Karl Marx And Adam Smith Essay

The economic realist theory takes into consideration the need to understand economics in relation to jurisprudence. Adam Smith‘s ideas on self-interested economic realism directly contrasts Karl Marx’s concept of species being. The theory of self–interested economic realism was explained by Adam smith in An Inquiry into the Nature and Causes of the Wealth of Nations.
Smith’s idea of economic realism is that every man is self-interested in procuring the best possible relation to society for himself. Smith states “Every individual is continually exerting himself to find out the most advantageous employment for whatever capital he can command. It is his own advantage, indeed, and not that of the society, which he has in view. But the study of his own advantage naturally, or rather necessarily, leads him to prefer that employment which is most advantageous to the society”. This idea show that Smith believes people are working towards a self-interest. The greatest self-interest for individual to work towards is the one that will give him the greatest reward for his efforts. This is contrasted by Karl Marx’s concept of species being. …show more content…
Marx’ believes that man is estranged from his labor to a point of hating labor, and only enjoying his time away from labor making him estranged from his own labor. Marx states “Estranged labour not only (1) estranges nature from man and (2) estranges man from himself, from his own function, from his vital activity; because of this, it also estranges man from his species. It turns his species-life into a means for his individual life”. The idea that man as a species being is set into and individual life which is estranged from his labor is Marx’s fundamental idea. This idea is the more clear connection between man, and his labor which makes the idea of economic