Wealth+of+Nations+Analysis

Adam Smith's //An Inquiry into the Nature and Causes of the Wealth of Nations// is an in depth analysis of the mechanics of government and the means in which it maintains itself. Two themes prevalent throughout his work are those of a community's infrastructure being based off of the benefit of each individual engaged, and the idea that these individuals, acting out of self interest, are kept basically equal through the idea that they are born this way.

Adam Smith’s //Wealth of Nations// is a critical analysis of governments and their role in a nation’s economy. Smith regards the role of a government to be observant at it’s least, and scantly involved at it’s highest. This is because he believes that an economy is meant to be free from all restrictions, and that through competition for our own interests an equilibrium can be found that will keep each contender in check. In this way, Smith believes that the role of an ideal citizen is not to look out for his common man, at least not economically. "It is not from the benevolence of the butcher, the brewer, or the baker that we expect our dinner, but from their regard to their own interest." (Smith, Chpt 2.2 //Wealth of Nations//). This theory of a common goal being achieved through the pursuit of each individual goal reoccurs through Smith’s book. Another part of this system is the idea that a cut corner or the neglect of care for a product one may generate may lead customers to seek out a better trade. "The real and effectual discipline which is exercised over a workman, is not that of his corporation, but that of his customers. It is the fear of losing their employment which restrains his frauds and corrects his negligence." (Smith, Chpt. 10.86 //Wealth of Nations//).


 * -	Smith believes in a monetary system based off of self-interest. Do you believe that a system based off of "greed" can work?**

Another point Smith is adamant in making is that all men are basically equal in skill, yet their situation dictates the form of labor they will take up. “The difference of natural talents in different men is, in reality, much less than we are aware of; and the very different genius which appears to distinguish men of different professions, when grown up to maturity, is not upon many occasions so much the cause as the effect of the division of labour.” (Smith, Chpt 2.4 //Wealth of Nations//). This point ties in with his theory that industrial labor is must more efficient than craftsmanship, although they both have a necessary role in trade. Smith indicates that while the construction of minor appliances like a metal button are trivial, if it is broken up into several different steps and each task is assigned to a single person, each man will grow exceedingly proficient in this task and thus the production of this item will flourish. "The difference between the most dissimilar characters, between a philosopher and a common street porter, for example, seems to arise not so much from nature, as from habit, custom, and education." (Smith, Chpt 2.4 //Wealth of Nations//). In this way, two ordinary people equal in origin can grow in exceedingly different ways through the experiences they have.


 * -	Do you believe that different people can be born with unique skills or that we are all equal at birth?**