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Essay / Research Paper Abstract
This 3 page paper answers two questions in Q & A format. One question addresses Smith's concept of wealth creation and the other explores his "invisible hand" concept. Bibliography lists 1 source.
Page Count:
3 pages (~225 words per page)
File: RT13_SA332WON.rtf
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Unformatted sample text from the term paper:
Adam Smith (1965) aligned himself with several key concepts which explains how he views the creation of wealth. Rather than take a Communist approach and divide the wealth, Smith attached
himself to ideas of wealth creation. By advocating business growth, and a trickle down economy of sorts, Smith also significantly favored the idea of the free market. Allowing people to
be driven to create wealth promotes more wealth. This "trickle down" idea is a concept supported by President Reagan and much criticized by democratic opponents, but it was really an
idea that Smith attached himself centuries ago. An example of Smiths ideas may be seen in the present economy. There are difficulties as the twenty-first century unfolds and many
people who are unemployed in the United States. Bushs plan to stimulate the economy includes tax cuts. This is implemented so that the people have more money to spend. When
more people spend money, businesses grow. It is like adding fuel to a fire. When firms are able to make money, they too spend and they also hire people. Hence,
the wealth quickly spreads. Such capitalist notions that Smith embraces emanate from his well known book called Wealth of Nations. Another vital point is that to Smith, individuals must have
the incentive to work. Some argue that during the latter part of the twentieth century, the welfare system had created a disincentive to work. Uneducated people realized they could get
by on the stipend handed to them by the government in the form of AFDC checks. Without a real incentive to strike out on ones own, an incentive that should
be equated with money and benefits, an individual is not likely to do well in the world of work. At the same time, people need an economic system that is
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