Question

How can Locke’s claims about the appropriate quantity of possessions be applied to the pharmaceutical industry today?

What does Smith claim about the “Invisible Hand” of the economy as regards domestic industry?

Would Marx agree that raising the minimum wage of workers would increase their human dignity?

Answer 1

1.
Locke proposed that right to property should be applied to everyone and it is equally important to the right to life. It is applied to the pharmaceutical industry and firms should be given the ownership of the land and property to produce. But, the ownership of the property should be translated into the products & services that are affordable to the people who are the target audience of the pharmaceutical industry. As per the Locke’s claim, the right of ownership of the property that had to go to the people, is actually awarded to the firms in the industry, then the firms in the industry should produce at a level, that can be afforded by the people.

2.
As per the Adam Smith, domestic industry plays a role of invisible hand as owners of the firms work to maximize the profit and while doing so, they create opportunities for the people and they get jobs. While doing jobs, they earn money & spend. So, a standard of living improves among the people. Besides, the spending further motivates the firm to produce and create new opportunity for the people. Hence, the growth of the domestic industry is strictly positively correlated with the growth of the aggregate demand and the overall economy. Hence, domestic industry plays a role of invisible hand.

Pl. repost other unanswered question for their proper answers!