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Adam Smith and Karl Marx, 2005.
This paper examines the writings of Adam Smith and Karl Marx by reviewing their positions on joint-stock companies and Adam Smith's famous deer-beaver argument.
1,410 words (approx. 5.6 pages), 6 sources, MLA, AU$ 58.95
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Abstract
This paper explains that Adam Smith thought that the separation of ownership and control raised serious questions about the management of joint-stock companies and led him to analyze the agency problem. The author points out that Adam Smith and Karl Marx agree that an advantage of the joint-stock company is that it allows entrepreneurs to put together large sums of money and capital; furthermore, Marx concludes that the joint-stock form leads to a "tremendous expansion in the scale of production and enterprises, which would be impossible for individual capitals." The paper states that Karl Marx would have called Adam Smith's hunters simple commodity producers with each hunting with his own relatively simple weapon in a forest, which is open to all, and satisfying his needs by exchanging his excess catch against the products of other hunters.
From the Paper
"Competition is another quantitative aspect of economics. One first needs to examine the conditions under which exchange ratios would correspond exactly to labor -time ratios. We begin with Adam Smith's famous deer-beaver example, "If among a nation of hunters, for example, it usually costs twice the labor to kill a beaver which it does to kill a deer, one beaver should naturally exchange for or be worth two deer. It is natural that what is usually the produce of two days' or two hours' labor, should be worth double of what is usually the produce of one days' or one hours' labor.""
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Adam Smith and John Maynard Keynes, 2006.
An overview of the contribution to economics of Adam Smith and John Maynard Keynes.
2,588 words (approx. 10.4 pages), 7 sources, MLA, AU$ 98.95
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Abstract
There have been numerous philosophers and even thinkers in economics who have put forward their theories. This paper discusses two major philosophers of economics, Adam Smith and John Maynard Keynes. It looks at how Adam Smith, known commonly as the father of modern economics, influenced the growth of economic theory and the evolution of modern, market-based societies. It also discusses how the second great revolution in economic thought was by John Maynard Keynes and how his theory of Employment, Interest and Money bestows to academia a different way of looking at the aggregate economic universe.
Outline
Introduction
Adam Smith
John Maynard Keynes
Conclusion
From the Paper
"Smith was in support of free trade. He derived his support for free trade among nations by centering it on the obvious desirability of trade among individuals: "It is the maxim of every prudent master of a family, never to attempt to make at home what it will cost him more to make than to buy". Though Smith is usually thought to have relied on the Theory of Absolute Advantage to gain his support for free trade. According to Smith, free trade not only extended the extent of the market and, thereby, permitted greater division of labor; free trade also increased productivity by allowing countries to specialize in what they do well. In Smith's view of the workings of the market system, any short-run deviation of the market price from the long-run price would activate the forces of competition which would ultimately take the market price to its long-run level."
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Marx and Engels vs. Adam Smith, 2005.
This paper compares the writings of the Marx and Engels vs. Adam Smith by which Marxism and capitalism are understood.
1,630 words (approx. 6.5 pages), 4 sources, MLA, AU$ 66.95
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Abstract
This paper explains that the more politically incendiary words of Marx and Engels regarding communal ownership and Adam Smith's notion of an invisible capitalist hand, which sets all excesses of the market right, are what are remembered best by history. The author points out that Marx and Engels saw all of human society in a continual cycle of polarized class warfare between the haves and the have-nots. The paper relates that Adam Smith's defense of Capitalism, written in praise of industrialization, saw the division of labor as a boon from the consumer's and the capitalist's point of view, if not the workers.
From the Paper
"In contrast, Chapter 7, Volume 1 of "Capital", Marx suggests that it is really the production of the labor in crafting goods that conferred the value upon the material means, turning it the metal by the worker's sweat and toil into a pin. Throughout this capitalist enactment of conferring value upon raw materials, the factory owners did nothing but provide the raw materials, pay the labor and while away the day. The capitalist owners experienced no wear or tear upon his or her body, by simply owning the factory and hiring the workers to work at the factory. The worker worked harder than the property-owning capitalist, but made less money in profit."
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Adam Smith?s Influence, 2002.
Provides an analysis of how economist Adam Smith's insight has influenced the modern free enterprise economy.
1,329 words (approx. 5.3 pages), 8 sources, MLA, AU$ 55.95
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Abstract
While the aristocracy was controlling the social and economic activity of most European nations in the years leading up to 1776, Adam Smith was imagining the possibilities of a yet to be established free enterprise economic system. The culmination of these thoughts was the 1776 publishing of his famous book, "An Inquiry into the Nature and Causes of the Wealth of Nations". This paper gives examples of how Adam Smith's ideas have influenced modern economics. Areas of his influence are examined from modern taxation policy, to modern price controls.
