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Essay / Research Paper Abstract
This 3 page paper uses Adam Smith’s book “The Wealth of Nations” to describe what qualities Smith might feel make a good businessman. Bibliography lists 1 source.
Page Count:
3 pages (~225 words per page)
File: KV32_HVwlthna.rtf
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Unformatted sample text from the term paper:
now considered something of a "bible" for economists who study the marketplace. This paper considers what characteristics a man would have to have for Adam Smith to consider him a
good businessman. Discussion Several of the principles that Smith expounds in his book have become so familiar they are almost economic "laws" in a sense. One of these is that
the market is self-regulating and should not be subject to government intervention. Another, which concerns us in this paper, is that people dont actively set out to do good for
others; if someone derives a benefit from another persons actions, it is most likely because the action also benefits the person making it (Smith). Smith puts it like this:
It is not from the benevolence of the butcher, the brewer, or the baker that we expect our dinner, but from their regard to their own self-interest. We address ourselves,
not to their humanity but to their self-love, and never talk to them of our own necessities but of their advantages (Smith 18). From this, one might conclude that
Smiths idea of a good businessman is in the mold of Donald Trump: ruthless, blustery and demanding. But this is an oversimplification of Smith and his beliefs. Reading further, in
particular about Smiths ideas of the division of labor, reveals a man who believes that a good businessman is concerned not only with profit, but with managing his workforce well
so that everyone benefits. Smith hypothesizes that the division of labor arose spontaneously in early societies, where one person perhaps farmed the land while another went hunting, according to which
activity they did better (Smith). As human society developed and industrialized, the division of labor became both more pronounced and more desirable, since factories now were coming into existence where
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