Category: Adam Smith

Adam Smith on Morality and Self-Interest Ethics are fundamental rule, principal and moral value to judge what is right or wrong and good or bad. It is social accepted behaviour pattern to make a rational judgement based on basic framework. To gain social protection, ethical voluntary code of conduct is applied. Ethics are generated in…

Morality and Self Interest Imperative rule, basic and ethical values that are conducive to grasp what is right or wrong and good or bad is called morality. It is generally adopted behaviour to develop a critical and rational judgement and assist in achieving socially strong bonds. The situation in which ideal coordination between action and…

The Wealth of What Nation Philosophers from different parts of history are still studied today all over the world. The works of people like Socrates and Ibn Sina, which were written thousands of years ago, are still continuing to be discussed by intellectuals. So why is philosophy so important? Why must we continue to discuss…

Adam Smith’s Key Ideas in His Book ‘The Wealth of Nations’ About the author Smith was born in Kirkcaldy, Scotland, in 1723. At 15, Smith visited the Uni of Glasgow to review philosophy, and the like at Oxford University. He began giving public lectures in Edinburgh in 1748 and was appointed chair of logic at…

Division of Labor in Adam Smith’s ‘The Wealth of Nations’ In the first three chapters of the book, The Wealth of Nations, by Adam Smith, the central question addressed is how division of labor resulted in mans newfound capability to produce in quantities previously unattainable. Division of labor has resulted in an identical amount of…

Adam Smith’s Ideas from ‘The Wealth of Nations’ in Relation to Economic Modernity Economy is assumed to be a part of natural phenomenon, something that was given to human creatures completely predefined. This means that we do not classify the existence of economy as modern. However, it is essential to note that the word economy…

Why Did Adam Smith Give the State Limited Role in the Economy? Adam Smith believed that, Government should limit its activities to administer justice, enforcing private property rights, and defending the nation against aggression (Mark Skousen, 2016). Smith advocated for free markets and believed that government intervention was not necessary to control the economy as…

The Importance of Cultivating Sympathy in Modern Democracies Democracy is a highly contest term and is constantly redefined by modern contexts. However, the success of a democracy always relied on its ability to ensure political equality and liberty. Yet the struggles in modern democracies such as US and UK highlight the difficulties in achieving these…

What Does Adam Smith Have to Say About Todays Unsustainable Fast Fashion Industry? Remember when like a year ago when Toms were a must-have wardrobe staple? Well, where is that pair now? Where is that flared purse charm you wore just once to that music festival? We live in a world where fast fashion is…

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…