Question

In: Economics

The great 18th-century economist Adam Smith wrote, “Little else is requisite to carry a state to...

The great 18th-century economist Adam Smith wrote, “Little else is requisite to carry a state to the highest degree of opulence from the lowest barbarism but peace, easy taxes, and a tolerable administration of justice: all the rest being brought about by the natural course of things.” Explain how each of the three conditions Smith describes would promote economic growth.

Solutions

Expert Solution

Rahul Sunny answered 2 years ago
Next > < Previous

Related Solutions

The great 18th century economist and philosopher Adam Smith once wrote: "Nothing is more useful than...
The great 18th century economist and philosopher Adam Smith once wrote: "Nothing is more useful than water: but it will purchase scarce any thing; scarce any thing can be had in exchange for it. A diamond, on the contrary, has scarce any value in use; but a very great quantity of other goods may frequently be had in exchange for it." In the late 19th century some economists posited that this apparent anomaly could be explained by the law of...
Prior to writing The Wealth of Nations, Adam Smith wrote The Theory of Moral Sentiments (TMS)....
Prior to writing The Wealth of Nations, Adam Smith wrote The Theory of Moral Sentiments (TMS). If you recall, greed was considered evil or a sin during the feudal period. Greed will lead us to the flames of hell and so you should provide your wealth to the Catholic Church. The purpose of writing TMS was to distinguish “good greed” versus “bad greed”. In the movie Wall Street, greed is portrayed as bad as Gordo Gecko ( the character played...
What public policy to further this revolution? As little as is prudent. As Adam Smith said,...
What public policy to further this revolution? As little as is prudent. As Adam Smith said, “it is the highest impertinence…in kings and ministers to pretend to watch over the economy of private people.” We certainly can tax ourselves to give a hand up to the poor. Smith himself gave to the poor with a liberal hand. The liberalism of a Christian, or for that matter of a Jew, Muslim or Hindu, recommends it. But note, too, that 95% of...
b) Identify an economist (Adam Smith) who agrees that in general free trade is a desirable...
b) Identify an economist (Adam Smith) who agrees that in general free trade is a desirable way of organizing economic and social activity. Identify another economic concept (don't use Invisible hand) that this Economist supports. Discuss how this economic concept can help you improve your life or society. Your answer needs to provide at least three paragraphs. The first paragraph provides information about the economist. The second paragraph identifies the economic concept that you have chosen. The third paragraph discusses...
Question 1) Many economist , starting with Adam Smith in 1776 agree that free trade has...
Question 1) Many economist , starting with Adam Smith in 1776 agree that free trade has the following benefits: (select all that apply) 1. Higher standard of living 2. can lead to a more peaceful world due in part to cultural enrichment 3. More competition can lead to lower prices for consumers 4. more gold for the winners Question 2) When looking at a country's Balance of Payments, the Current Account tracks the flow of imports and exports in goods...
Adam Smith coined the Diamond Water Paradox. Where something that is essential to life has little...
Adam Smith coined the Diamond Water Paradox. Where something that is essential to life has little value where something that does not has great value. 1.) Explain what theory Adam Smith was using and therefore was unable to explain why the paradox existed.
Adam Smith coined the Diamond Water Paradox. Where something that is essential to life has little...
Adam Smith coined the Diamond Water Paradox. Where something that is essential to life has little value where something that does not has great value. 1.) Explain what theory Adam Smith was using and therefore was unable to explain why the paradox existed. 2.) Explain how modern economist have solved the Diamond Water Paradox. 3.) Explain the difference between Marginal Utility and Total Utility 4.) Give an example of Marginal Utility vs Total Utility in today's society. give each answer...
1. why were the classical economist after Adam Smith pessimistic about the growth and development process...
1. why were the classical economist after Adam Smith pessimistic about the growth and development process 2. what have been the major finding production function studies of the sources of growth in developing countries 3. analyze the special properties of the Cobb-Douglas production function, and how might the function be used to calculate the source of growth
Did 19th century thinkers agree with Adam Smith. How did , for instance Karl Marx view...
Did 19th century thinkers agree with Adam Smith. How did , for instance Karl Marx view the doctrine of Laissez-Faire? What were the inevitable consequences if such economic system? What were the influences of Adam Smith and his critics, like Marx, reflected in the mixed economy of the United States Today
The contributions of great theorists like Adam Smith, Karl Marx, Emile Durkheim, Max Weber, Fredrick Winslow...
The contributions of great theorists like Adam Smith, Karl Marx, Emile Durkheim, Max Weber, Fredrick Winslow Taylor, Mary Parker Follett, Henri Fayol, Chester Bernard, Immanuel Kant, Rene Descartes, and John Locke were presented in the text and discussed in class. Choose three of these theorists, explain why you chose them, and briefly explain their contribution to organization theory.
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT