The Wealth Of Nations By Adam Smith Essays

881 Words Oct 20th, 2016 4 Pages
One of the greatest contributors of economics, Adam Smith wrote “The Wealth of Nations “in which he argued the economic trading system of mercantilism during the 16th and 18th century. In “The Wealth of Nations” he presented his idea of the free market, which is commonly known as Laissez Faire that focuses on free trade and free competition of products without any interventions of the government. Learning about Adam Smith’s “The Wealth of Nations” there are some pros and cons if we put it in a context of our generation. In Smith’s “The Wealth of Nations” he has discussed the issues underlying on, how can, one’s country achieve a fair and equal share of wealth. He has suggested ways on how his theory can be a solution to the economic problems of a nation. Adam Smith believed that there is a need for a Division of Labor. In this concept, he explained that man has its own abilities or specialization in doing work. In order for man to finish early, he must be assigned to a single job to be able to improve productivity. For example, in working in a shoe factory one must be assigned to design, mold, stick, and etc. If an individual is assigned to make all of the parts in creating a shoe in one day, then it would consume him an average of a month to make a hundred pieces but when groups of individuals are divided into tasks and combined together with the same specialization then the job would lessen the time consumption. This can also help the people to maximize their…

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