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Smith Mini Paper

1374 words - 6 pages

Everyday individuals and nations have the desire to be wealthier than what the previous generation had been. The whole desire of anybody is to better themselves in regards to their own rational self-interest. Adam Smith lays the ground work of how supply and demand is critical to the economy in The Wealth of Nations.
Smith contends that the greatest improvement to the economy is labor can be divided among those who are skilled in that business. He then brings an example to illustrate of a pin maker to illustrate this point, a man that does the whole thing will not be as efficient and it renders him incapable to work in a different industry. However, when a man specializes in a specific part of an industry, more people are going to be hired. Instead of one man doing all the work, but five people can be hired to do the work, with a great output of the product.
Smith then goes on to say that the division of labor can added in any important industry, not just a trivial one such as pin-making. That when an industry decides to divide increases the productive powers of the firm. This division only occurs in a society with a high degree of industry and improvement. When labor is divided there is an increase in the quantity of the work due to the dexterity of the normal workman, saving time, and invention to make more efficient use of resources. Labor is divided it opens the market leads the society to be opened up to everybody. An individual can trade his services and he is able to buy other goods from another tradesman.
Smith then moves onto the reason on what gives to the rise of division of labor.
Smith then moves onto to say that capital is the most important asset that an industry can give no matter how much it is regulated. Every individual is trying to find better employment that will put him in a better place. He then moves onto say that merchants want to bring capital into their own home market because it will help the domestic industries while also bringing in foreign goods to be consumed in the home market. Rather than having just splitting capital equal among two different entities that have no effect on your home market. Smith then says that people who go into business try to do it for their own profit in proportion on the goods on the capital they employ. Also Smith writes that when people are in business for their own profit they are guided by the invisible hand that creates an intention on society that was not intended. It will also create a better society for his countryman rather than any politician can due to his economic ignorance.
Smith then moves on to talk about several ways businesses and governments try to keep the domestic market supreme. When any type of control is put into effect, it creates a monopoly, the monopoly may look good but in reality it is a detriment to the market because no other suppliers can enter. He then moves onto say that most goods in a domestic market are usually tax at a high level, in return...

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