Category: Adam Smith

Ethics are fundamental rule, principal and moral value to judge what is right or wrong and good or bad. It is social accepted behaviour pattern to make a rational judgement based on basic framework. To gain social protection, ethical voluntary code of conduct is applied. Ethics are generated in situation where proper coordination between action…

Imperative rule, basic and ethical values that are conducive to grasp what is right or wrong and good or bad is called morality. It is generally adopted behaviour to develop a critical and rational judgement and assist in achieving socially strong bonds. The situation in which ideal coordination between action and emotions in different situation…

Philosophers from different parts of history are still studied today all over the world. The works of people like Socrates and Ibn Sina, which were written thousands of years ago, are still continuing to be discussed by intellectuals. So why is philosophy so important? Why must we continue to discuss the works of people who…

About the author Smith was born in Kirkcaldy, Scotland, in 1723. At 15, Smith visited the Uni of Glasgow to review philosophy, and the like at Oxford University. He began giving public lectures in Edinburgh in 1748 and was appointed chair of logic at Glasgow University in 1751. In 1763 he resigned his post to…

In the first three chapters of the book, The Wealth of Nations, by Adam Smith, the central question addressed is how division of labor resulted in mans newfound capability to produce in quantities previously unattainable. Division of labor has resulted in an identical amount of work producing significantly more. This improvement is credited with the…

Economy is assumed to be a part of natural phenomenon, something that was given to human creatures completely predefined. This means that we do not classify the existence of economy as modern. However, it is essential to note that the word economy itself came into being in the late 20th century when neo-liberalism started in…

Adam Smith believed that, Government should limit its activities to administer justice, enforcing private property rights, and defending the nation against aggression (Mark Skousen, 2016). Smith advocated for free markets and believed that government intervention was not necessary to control the economy as the forces of market competition would allow the economy to function in…

Democracy is a highly contest term and is constantly redefined by modern contexts. However, the success of a democracy always relied on its ability to ensure political equality and liberty. Yet the struggles in modern democracies such as US and UK highlight the difficulties in achieving these goals. Ronald Reagan (1982) once proposed that to…

Remember when like a year ago when Toms were a must-have wardrobe staple? Well, where is that pair now? Where is that flared purse charm you wore just once to that music festival? We live in a world where fast fashion is momentary, and consumer behavior and trends change faster than manufacturers can keep up.…

The market is something that we face every day we are either consumers or producers its something you cant avoid. For example, you run out of apples and you decided to go to the market and get some more apples that automatically make you a consumer. It is everywhere supply and demand. But it all…