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Essay / Research Paper Abstract
An 8 page paper that explains Smith's thoughts on the division of labor and how this leads to a prosperous nation with examples as provided by Smith in Wealth of Nations. This is a work that is more than two centuries old and yet, Smith's words guide the work of contemporary political economists. Smith's influence is discussed along with the reasons why this work has persisted through the years. Bibliography lists 7 sources.
Page Count:
8 pages (~225 words per page)
File: MM12_PGadsmlb.rtf
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Unformatted sample text from the term paper:
brilliance of his mind. Kenneth Boulding, a well-known expert said: "It is clear that the last two hundred years has been the age of Adam Smith and of his followers
and perverters" (Dugi 1992, p. 6). His groundbreaking and classic works are based on his desire to demystify the human condition and his economics is based on extensive studies of
the history of human nature (Dugi 6). The Wealth of Nations is Smiths contribution to timeless common sense. To political economists, Smiths name and this title bring two specific ideas
immediately to mind: the division of labor and laissez-faire (Avishai 38). Smith coined the first phrase, which suggests how human skills create social wealth (Avishai 38). The second phrase was
ascribed to him by French economists; it suggests how the creation of social wealth defines the responsibility of the government (Avishai 38). Avishai commented that when these two are taken
together, the arguments underlying these two phrases "amount to the only great prophesy of business in "civil"--that is, citified--society" (Avishai 1994, p. 38). Avishai also noted that The Wealth of
Nations, which was published in 1776, is basically a "sketch of industrial capitalisms first and most enduring social compact" (Avishai 1994, p. 38). The Wealth of Nations actually consists of
five books. Smith began with a discussion of the division of labor and the market consequences of this factor. The second book dealt with accumulation. The third addressed economic development.
The fourth contained his analysis of numerous ideas, policies and system of political economy. The last book was an extensive discussion of the appropriate role of government in the market
society (Dugi 6). This essay focuses on Smiths thoughts on the division of labor. Smith considered the division of labor essential in advancing the wealth of a nation. The
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