Adam Smith's Economic Philosophy: Just as Smith's moral point-of-view was ahead of his time with respect to ideas that others would popularize later, Smith presented matter-of-fact observations on the nature of work and the relationship between working people and society at large. More than one hundred years before Henry Ford revolutionized modern industry with his production line, Smith had explained the mechanism that accounted for its success. Using the example of manufacturing

Give me that which I want, and you shall have this which you want, is the meaning of every such offer" (Smith, 1776, p. 118-119). The unintentional consequence is thee same as it was before: an increasingly respectable and thriving nation, one so much so that it is as if shaped by what Smith deems the "invisible hand," from which Smith thus concludes that "it is the necessary, certain propensity

(Smith, 1904) Smith on Labor The importance of the labor skills and the method of production of which the factor labor contributed the major share was the theme of the ideas of Smith. In the Wealth of Nations Smith argued that it was labor which created wealth and supplied the necessities - "The annual labor of every nation is the fund which originally supplies it with all the necessaries and conveniences

He deliberated that domestic investment generates higher income and jobs compared to investment made in foreign trade. Through choosing the backing of domestic to foreign investment, the capitalist planned exclusive his independent security and through propelling that industry in such a way so as to yield what might be of the maximum worth, he plans solely his self advantage, and hence in this manner as also in other problems,

Given the proper incentives -- the ability to profit from hard work and risk taking -- people will strive to do well. Give two or three examples of business competition in which everybody wins. What are the defining characteristics of such games (if any)? Could all (or business activities consist of such games? There are situations where one firm lowers its prices, competitors are likely to follow and everyone will see

Labor Ethics Labor and Ethics The concept of ethics in both business and labor is one rife with contradiction. Especially today, where the public has come also to expect a degree of dishonesty, corruption and exploitation at the hands of corporate abusers, the notion of ethical practice may seem almost quaint. But as the text by Collins (2011), entitled Business Ethics, demonstrates quite effectively, ethical practice is exactly what is called for