From the Paper
"Adam Smith?s principle that government intervention is detrimental to society can be clearly observed in the modern world by observing price controls. Dr. Michael Zimmer, professor of Economics at the University of Evansville, points out that you do not need to look far to see the clear and concise examples of countries plagued by this phenomena. Zimmer asserts that countries enforcing strict price controls fail to supply enough goods to satisfy the demand of the public. He points out a clear case of this being demonstrated in the Korean Peninsula. Here we can observe that North Korea is dreadfully poor, while across the border South Korea (a country without strict price controls) is one of the most prosperous countries on the planet. South Korea?s prosperity is clearly due to their promotion of free enterprise and their lack of price controls."
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A Review of Adam Smith's Economic Classic, 2000.
A detailed look at economics classic "An Inquiry Into The Nature and Causes of The Wealth of Nations" by Adam Smith- the division of labor, the mercantile system etc.
20,000 words (approx. 80.0 pages), 1 source, AU$ 311.95
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Abstract
This paper begins with a review of the division of labour as presented in Adam Smith's economic classic. The paper considers the causes and how it is beneficial to society. Next, the paper looks at the topic of price and value of commodities and it expounds further on labour and its recompense, i.e. wages, and on the profits of stock and the rent of land. This review is followed by a review of the nature, accumulation and employment of stock and a short description of the towns-country interdependency in the industry of countries. The paper concludes with an examination of the mercantile system, the colonies and the colony trade of the world?s greatest nations, that followed the great discoveries at the end of the fourteenth century and fifteenth century.
From the Paper
"The wealth of a particular people consists in the necessaries and conveniences that their annual produce supplies or provides them with the means to exchange for. The extent of that welfare depends on two basic circumstances: in the first place, it depends on the skill, dexterity, and judgement with which this produce is worked out, and secondly, it depends on the proportion between the number of those that are employed in useful labour and those who are not employed. The first circumstance is proved to be of more consequence; but the second, if it is proxied instead by capital, the stock of which has direct implications on the number of people employed in productive labour, is of no less interest and comes to the accumulation of wealth and growth of industry. Different theories have been put forward in the policies of the countries through the centuries in their strive to accumulation of wealth, but the mercantile, or commercial, has long been the favourite and its flavour is sensed in these days? economic policies too. To expose its inherent fallacies has been one major goal of the author of this book. "
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Adam Smith and Capitalism, 2001.
A look at Adam Smith?s reaction to the deception he believed capitalism is based on.
1,346 words (approx. 5.4 pages), 2 sources, MLA, AU$ 56.95
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Abstract
This paper goes into detail about why, in spite of the fact that he acknowledged that it is based on superficiality and deception, Adam Smith liked capitalism.
From the Paper
"In a capitalist society, people are continually deceived into thinking that accumulation will make them happy. Smith felt so calm in his discovery that capitalist society was based on this deception for a few reasons. Perhaps the most significant of factors was that he liked capitalism a lot, and so his faith in it could not be outweighed by something he considered to be a relatively minor issue. He saw very many benefits in capitalism as opposed to any other system because it allowed for soft political rule and for the improvement of lands and products. On top of this, even though deception has the connotation of being superficial or bad, he acknowledged that people like deception ? they like trivialities and to have fun. While he valued wisdom and deep, philosophical thinking, he recognized, at the same time, that nobody would want to be wise continuously for all of his or her life."
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Adam Smith, 2005.
This paper examines Adam Smith's influence on American fiscal policy.
3,375 words (approx. 13.5 pages), 13 sources, AU$ 167.95
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Abstract
This paper relates that the influence of the famous Scottish economist Adam Smith on American fiscal policy was significant. The author points out that his foundational economic theories provided important guidance for the Founding Fathers as they formulated economic policies for the new nation. The paper notes that the publication in 1776 of Smith's book "An Inquiry into the Nature and Causes of the Wealth of Nations" introduced the science of political economy to the world.
From the Paper
"The influence of the famous Scottish economist Adam Smith on American fiscal policy was significant, for his foundational economic theories provided important guidance for the Founding Fathers as they formulated economic policies for the new nation. The publication in 1776 of Smith's book, An Inquiry into the Nature and Causes of the Wealth of Nations, introduced the science of political economy to the world."
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Adam Smith, 2002.
A review of Adam Smith's literature relating to free trade.
987 words (approx. 3.9 pages), 6 sources, MLA, AU$ 44.95
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Abstract
The paper begins with an introduction from "Wealth of Nations", explaining Smith's view that human nature is to trade and barter between resources. The paper continues with a number of subjects in the economics field, showing how Adam Smith's theories relate to them. These topics include protectionism, political uncertainty and infrastructure.
