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Reflections on Adam Smith’s Theory
The market is something that we face every day we are either consumers or producers its something you cant avoid. For example, you run out of apples and you decided to go to the market and get some more apples that automatically make you a consumer. It is everywhere supply and demand. But it all depends on how one perceives it. One quote I can relate in this essay about philosopher Adam Smith is his quote: It is not from the benevolence of the butcher, the brewer, or the baker that we expect our dinner . And what this quote means to me, its that we can all help each other by being interested in our benefit at the end of the day. We all are a large community and we all need each other to move forward just like a farmer sells its product at a fresh market. We also need to realize that as consumers we go there and buy it because we need it or maybe we want it, because if we didnt, the farmer will never sell or be there in there in the first place. Furthermore, we as consumers demand this product. Even though the farmer is benefiting from the money he gets after selling his product we also need to realize as a consumer that we are demanding for it too. Moreover, he mentioned that self-interest is only half of the picture , and this is true. He explains that even though there are ruthless profit individual that would like to take advantage on certain situation on the market, it also has a way of being regulated back to normal, because if this ruthless individual decides skyrocket his product, society has a way to get rid of him. In other words, he would either end up with someone thats either trying to compete with him in the same level by rising prices, but also would get to a point in which he could not raise the price of this product because no one would buy it. And if he decided to mistreat his employees by taking advantage, no one will like to work for him.
In conclusion, I think Adam Smith’s theory makes sense and society decides whether the market will go up or down. Different generations change the market depending on what is more fashionable or useful at that time. Products become popular or unpopular as technology advances.
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