Adam Smith

Thomas Hobbes, John Locke and Karl Marx were three opposing philosophers during the Enlightenment with their own interpretations on government and people. Hobbes believed society needed an absolute monarchy, “to confer all their power and strength upon one man.” Locke said that human nature had natural rights, and were therefore “not to be under the will or legislative authority of man.” Finally, Marx believed in communism, in which belongings are public. All of the philosophies had their own…

detailed laws. Friedman argues that this sets up a government where people who are in special interests groups benefit, rather than the general interest of the people. He says that these conflicting policies work against the “invisible hand” created by Adam Smith.5 Friedman says that this happens when one person is advocating to get a major benefit from something that is in their special interest group. However, if that one person is getting many smaller benefits from various things, it may…

Malthus, Adam Smith and Karl Marx each address the influence of production and prices on the human population and well-being. Specifically, in relation to food, they had different expectations of the markets and growth in response to the industrial revolution. Malthus focuses on a big picture notion of food versus people, and how the human population will fight through scarcity. Smith concentrates on prosperity and its relation to the human population and productivity. Marx, similar to Smith,…

capitalists, nor aristocrats, too kindly. Thus, in order to avoid the mounting of aristocratic and capitalistic heads upon pikes, the system should be reformed to employ those who are qualified for and desire employment. Most of the economists following Smith in the school of classical economic, notably David Ricardo, that Smith’s moral sentiments were not in fitting with the field of economics, and abandoned Smith’s moral reasoning. In its place, we are left with the iron law of wages (Ricardo…

“For whoever wishes to save his life [in this world] will [eventually] lose it [through death], but whoever loses his life [in this world] for My sake will find it [that is, life with Me for all eternity]” (Matthew 16:25 AMP). This scripture, throughout the years, has demonstrated to society the true notion behind the pursuit of self-interest. The second chapter within Staplefords’ book “Bulls, Bears, and Golden Calves” discusses the importance of pursuing self-interest both economically and…

circles of London. Additionally, Ricardo’s formalization of numerous economic theories earned him both wealth and fame, as he is included among the ranks of other influential classical economists such as Adam Smith, Thomas Malthus, and James Mill.…

ADAM SMITH Popularly known as the father of free market economic theory in the 17th century. Smith was also a philosopher and invented the idea of division of labor during the Scottish enlightment period. He is best known for his two-classic works, “THE Theory OF Moral Sentiments and Causes of Wealth of Nations “Smith’s theory of wealth of nations has promoted competition in western civilization. Besides, his idea of division of labor has led to efficiency in the production of goods and…

government without earning it is simply irresponsible. He thinks that when the government intervenes with economy in such a manner that they are simply encouraging poor behaviour. Browne’s opinions are similar to those displayed in Adam Smith’s book “Wealth of Nations”. Smith had a strong opinion that individuals should be free to work solely for themselves, and those who neglect to do so shouldn’t be rewarded for their lack of self interest. This quote, much like the last, portrays Browne as a…

Adam Smith was an economist from the mid-late 1700’s and he was able to explain the knowledge of Capitalism; elaborating on how to make money from the free markets that was influential to survival at that time. He wrote a book, An Inquiry Into the Nature and Causes of the Wealth of Nations, which describes the origins of Capitalism in great details with petty examples of this logic set in motion. On the other side of the spectrum, Karl Marx and Friedrich Engels both produce a collaborative piece…

The physiocrats were a group of French economists whose ideas were developed in the wake of the economic and social disorder that was, at least partially, due to the effects of mercantilist policies (Huh, 2016). Physiocratic thinkers such as John Law, Richard Cantillion, and perhaps most notably, Francois Quesnay made lasting impressions on economic thought and were instrumental in establishing the idea of the free market. Unlike the mercantilists, the physiocrats largely believed that the…