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Essay / Research Paper Abstract
A 5 page paper that discusses the labor theories of Marx and Smith as described in the Wealth of Nations by Smith and Das Kapital by Marx. Bibliography lists 4 sources.
Page Count:
5 pages (~225 words per page)
File: D0_PGmxsm.rtf
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Unformatted sample text from the term paper:
properly! Smith considered the division of labor essential in advancing the wealth of a nation. The effect of the division
of labor is not the result of any wisdom on the part of humans, it is really an unintended result, a slow, gradual consequence. Humans have an inherent need to
receive the help of others but they do not expect it as a matter of benevolence. Help is gained only when it appeals to the self-interests of the one giving
the help. Smith said that every individual worked for his own advantage, to increase his own personal wealth and not the wealth of society. "He generally, indeed, neither intends to
promote the public interest, nor knows how much he is promoting it....., he intends only his own gain, and he is in this, as in many other cases, led by
an invisible hand to promote an end which was no part of his intention" (Biographies, 1998). What an individual does, he does in self-interest, not out of benevolence for others.
The result, however, is helping others. Smith argued that the division of labor dramatically increases production, which has a domino effect. The increased productivity stimulates market growth, if the market
is such that it can absorb the growth. The cumulative effect of these interactions based on self-interest is the development of a market economy where supply and demand determine the
prices of the goods and the profit of the company. This would continue for as long as the market was left alone, without any interference. Competition leads both labor and
capital into producing commodities or products whose market prices would be higher than the natural prices. As the wealth of the nation increases, the demand for labor who are paid
...