From the Paper
"In Wealth of Nations, Adam Smith recognized that human beings have a natural propensity ?to truck, barter, and exchange one thing for another.? Smith saw the free trade of goods across borders as an extension of this human instinct. People exchange products and services as ?free agents? in pursuit of their own individual interests. In the process, people become part of an international economy, connected across national borders, as if guided by an ?invisible hand.?"
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Adam Smith's "Wealth of Nations", 2002.
An analysis of Adam Smith's "Wealth of Nations" and its influence on government policies and modern capatalism.
1,150 words (approx. 4.6 pages), 1 source, AU$ 55.95
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Abstract
This paper examines Adam Smith's "Wealth of Nations", which remains perhaps the most famous economics text in all of human history. The author notes that it has been a source of wisdom for governments in search of sound economic policies, a practical guide for many people in search of personal economic prosperity, and has had a profound impact on the leaders of powerful movements that contributed to the emergence of modern capitalism. Despite the fact that some of Smith's ideas have not withstood the test of time, the legendary status of "Wealth of Nations" is fully justified, for its influence in modern times on economic theory has not been surpassed.
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Adam Smith and Capitalism, 2005.
A look at the concept of capitalism in Adam Smith's work "The Wealth of Nations".
958 words (approx. 3.8 pages), 1 source, MLA, AU$ 43.95
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Abstract
In his great work, "The Wealth of Nations", Smith created the philosophy of capitalism based on his own careful observations of conditions in his own and other countries. It explains how the "Wealth of Nations" guides the reader toward a philosophy in which a well-managed system of exchange and production can lead to the improvement of the human condition. It concludes that Adam Smith's thesis is clear: capitalism is the antidote to society's ills.
From the Paper
"Smith addresses the application of capitalist principles on both a national, and a personal level; an argument that shows clearly the all-embracing nature of his ideas. The acquisitiveness that is inherent in the capitalist system contributes to increased production, increased employment, and increased standards of living. The interest, that is the "charge" made for the supplying of assets to enable labor and manufacturers, actually decreases the more productive these producers become."
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Adam Smith's "Wealth of Nations", 2005.
A critical assessment of the theory of value and distribution as presented by Adam Smith in Book I of "The Wealth of Nations".
2,360 words (approx. 9.4 pages), 14 sources, APA, AU$ 90.95
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Abstract
This paper examines how "The Wealth of Nations" is undoubtedly a great work, even though Adam Smith's theory of value and distribution represents one of his lesser contributions to economic thought. It discusses how Smith's riddle of the diamond water paradox clearly describes the reasons for his support of an objective theory where he failed to grasp the concept of marginal utility. It also shows that while some commentators argue that Smith purports a cost-of-production theory for value rather than a labour theory, his emphasis is clearly on labour as he measures the cost-of-production in terms of labour.
From the Paper
"In the 17th century, William Petty abandoned the idea of subjective value and attempted to appoint an objective theory of 'natural value', the actual price of any commodity fluctuating around a natural price. Natural value, according to Petty, was deduced using the factors of production (land and Labour). Adam Smith's publication, The Wealth of Nations, in 1776 signified the beginning of the Classical School, which also directed value debate towards an objective theory. Smith contemplated, but discarded the notion that demand is a function of 'utility'. The utility argument suggests that the more useful something is, the more satisfaction it gives consumers, consequently, they will pay more for it."
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Adam Smith, 2005.
This paper discusses Adam Smith's influence in the areas of the behavior of the market, income distribution and future growth.
965 words (approx. 3.9 pages), 2 sources, MLA, AU$ 43.95
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Abstract
This paper explains that, in the area of market behavior, Adam Smith believed that the availability and cost of labor, rather than the seasonality of weather, contributes to the overall economic picture in his assertion that "labor, not nature, was the source of value." The author points out that, in the area of wealth distribution, Smith was not nearly as interested in the rise of this middle class of shopkeepers as in his promoting the idea that entire nationals can profit. The paper relates that, in the area of future growth, Smith believed that everybody gradually became better off as the division of labor increased and made the community wealthier.
Table of Contents
The Behavior of the Market
Income Distribution
Future Growth
From the Paper
"It seems obvious, then, that the look into the future was one of constant (and perhaps consistent) pessimism for Ricardo who saw the "wealth" of the nation as being the land, and the land's productivity being stretched thinner and thinner, and the results becoming more expensive. For Smith, he tended to perhaps overlook this struggle of land, landlord and a rising bourgeoisie in favor of the greater good for the greatest number of people in the long run. Ricardo's future sees the capitalist as being squeezed on two fronts: higher wages to be paid to the workers, and second having to pay increased rent for the land, because land has become dearer."
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A Comparative Study Between the Economic Philosophies of Adam Smith and Karl Marx, 2003.
The following essay compares the economic philosophies of Adam Smith and Karl Marx with reference to their historical works.
