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Essay / Research Paper Abstract
This 5 page paper provides an overview of Adam Smith's theories as laid out in Wealth of Nations. How his ideas relate to modern day Republican strategy is discussed. No additional sources cited.
Page Count:
5 pages (~225 words per page)
File: RT13_SA310WON.rtf
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Unformatted sample text from the term paper:
touch with the little people, but that democrats care because they want tax cuts for the poor and tax increases for the wealthy. This would have the effect of helping
the less fortunate, at least according to the Democrats. Yet, the notion that the Republicans have in that increasing taxes on the wealthy will negatively affect the poor is supported
by old notions. In fact, there is a trickle down phenomena where if the rich get richer they will hire people, make others wealthy too, and give to charity. Adam
Smiths theories found in his famous book called Wealth of Nations written decades ago in 1776 provides support for that thesis. Adam Smith is perhaps most famous for his
concept of the invisible hand or the self regulation of the capitalist economic system. This theory goes to the assumption that all individuals work to profit for their own
gain, but essentially contribute to the overall economy. It is the invisible hand the promotes the end, but the participant is not privy to this knowledge. Yet, while this
concept is important, the fact that the invisible hand is at work does not negate the result. In other words, the individual who unwittingly contributes to the good outcome is
not at fault. Perhaps he is propelled by greed but that is of no matter. Rather, he or she plays a part in the economy by pursing his own interests
for his own gain. Perhaps this is what Michael Douglasss character meant when he said "greed is good" in the 1980s film Wall Street. It is through personal desire, and
success, that the entire economy becomes healthy. The notion that people contribute positively to the overall economy by simply pursing wealth for their selves is nothing new.
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