When it comes to viewing the world and trying to get a better understanding of how people live their lives and why things are the way they are, it’s interesting to look at it from the perspective of an economist. Economists tend to focus on the economical viewpoint of things, which is actually more important than most people think. The economy is an enormous part of the world and has a great effect on how we live our day to day lives. One economist’s theory on how everything should be running in the economy I find interesting is Adam Smith’s. His theory can be summarized down to governments involvement in businesses doing more harm than good. I feel as though his theory is important to understand because the issue of government involvement in businesses is still being debated about today, especially in recent presidential elections.
In chapter 2 of the book, New Ideas From Dead Economists, written by Todd G. Buchholz, it discusses the background of Adam …show more content…
The issue of government being involved in businesses is a common and well debated topic still going on today. For example, Bernie Sanders would argue that government needs to become more involved in businesses and get rid of all these “big businesses” in America. Then there are others would argue that government should have little to no say in how businesses are being run. I think Smith’s theory is something that modern day economist’s would still take into consideration. The idea of businesses and communities thriving off of the self-interest of people seems like an interesting way to live and run the economy. There are also parts of Smith’s theory that are well implemented in place other than America. These parts would include things like the division of labor and trade among countries around the world, making Adam Smith’s economic theory extremely relevant to today’s
In chapter 2 of the book, New Ideas From Dead Economists, written by Todd G. Buchholz, it discusses the background of Adam …show more content…
The issue of government being involved in businesses is a common and well debated topic still going on today. For example, Bernie Sanders would argue that government needs to become more involved in businesses and get rid of all these “big businesses” in America. Then there are others would argue that government should have little to no say in how businesses are being run. I think Smith’s theory is something that modern day economist’s would still take into consideration. The idea of businesses and communities thriving off of the self-interest of people seems like an interesting way to live and run the economy. There are also parts of Smith’s theory that are well implemented in place other than America. These parts would include things like the division of labor and trade among countries around the world, making Adam Smith’s economic theory extremely relevant to today’s