Social Unrest And The Distribution Of Wealth Essay
This paper encompasses the different aspects of wealth as they are understood in today’s time as well as in Adam Smith lifetime. The responses to our social society and economy that Adam Smith might have are discussed as well as his idea of a free economy. The ideas Adam Smith held about status and fairness are also examined as his desire was to better the economy and its individuals and create a smaller gap in education and social classes. The aspect of larger taxes on the wealthy are addressed in contrast to how the poor are taxed in today’s society.
The Definition of Wealth
Adam Smith’s conception of the nation was implicit in his statement that “no society can be flourishing and happy, of which the far greater part of the members are poor and miserable” (Sowell, 2006, p. 6). There has always been a challenge in societies to create an even distribution of gains in terms of wealth. Adam Smith believed in free market economies where if governments had little or no control the economies would stabilize themselves more efficiently. Free markets refer to a system where the prices and quantities of things we buy and sell are unencumbered by artificial barriers or constraints (Genetski, 2011, p. 153). Artificial barriers or constraints can be either controlled by the government in terms of trade barriers or can be thought of as price changes due to supply and demand. He predicted free market policies in the American colonies…