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Some say he was absent-minded or even oblivious but I rather like to think of it as frequent states of profound thought The man I refer to is Adam Smith and after having read the assigned excerpts and a few other passages from his The Theory of Moral Sentiments and An Inquiry into the Nature and Causes of the Wealth of Nations I not only hold him in a new light but I have arrived at three heavily debated conclusions First he believed that self-interest is the singular motivation that effectively leads to public prosperity Second although Smith feels that the ones pursuit of selfinterest should be their primary concern he knew that humans are inclined to take interest in and enjoyment from kind and charitable acts Lastly when Smith developed the concept of the invisible hand he assumed that the economy would relatively remain unchanged Let us start with my first hypothesis Self-interest is defined as regard for ones personal advantage or benefit We see and carry out this everyday It is natural to look of ones self first and Smith knew that in fact he encouraged it He observed that if everyone acted in his or her own best interests the market would automatically produce what the people demand He knew this would work be more effective and efficient than any governing body or groups of planners to decide the Three Economic Problems What to produce How to produce it For whom to produce He knew because the people the consumers would be making those decisions for themselves Smith also noticed that self-interest lead to increased trade and bargaining It is in this manner that we obtain from one another the far greater part of those good offices which we stand in need of Classic Readings in Economics pg 7 It is this same trucking disposition which originally gives occasion to the division of labour Classic Readings in Economics pg 7 When
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