The Smith Family

Adam Smith, the father of microeconomic theories, puts faith in a virtually unregulated, free market that maximizes the dynamic efficiency. In his view, an ideal system of market should be based on free competition, increasing size of market, and considerable capital accumulation. He believes the production function is an increasing return to scale that would expand the market, lead to internal and external economies of scale, and ultimately, lower the cost of production. With the foundation of…

Fall 2016 IPED 202 Final Exam Questions Which of the three findings in the article do you find most troubling about our economy and society? Please list and explain each briefly. (20 points) Unemployment rate increased highly so that people had hard time to find jobs. In the article, the annual survey depicts, "Unemployment skyrocketed to 10 percent and the jobless rate is still a stubbornly high 9.6 percent." Therefore, people hard to earn money if people do not have jobs. As the unemployment…

Ethical decisions may not always be the right decision according to law but they can be right according to the circumstances. Ethics is a set of moral principles, especially ones relating to or affirming a specified group, field, or form of conduct. We are all faced with ethical decisions in our life at some point. We have to determine whether or not the choices we make are worth the compromise of our values. At the beginning of every priests career they take a vow of obedience, celibacy, and…

One might have same views, but what is different is that they approach them differently. Adam Smith and Karl marx are two economic philosophers best known for their social and economic thinking on how to drive an economy of capitalist views. These ideas in each of their works the Wealth of the Nations by Adam Smith and The Communist Manifesto by Karl Marx both portray their ideologies on how a society functions. These ideas still lives with generations and gives lineage to the capitalistic…

idea of economics has relevant since the beginning of time. Economics is the social science having to do with production, consumption and transfer of wealth in a society or country. Scottish philosopher and economist, Adam Smith, is known as the “The Father of Economics.” Smith is known for proposing many modern ideas such as, the invisible hand, gross domestic product, and the theory of compensating wage differentials. He is also greatly known for his books, “The Theory of Moral Sentiments” and…

Adam Smith is often believed to be an economist due to his theories on the economy but he was at heart a philosophical theorist. As we have learned in this course, Smith had theories about the way the economy worked but he attached these theories to human nature and how humans organize and make sense of the social world. In his book The Wealth of Nations Smith discusses the division of labour, and its relation to supply and demand. Additionally he discusses the innate nature of the desire for…

An Analysis on Personal Identity The philosophical question of who I am, or personal identity is an arduous question to answer. There are two questions that derive in personal identity. What makes these memories or mental events mine? And what how do these events unify into making me the same person I was yesterday, or ten years ago? This essay will go over the works of John Locke, considered to be the first philosopher to give a theorem in regards to personal identity, Thomas Reid, who…

Teens”). I agree with the United States Department of Health and Human Services; there are many people that have different disorders; not everyone suffers from the same disorder. This song is for people who have been diagnosed or who might have a family member or friends who display the symptoms of other disorders; for instance, substance abuse, attention-deficit/hyperactivity disorder, and Anxiety…

is more docile than his brothers. At the end of the novel the narrator 's homosexuality is revealed in a mortifying way. His family discovers his journal of twisted perverted fantasies that concern them to the point that, like “The Bell Jar”, they send him to a mental institution. The scene reflects the authors similar experience in his life where he was outed by his family when they read his journal. And like both the narrator and the author, when they found out that their journal was read they…

Arthur M. Schlesinger’s quote, "A totalitarian regime crushes all autonomous institutions in its drive to seize the human soul", resonates with Orwell’s 1984 in describing the atrocities of a totalitarian nation present in Orwell’s imagined utopia, Oceania. In his critically esteemed novel, 1984, George Orwell creates a perverse utopia in which totalitarianism thrives and the ruling power vanquishes the social rights of civilians. The dystopian novel follows Winston, the thirty-six-year old…