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Essay / Research Paper Abstract
This 4 page paper examines concepts in Adam Smith's book Wealth of Nations. His ideas are discussed in light of modern times. No additional sources cited.
Page Count:
4 pages (~225 words per page)
File: RT13_SA506WON.rtf
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Unformatted sample text from the term paper:
bit about this theorist, one might surmise quite the opposite. In essence, Smith (1965) does focus a great deal on wealth creation and one might align that with an increase
in capital. But Smith was more concerned with the wealth of nations not necessarily in terms of money and power, but rather in terms of human capital. Yet, of course,
the actual material wealth of a nation is something that is included in the notion. However, Smith seems to focus not only on wealth per se, but how it comes
to be. For Smith, it is labor that creates wealth. The nations that have been aligned with productivity are shown to be aligned with success. Adam Smith is perhaps most
famous for his concept of the invisible hand or the self regulation of the capitalist economic system. This theory goes to the assumption that all individuals work to
profit for their own gain, but essentially contribute to the overall economy. It is the invisible hand the promotes the end, but the participant is not privy to this knowledge.
Yet, while this concept is important, the fact that the invisible hand is at work does not negate the result. In other words, the individual who unwittingly contributes to
the good outcome is not at fault. Perhaps he is propelled by greed but that is of no matter. Rather, he or she plays a part in the economy by
pursing his own interests for his own gain. Perhaps this is what Michael Douglasss character meant when he said "greed is good" in the 1980s film Wall Street. It is
through personal desire, and success, that the entire economy becomes healthy. The notion that people contribute positively to the overall economy by simply pursing wealth for their
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