Adam Smith Wealth

What is wealth? Wealth was believed to have been created from the land by the Physiocrats and was believed to be synonymous with money by the Mercantilists, but I do not find either of their arguments convincing. Adam Smith, in The Wealth of Nations, refuted the Mercantilist’s claim that money does not make a country well-off by bringing to light the point that if the country was separated from all other countries their money would be worthless. I believe that wealth is what makes one better off. I am not just thinking of wealth in the material sense either; there is a morality behind wealth for an individual and country that is also a part of the definition. Mandeville believes that one who is selfish in their quest for profit will still help others along the way; I disagree. …show more content…
Loosing morals in the pursuit of gaining more wealth does not truly create wealth because people are not better off. The man who takes advantage of others is loosing his morals, the ones being taken advantage of are not becoming wealthier. I discussed this concept individually, but it can equally be …show more content…
I believe free trade and free markets to be better. Cantillon, in Essai, discusses how important entrepreneurs are for economic growth (making a country better off); they drive innovation. With free trade and free markets, there is more competition, which encourages innovation from the entrepreneurs. The new innovations could be better medicine, safer cars, etc. Thus, with the greater competition from the free trade and free market driving entrepreneurs to innovate, individuals and countries are becoming better off. Free trade and free markets increase wealth within an