The Economic Theory Of Adam Smith - 2094 Words

In this paper, I will examine the economic theory of Adam Smith, a historic and highly renowned economist and philosopher during the 17th century. Smith is often referred to as the father of economics, and is considered the first theorist of what we commonly refer to as capitalism. I will discuss his economic theory in relation to, and as illustrated by one of his original works. The Wealth of Nations was published in 1776, and is considered to be one of the backbones or modern economics. In this book, Smith explores the nature and causes of wealth in a given society. He emphasizes key economic concepts capable of sparking economic growth and progression. I plan to shed some light upon the encompassing elements of Smith’s theory, such as a division of labor, market exchange methods and the overall coordination of market activities. It is important to keep in mind the emphasis Smith places on the respect for individual liberty within a respective society when examining the elem ents of his theory. Once this has been accomplished, I will then elaborate as to why I believe Smith’s economic theory is philosophically superior to other economic theories that also aim to create the most economically functional type of society. To start, I believe that is necessary to discuss the economic concept of a gross domestic product (GDP). In today’s day and age, modern economics defines a GDP as a nations total output over a given period of time. However according to Smith, a nation’s GDPShow MoreRelatedAdam Smith Influence on Economic Theory Essay1655 Words   |  7 PagesWhy is the work of Adam Smith considered so crucial in the development of economic thought? Adam Smith is widely regarded as the father of economics as a social science, and is perhaps best known for his work The Wealth of Nations. Throughout this work Smith states and informs towards his belief that society is not at its most productive when ruled over by rules and limitations with regards to trade, and that in order for markets to maximise prosperity, a free trade environment should be madeRead MoreA Comparison of the Economic Theories of Adam Smith and Karl Marx2203 Words   |  9 Pages There is perhaps not a more famous ongoing dialectic argument in the field of political economy than the one between Adam Smith and Karl Marx in regards to capitalism. The two thinkers, although coming to radically different conclusions about the outcomes of the capitalist system for all parties involved, agree on a surprising number of ideas such as labor being the source of commodities’ value, as well as the fact that the division of labor increases productivity. However, their different conceptionsRead MoreClassical and Neoclassical Economists: Adam Smith and John Maynard Keynes1289 Words   |  6 PagesIn order to understand how economics really work in today’s age we must think about how those economic ideas, revolutionary theories of many economists, that helped to shape the economic structure as we know it now, through many individuals and school of economic though that has existed through the ages. These schools are â€Å"the mercantilists, the physiocrats, the classical economists, Marxian economics, the neoclassical economists and the monetarist economics. For this essay I will only refer toRead MoreAdam Smith706 Words   |  3 PagesAdam Smith was a Scottish political economist and moral philosopher, who studied moral philosophy at Oxford University and University of Glasgow. Smith is considered by many to be the founding father of economics and the first free-market capitalist. In fact, in many ways his philosophies and theories have helped shape our country and our economy into what it is today. Smith introduced us to the invisible hand theory which referred to the free markets. The invisible hand theory stated that ultimatelyRead MoreEssay on Adam Smith: Views on Economics Mercantilist852 Words   |  4 PagesAdam Smith Adam Smith looked at economics differently than the mercantilist. The old view of economics, mercantilism, believed that wealth was measured in terms of the amount of gold and silver the nation stocked, importing goods from other countries would negatively impact the wealth of a country, trade only benefited the seller and not the buyer, and nations could only become richer by making other countries poorer. Adam Smith believed the opposite by thinking that the wealth of a nation is basedRead MoreEssay about : Adam Smith and Karl Mark: Contrasting Views of Capitalism902 Words   |  4 PagesThe theory of capitalism describes the essential features of capitalism and how it functions. Adam Smith focused his theories on the role of enlightened self-interest led by an invisible hand or incorrectly the invisible guiding hand, and the role of specialisation in promoting the efficiency of capital accumulation. Some proponents of capitalism emphasize the role of free markets, which, they cla im, promote freedom and democracy. For many, capitalism hinges on the extension into a global dimensionRead MoreThe Invisible Hand By Adam Smith923 Words   |  4 Pagesperson. Obvious that is Adam Smith. Even though, after ten years or thousand years the economists will recall Adam Smith. Moreover, if you visit United Kingdom you can recognize Adam Smith face in the 50 and 20 pounds. ‘Man is an animal that makes bargains†- Adam Smith (Brainy Quote, (n.d)). That is underling the people’s instinct when they make a deal. â€Å"A person, who received his education through hard work, is like an expensive Car’- Adam Smith (Brainy Quote, (n.d)). Adam Smith encouraged people toRead MoreMoral Sentiments, By Adam Smith997 Words   |  4 Pagess well as abroad (Mastin, 2008). In Theory of Moral Sentiments, Adam Smith developed the foundation for a general system of morals. It showed that the moral ideas and action are the basic elements since human is social creat ures. It identified that moral is the basic need as social using it to interact and express their feelings. It also stated that the society need the prudence and justice to survive, and explains the additional, beneficent, and actions that enable it to flourish. It was a veryRead MoreEconomics Essay1090 Words   |  5 PagesEconomics is an ever-changing field of study. Within that area of interest, there are many people who have influenced the world with their individual economic point of view. Some of those people have made a fundamental impact upon not only the United States of America, but also upon the world. Adam Smith, David Ricardo, John Maynard Keynes, Friedrich Von Hayek, Milton Friedman, and Fengbo Zhang are six men who have accomplished just that. Their opinions, actions, and words have forever changed theRead MoreAdam Smith : An Era Of Classical Political Economy1430 Words   |  6 Pagesof â€Å"classical political economy†, Adam Smith (1723-1790) has challenge d many previous political-economic assumptions, notably the Mercantilist points of view, to prosper and strengthen a state. In his most influential work Wealth of Nations (1779) and various other works of his, he has put forward his arguments, given a critique of their ideas, and formulated theories of how the market and trade should instead be. This essay will show in which ways Adam Smith, as a free economy capitalist, has

