Adam Smith In The Modern World

1028 words - 5 pages

The question was “How would Adam Smith respond to modern day claims that unequal distribution of wealth leads to social unrest?” After researching multiple different sites and reading the book I came to my answer. “No society can surely be flourishing and happy of which by far the greater part of the numbers are poor and miserable (Smith).” Adam Smith’s thoughts on unequal distribution completely computes with what these words are trying to say. This an extremely important statement made by Adam smith because it really equates to society today and I think that he would still agree with this statement today. I would think that Adam Smith would be very excited knowing that his thoughts and statements still equate today and know that people still study his teachings today and will do everything they can to further understand his statements and continue his teachings. No matter what he would always be able to figure out that there is an unequal distribution of wealth. I think this is even more true today because there are more millionaires and billionaires today then there were even just thousandaires back then. Life is all about growth and what we can do to make it better and what Adam Smith was teaching will help better understand the economics thinking. The world must function even with people being on different levels. Adam Smith would talk about how wealth was not distributed fairly and that people needed to understand that it needed to be dispersed properly in order for everything to be fair.

“Today Smith’s reputation rests on his explanation of how rational self-interest in a free- market economy leads to economic well-being. It may surprise those who would discount Smith as an advocate of ruthless individualism that his first major work concentrates on ethics and charity. In fact, while chair at the University of Glasgow, Smith’s lecture subjects, in order of preference, were natural theology, ethics, jurisprudence, and economics, according to John Millar, Smith’s pupil at the time. In The Theory of Moral Sentiments, Smith wrote: “How selfish soever man may be supposed, there are evidently some principles in his nature which interest him in the fortune of others and render their happiness necessary to him though he derives nothing from it except the pleasure of seeing it.”

Smith made sure that we understood exactly how hard life would be if we did not learn from our mistakes and also understand exactly the self view. The perfect example is that anyone who makes money by working in any aspect ends up benefiting themselves. The Wealth of Nations was a five book series that helped examine what caused prosperity and why was it increasing. Adam Smith was brilliant and brought a lot to what modern economists look for. “Smith asserted that ten workers could produce 48,000 pins per day if each of eighteen specialized tasks were assigned to particular workers.” Smith also had strong feelings on exactly what the government...

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