Describe In 300 words a situation or incident from the 21st century that indicates that Adam...

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Economics

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

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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 Smiths work is based in selfinterest 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 selfinterested but naturally like to help others To sum it up we can say that Adam Smith pushed for capitalism which aimed at selfinterest 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 See Answer

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