Question

Describe In 300 words a situation or incident from the 21st century that indicates that Adam Smith's social and economic theories apply in today's world. Be specific. please type

Answer 1

Adam Smith was a Scottish economist who was a pioneer of political economy. He is also known as ''The Father of Economics'' or ''The Father of Capitalism''. Smith wrote two classic works, "The Theory of Moral Sentiments" (1759) and "An Inquiry into the Nature and Causes of the Wealth of Nations" (1776).

While much of Smith’s work is based in self-interest and maximizing return, most people find it surprising when they hear that the Father of Capitalism extensively discusses charity and human ethics. His book The Theory of Moral Sentiments explored ideas such as morality and human sympathy. Smith argues that people are self-interested but naturally like to help others.
To sum it up we can say, that Adam Smith pushed for capitalism which aimed at self-interest and maximizing returns through profit but at the same time talked about the need of social welfare in an economy.

Nothing encapsulates the above explanation better than the life and works of Bill Gates, the founder of Microsoft and considered one of the richest people in the world. In the initial days while Microsoft was growing, Bill Gates did his absolute best to capture the market and make Microsoft one of the most profitable businesses of the world. In this aspect, Gates succeeded to very good extent, since there was a considerable amount of time when Microsoft essentially had a monopoly in the market especially with regards to computer software. The growth of Microsoft to a technological giant is a very good example of profit maximization since that was always the primary goal.

Despite being the richest man in the world, Bill Gates soon realized that he must give back to the community what he can for social development. For this, he set up The Bill and Melinda Gates Foundation in 2000. The primary goals of the foundation are, to enhance healthcare and reduce extreme poverty globally, and, to expand educational opportunities and access to information technology in the US. Some of the remarkable programs undertaken by the foundation include, polio vaccination drives across the world to reduce occurrence of polio and coming up with solutions for waste management and sustainable toilets in third world countries.
Thus the story of Bill Gates is a good example of Adam Smith’s theory that people pursue self-interest but still have a natural tendency to help others.

Adam Smith was a Scottish economist who was a pioneer of political economy. He is also known as ''The Father of Economics'' or ''The Father of Capitalism''. Smith wrote two classic works, The Theory of Moral Sentiments (1759) and An Inquiry into the Nature and Causes of the Wealth of Nations (1776).

While much of Smith’s work is based in self-interest and maximizing return, most people find it surprising when they hear that the Father of Capitalism extensively discusses charity and human ethics. His book The Theory of Moral Sentiments explored ideas such as morality and human sympathy. Smith argues that people are self-interested but naturally like to help others.
To sum it up we can say, that Adam Smith pushed for capitalism which aimed at self-interest and maximizing returns through profit but at the same time talked about the need of social welfare in an economy.

Nothing encapsulates the above explanation better than the life and works of Bill Gates, the founder of Microsoft and considered one of the richest people in the world. In the initial days while Microsoft was growing, Bill Gates did his absolute best to capture the market and make Microsoft one of the most profitable businesses of the world. In this aspect, Gates succeeded to very good extent, since there was a considerable amount of time when Microsoft essentially had a monopoly in the market especially with regards to computer software. The growth of Microsoft to a technological giant is a very good example of profit maximization since that was always the primary goal.

Despite being the richest man in the world, Bill Gates soon realized that he must give back to the community what he can for social development. For this, he set up The Bill and Melinda Gates Foundation in 2000. The primary goals of the foundation are, to enhance healthcare and reduce extreme poverty globally, and, to expand educational opportunities and access to information technology in the US. Some of the remarkable programs undertaken by the foundation include, polio vaccination drives across the world to reduce occurrence of polio and coming up with solutions for waste management and sustainable toilets in third world countries.
Thus the story of Bill Gates is a good example of Adam Smith’s theory that people pursue self-interest but still have a natural tendency to help others.