Adam Smith "Wealth of Nations" The benefit of division of labor to society.
Title: Adam Smith "Wealth of Nations" The benefit of division of labor to society.
Category: /History/European History
Details: Words: 774 | Pages: 3 (approximately 235 words/page)
Adam Smith "Wealth of Nations" The benefit of division of labor to society.
Category: /History/European History
Details: Words: 774 | Pages: 3 (approximately 235 words/page)
Adam Smith is often accused of propounding an economic
 theory based solely on self-interest and individual welfare,
 however Smith's own writings indicate that this is not the
 case.  Smith sees that his ideas surrounding the division of
 labor will not only benefit the individuals in control of
 production, but society as a whole.  In Book Three of The
 Wealth of Nations Smith writes:
 "The gains of both are mutual and reciprocal,
 and the division of 
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consumer goods
 were produced.  This would allow Frederick to participate in
 international warfare without concern as to where the money
 to pay the soldiers would come from.
 Smith's ideas would allow enlightened monarchs to guide
 the state to prosperity without sacrificing the needs of the
 people.  Smith provides a capitalistic "Utopia" if which
 natural economic laws, such as supply and demand, govern an
 economy which benefits all actors from the lowliest worker
 to the monarch.
 
 
 
 