Organizational Culture Business Practices - 1011 Words

Does Organisational Culture Shape Ethical Business Practices? U5009333 Sarah Zuiderduin 14/10/2014 Introduction Organisation culture can be described as the beliefs, customs, value systems and behavioural norms and ways of doing business that are unique to each corporation. The impact of organisational culture on the ethical standards and moral practices of people in organisations has become increasingly common (Fisse Braithwaite, 1983). Managers within organisations are now turning to organisational culture to not only to explain what happens in organisations, but also to attempt to shape what happens in the organisation (Sinclair, 1993). Body Definition of organisational culture, ethical business†¦show more content†¦Management can and should actively manage and engage in organisational culture. This process requires clear identification and articulation of a corporate strategy, philosophy or mission. These strategies are not confined to economic goals, but there does need to be a cohesive statement about what kind of organisation the company will be; including its character, espoused values, and relationships to customers, employees, communities, and shareholders (Murphy, 1989). Commonly known as a ‘credo’ (Murphy, 1989), this strategy can be translated into a corporate code of ethics. The credo can be a general statement about the organisational values, the code of ethics should be specific, pertinent, publicized, communicated and enforced, as well as revised (Laczniak Murphy, 1991). Apple Inc. utilises it’s employees levels of innovation, creativity, and provides further training and development programs to ensure a positive, supporting, engaging and empowering organisational culture and attributes this environment to its success. Leadership and its positive influences, linked to above statements about Apple Inc. Identify and describe positive outcomes of organisational culture and its positive influence on ethical business practices. Identify the extent of the influence? The strong cultural approach adopts a more instrumental

Military Courtesy and Salute Free Essays

Courtesy among members of the Armed Forces is vital to maintain discipline. Military courtesy means good manners and politeness in dealing with other people. Courteous behavior provides a basis for developing good human relations. We will write a custom essay sample on Military Courtesy and Salute or any similar topic only for you Order Now Military courtesy is not a one-way street. Enlisted personnel are expected to be courteous to officers and likewise officers are expected to return the courtesy. Mutual respect is a vital part of military courtesy.In the final analysis, military courtesy is the respect shown to each other by members of the same profession. Some of the Army’s more common courtesies include rendering the hand salute, standing at attention or parade rest, or even addressing others by their rank. The salute is not simply an honor exchanged. It is a privileged gesture of respect and trust among soldiers. Remember the salute is not only prescribed by regulation but is also recognition of each other’s commitment, abilities, and professionalism.The salute is widely misunderstood outside the military. Some consider it to be a gesture of servility since the junior extends a salute to the senior, but we know that it is quite the opposite. The salute is an expression that recognizes each other as a member of the profession of arms; that they have made a personal commitment of self-sacrifice to preserve our way of life. The fact that the junior extends the greeting first is merely a point of etiquette, a salute extended or returned makes the same statement. In saluting, turn your head and eyes toward the person or flag you are saluting. Bring your hand up to the correct position in one, smart motion without any preparatory movement. When dropping the salute, bring your hand directly down to its natural position at your side, without slapping your leg or moving your hand out to the side. Any flourish in the salute is improper. The proper way to salute when wearing the beret or without headgear is to raise your right hand until†¦ How to cite Military Courtesy and Salute, Papers

