysis

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Recently, we have discussed about a few arguments for capitalism in the class, which is utilitarian argument, the libertarian argument, the private property argument and Adam Smith’s argument. Personally, I will be expected to talk about Adam Smith’s argument. In my opinion, Adam Smith is a significant economist in the western history. His book “The Wealth of Nation” provides a theory that helps a great number of societies developing economic system. In this book, Adam Smith build the foundations of classical free market economic theory. In this and other works, he explained that how rational competition and self-interest can lead to economic prosperity. He gave the great criticism on policy of physiocracy and restriction of business and approved that industry and commerce made contribution to national wealth. Basically, the Adam Smith’s argument is that capitalism is the best economic system for increasing citizen’s quality of life because of following reasons, capitalism encourages citizens who want to make money to make products others …show more content…
They always against and help each other. Nevertheless it is the place where the most ridiculous. Government achievements and market failure. Once again remind us that reasonable division of the limits of market and the government is of great concern. In depicting the cut-off rule of laissez-faire market mechanism and of democratic government intervention mechanism, economics is the indispensable basic tools. A great developed hybrid economy should and must be limitary. Those people who want to regard the government of the policeman and the lighthouse might just live in a fantastic world. Each of the efficient and humane society will require both sides of the hybrid economy; both government and market exist at the same time. As a consequence, if there is no market or government, modern efficient operation will be in

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