2,270 words (approx. 9.1 pages), 0 sources, AU$ 88.95
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Abstract
This essay compares the philosophies in Adam Smith?s ?The Background to the Wealth of Nations? and Karl Marx?s ?Communist Manifesto? & ?Das Kapital?. The way in which both Smith and Marx agreed upon the importance of capitalism for unleashing productive powers, amongst other similarities, is discussed. In addition the contradictions in their philosophies, such as their reasons for expanding markets, are also highlighted.
From the paper:
?Smith and Marx both agreed that capitalism required expanding markets. Smith believed this was so because jobs could not be divided too much without a large market. The money that went to paying wages came from profits. There always had to be an expanding market, so that there could be more profits or else there would not be more jobs.?
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Adam Smith and "The Wealth of Nations", 2006.
An overview and analysis of Adam Smith's economic theories and how these theories influenced the development of capitalism, socialism and communism.
1,640 words (approx. 6.6 pages), 5 sources, APA, AU$ 66.95
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Abstract
This paper discusses the underlying theory of Adam Smith's book "The Wealth of Nations", explaining that Smith saw labor, not money, as a nation's greatest asset. The paper further explains that this view strongly reflected the economic situation of the time brought about by the Industrial Revolution and then goes on to explain that Smith saw competition as a natural outcome of the specialization bred by the division of labor. Next, the paper explains how Smith's views were later elaborated upon by other economic theorists and how these theorists, as well as Smith, ultimately influenced the political philosophies of capitalism, socialism and even communism.
From the Paper
"1776 was not only the year of the American revolution, more meaningful to us in this country, of course, but also the publication of "Inquiry into Nature and Causes of the Wealth of Nations, by Adam Smith, who had spent most of his years either in France, or working on moral issues as a professor in Scotland. The book has set the standard for what has become the modern science of political economy. Its basic contention is that "national progress is best secured by the freedom of private initiative within the bounds of justice." (Enc. Am., p. 111) Before Smith, the basic economy of the Western world was built around agriculture. This was the beginning of the industrial Revolution, and the old economic ideas were becoming outdated. For example, the economists who preceded Smith believed that the farmer was the only true producer, and the landlord (whether it was the farmer or another landowner) was the manager and superintendent of production. The step that was taken prior to Smith was the recognition that it would be more efficient for a single farmer to hire some help, especially craftsmen who were specialists in the things the farmer was inefficient in. This, then, was really the beginning of "labor" recognized as an important aspect of a nation's wealth."
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Adam Smith, 1994.
This paper discusses Adam Smith's major economic theories in historical context, impact of his book "Wealth of Nations" on the development of the U.S., compared to Karl Marx and relevance to the late 20th Century.
3,375 words (approx. 13.5 pages), 7 sources, AU$ 149.95
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From the Paper
"Two documents were published in 1776 which had profound effects on the social, political and economic future. The first, and the more brief of the two, outlined the reasons that the American colonies were willing to go to war to gain their independence from England. Forming the basis for a new type of government, The Declaration of Independence is the more famous of the two works. The other document, the 900-page tome, An Inquiry into the Nature and Causes of the Wealth of Nations, was written by a Scottish philosopher and was no less influential on determining the economic path of the American colonies than the Declaration was influential on determining its political path. This research examines Wealth of Nations and Smith's underlying principles and examines them in light of their historical ... "
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Adam Smith, 2002.
Discusses the life and economic theories of this eighteenth century analyst.
3,147 words (approx. 12.6 pages), 9 sources, APA, AU$ 114.95
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Abstract
For more than two centuries Adam Smith has been recognized as one of the most influential analysts of economic behavior in spite of the fact that his work was done during the very early stages of the industrial revolution. The paper traces Adam Smith's life and two of his books "The Theory of the Moral Sentiments" and "An Inquiry into the Nature and Causes of the Wealth of Nations".
Table of Contents:
Introduction
Adam Smith?s Early Life
The Theory of Moral Sentiments
An Inquiry into the Nature and Causes of the Wealth of Nations
Laissez-Faire Capitalism
Society and the ?Invisible Hand?
Division of Labor
Free Trade
Conclusion
From the Paper
"At the time The Wealth of Nations was published, the power of free trade and competition as influencers of innovation and progress was not well understood or practiced. For example, governments granted monopolies and gave subsidies to protect their own merchants, farmers and manufacturers against 'unfair' competition. The guilds operated stern local cartels: artisans of one town were prevented from traveling to another to find work. Local and national laws forbade the use of new, labor-saving machinery and poverty was accepted as the common, natural, and inevitable lot of most people. In The Wealth of Nations, Adam Smith railed against the restrictive, regulated, 'mercantilist' system, and showed convincingly how the principles of free trade, competition, and choice would spur economic development, reduce poverty, and precipitate the social and moral improvement of humankind. From this book came well-known economic theories related to laissez-faire capitalism in general and society and the ?invisible hand?, division of labor, and free trade."
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