Business Research for Journal of Development-myassignmenthelp

Question: Discuss about theBusiness Research for Journal of Economic Development. Answer: What are the dependent, independent, moderating, mediating (intervening) or control variables in this study? How are these variables defined? Smith, Oczkowski and Selby-Smith (2011) use their journal to examine factors that determine retention of long-term skills as well as turnover among employees working in more than 300 Australian organisations. The authors collected primary data on two different dependent variables. The two variables were employee turnover and employee confidence. Smith, et al defined employee turnover as the percentage annual average over a period of three years. More specifically, they measured the variable along four skill categories elementary skills, intermediate skills, skilled trade workers, and professional skills. While the confidence to retail skills was defined by the degree at which an organisation was likely to continue accessing the skills to assist achieve long term goals. While on the other hand, the study focused on three independent variables including learning orientation (LO), total quality management (TQM), and lean production (LP). Smith, defined LO as organisation-wide activitie s that managers use to create and knowledge to strengthen competitive advantage. They measured the variable along three-sub-constructs (shared vision, open-mindedness, and commitment to learning). They defined TQM as a philosophy that managers use when they want to achieve continuous improvement across all products and services as well as processes (Xiaojun, et al., 2013). While LP was defined as a combination of TQM and teamwork that managers used to operate through minimum resources. What is the motivation for including these variables into the conceptual framework for the study? The motivation to include the two dependent variables; employee turnover and employee confidence was because of the need to extend the previous organisational literature along three dimensions. First, they sought to differentiate between conventional measures of turnover and incorporate a new measure that helps employees retain more skills. Most importantly, the authors understood that retaining skills among employees is critical for achieving long-term goals. Furthermore, they were motivated to include a variable that considers an organisations long term strategic perspective as well as identifying a number of drivers of retention. The second motivation was based on the fact that previous literature that focused on high performance work systems analyzed one set of measures around monitoring systems, training, and practices. In contrast, they sought to examine the significance of various management philosophies that underpin high performance systems and practices of human resource ma nagers. The third motivation was to broaden the previous findings by incorporating four other employee categories of skills in order to identify the presence of unique drivers likely to contribute towards increased retention of skills and turnover to achieve long-term goals. How are these variables measured? Goertzen (2017) explains that any researcher much present a clear definition as well as steps used to measure variables. Variable includes anything that is likely to take a different value. Such values can be unique in terms of objects, person, or similar (Boeren, 2018; Sekaran and Bougie, 2016). For instance, in order to measure employee turnover, the study measured employee turnover on four categories. The professional category of skills were measured based on nominal scale concerning the level of a manager such as in the senior position, middle position, engineering technician, or as an ICT profession. The skilled trade workers category was measured depending on the profession of an employee. Some of the areas of measurement included skills such as plumber, electrician, messenger, or carpenter. The intermediate skills were measured based on nominal scales as whether an employee worked as a service worker, in sales department, or clerical department. While on the other hand, the el ementary skills involved focusing on machine operators, labourers. In overall, the authors measured employee turnover with the help of four measures; human resource management practices, organisational/market characteristics, training practices, and high performance systems. Besides, Smith, et al measured the independent variables based on management philosophies mostly related to high-performance work systems. For example, they used multi-item scale items to measure learning orientation. While on the other hand, they measured TQM and LP by looking at the extent of autonomy that employee had in working with teams such as teamwork autonomy and teamwork employed. Are there other important variables that should be included in this study? Depending on the nature of a study, Trusty (2011) explains that researchers can opt to include all four types of variables (dependent, independent, moderating, and mediating) to help ascertain the cause and effect relationship among variables. However, Venable (2011) points out that the choice to include either a moderating or mediating variables dependents on the need to strengthen the relationship or effect of independent variable towards the dependent variable. That implies incorporating a third variable to serve the role of moderation or modify the original relationship. The analysis of journal article of Smith, et al., (2011) indicates failure to incorporate a third variable to help moderate two dependent variables (turnover and skill retention) and three dependent variables (LO, LP and TQM). The study could include the role of HR practises a moderating variable. The inclusion would help mediate (Hkansson and Waluszewski, 2016) the relationship between learning at the workplace and TQM that predict turnover. References Boeren, E. (2018). The Methodological Underdog: A Review of Quantitative Research in the Key Adult Education Journals. Adult Education Quarterly, 68(1), 63-79. Goertzen, M. J. (2017). Introduction to Quantitative Research and Data. Library Technology Reports, 53(4), 12-18. Hkansson, H., Waluszewski, A. (2016). Methodomania? On the methodological and theoretical challenges of IMP business research. IMP Journal, 10(3), 443-463. Sekaran, U., and Bougie, R. (2016). Research methods for business: A skill-building approach (7th ed). Wiley Smith, A., Oczkowski, E. and Selby-Smith, C. (2011). To have and to hold: modelling the drivers of employee turnover and skill retention in Australian organisations. International Journal of Human Resource Management, 22(2), 395-416. Trusty, J. (2011). Quantitative Articles: Developing Studies for Publication in Counseling Journals. Journal Of Counseling Development, 89(3), 261-267. Venable, J. (2011). Incorporating Design Science Research and Critical Research Into an Introductory Business Research Methods Course. Electronic Journal Of Business Research Methods, 9(2), 119-129. Xiaojun, Y., Plaisent, M., Bernard Jr., P., Kuofie, M. (2013). Research on Business Model Innovation and Control of China's Education Training Industry: New Oriental Education Technology Group as an Example. Journal Of Economic Development, Management, IT, Finance Marketing, 5(1), 1-13.