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Reviewing The Wealth of Nations

Are you interested in reading The Wealth of Nations? Then you should know that this book was written by Adam Smith who wanted to explain his main economic theories, including the application of the concept of self-interest to economics, role played by the government, complications relevant to mercantilism, etc.

When explaining the division of labor that has a number of benefits, Smith attributes them to self-interest and human nature. Besides, he justifies self-interest to people by stating how they strive to barter or exchange different goods. He also questions maximum effectiveness when it comes into play. Adam finds it quite significant to claim that human wisdom is not attributed for the necessity of labor division because only self-interest can do that.

According to his words, people are very rational so that they are ready to go through everything to get what they want in terms of their best self-interest, unlike animals that can’t do the same. The main drawback of this book is that it fails to address the important fact that people’s emotions can inhibit them from being too rational to a great extent. This means that comparing animals and people trying to promote his self-interest ideas make the author contradict himself.

Don’t forget that Smith assumes that all people at all times want to do what they consider their best self-interest. He thinks that the only existing way to be satisfied is to trade, barter, and buy goods. However, he doesn’t understand that people usually have other desires that can’t be traded, sold, bartered, and so on, but they also affect their desires of getting specific products. Another important thing is that Adam individualizes his concept of self-interest by providing readers with interesting examples that include only one beggar and one man. This is how he assumes that they care only about their self-interest, but not other people.

This means that Smith doesn’t understand that self-interest can be considered something more that goes along with family-interest. In addition, he discusses how all people have certain talents that differentiate them and how they allow for the right division of labor. The key problem is that he fails to realize that the members of the society have different desires, but his interesting literary work still deserves your attention, so feel free to read and analyze his conception of the nature of wealth of nations carefully.

Are you interested in reading The Wealth of Nations? Then you should know that this book was written by Adam Smith who wanted to explain his main economic theories, including the application of the concept of self-interest to economics, role played by the government, complications relevant to mercantilism, etc.

Assignment ID
100000735
Type
CREATED ON
30 July 2016
COMPLETED ON
1 August 2016
Price
$24
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30 July 2016
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30 July 2016
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30 July 2016
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1 August 2016
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