Adam Smith’ Economics: Nation’s and Citizens Wealth Essay

Exclusively available on Available only on IvyPanda® Made by Human No AI

There are a great number of different states in the world. However, they are not equal. Some of the states are bigger. The other have more natural resources, while some of the countries have a great number of people living in it. Moreover, not all countries are equally rich. Unfortunately, only the minority of countries in the world can be called a prosperous state.

Wealth of a country depends on the number of reasons, however, there is a tendency according to which the richer country – the better conditions its citizens have. Taking it into account, it is possible to analyze mutual dependence between the prosperity of citizens and the stage of development of a country and make some conclusions.

Adam Smith stated that there is a direct correlation between the wealth of citizens and the wealth of nations (Smith 17). It is difficult not to agree with this statement. The first obvious argument to support this statement is that a person which has greater income will be able to pay higher taxes (Thorndike para. 4). Given in simplified manner, this statement is still very clear and fair. It is difficult to demand assignments to the budget from a person if he/she has nothing to eat. That is why, it is possible to suggest that the state should be interested in promoting beneficiation of its citizens as it will influence further development of this country.

There is one more fact which could be given in order to support Adam Smiths statement. There is no use denying the fact that satisfied worker is a good worker (Tam para. 5). Unfortunately, not all employers use this principle in their work, preferring to intimidate or press a worker.

However, it is obvious that being totally satisfied with his/her payment, a person will perform it much better and will not slack his work. Increase of the efficiency of work will lead to better outcomes for a plant which in its turn will lead to prosperity of the state. Moreover, satisfied worker can think about some other things expect the ways to earn money. He/she can promote development of culture or society. That is why this scheme is very simple and effective.

However, there is also another point of view to this question. There is a tendency to assume that wealth of citizens of a country will not necessarily lead to prosperity of the state. These people do not see dependence between incomes of rich people and the condition of the economy of a state, underlining the fact that very often people, which had giant profits, do not pay taxes and are not useful for a state. Moreover, the tax burden becomes even worse for the rest of population of the country.

Nevertheless, opponents of Adam Smiths point of view forget about the peculiarities of the epoch in which they live. It is necessary nowadays to create equal and prosperous society in which all wealth of the citizens will stimulate their further development.

Having analyzed the data, it is possible to come to certain conclusions. Adam Smiths statement, made at the end of 18th century, has not lost its actuality. Every state should be interested in promoting beneficiation of its population as it will lead to further development of the state. Only rich and satisfied people can help a state to become powerful and develop its economy. art and culture.

Works Cited

Smith, Adam. The Wealth of Nations. 1776. Web.

Tam, Marylin. ““. The Huffington Post. 2013. Web.

Thorndike, Joseph. ““. Forbes. 2014. Web.

More related papers Related Essay Examples
Cite This paper
You're welcome to use this sample in your assignment. Be sure to cite it correctly

Reference

IvyPanda. (2020, May 4). Adam Smith' Economics: Nation's and Citizens Wealth. https://ivypanda.com/essays/adam-smith-economics-nations-and-citizens-wealth/

Work Cited

"Adam Smith' Economics: Nation's and Citizens Wealth." IvyPanda, 4 May 2020, ivypanda.com/essays/adam-smith-economics-nations-and-citizens-wealth/.

References

IvyPanda. (2020) 'Adam Smith' Economics: Nation's and Citizens Wealth'. 4 May.

References

IvyPanda. 2020. "Adam Smith' Economics: Nation's and Citizens Wealth." May 4, 2020. https://ivypanda.com/essays/adam-smith-economics-nations-and-citizens-wealth/.

1. IvyPanda. "Adam Smith' Economics: Nation's and Citizens Wealth." May 4, 2020. https://ivypanda.com/essays/adam-smith-economics-nations-and-citizens-wealth/.


Bibliography


IvyPanda. "Adam Smith' Economics: Nation's and Citizens Wealth." May 4, 2020. https://ivypanda.com/essays/adam-smith-economics-nations-and-citizens-wealth/.

If, for any reason, you believe that this content should not be published on our website, please request its removal.
Updated:
This academic paper example has been carefully picked, checked and refined by our editorial team.
No AI was involved: only quilified experts contributed.
You are free to use it for the following purposes:
  • To find inspiration for your paper and overcome writer’s block
  • As a source of information (ensure proper referencing)
  • As a template for you assignment
Privacy Settings

IvyPanda uses cookies and similar technologies to enhance your experience, enabling functionalities such as:

  • Basic site functions
  • Ensuring secure, safe transactions
  • Secure account login
  • Remembering account, browser, and regional preferences
  • Remembering privacy and security settings
  • Analyzing site traffic and usage
  • Personalized search, content, and recommendations
  • Displaying relevant, targeted ads on and off IvyPanda

Please refer to IvyPanda's Cookies Policy and Privacy Policy for detailed information.

Required Cookies & Technologies
Always active

Certain technologies we use are essential for critical functions such as security and site integrity, account authentication, security and privacy preferences, internal site usage and maintenance data, and ensuring the site operates correctly for browsing and transactions.

Site Customization

Cookies and similar technologies are used to enhance your experience by:

  • Remembering general and regional preferences
  • Personalizing content, search, recommendations, and offers

Some functions, such as personalized recommendations, account preferences, or localization, may not work correctly without these technologies. For more details, please refer to IvyPanda's Cookies Policy.

Personalized Advertising

To enable personalized advertising (such as interest-based ads), we may share your data with our marketing and advertising partners using cookies and other technologies. These partners may have their own information collected about you. Turning off the personalized advertising setting won't stop you from seeing IvyPanda ads, but it may make the ads you see less relevant or more repetitive.

Personalized advertising may be considered a "sale" or "sharing" of the information under California and other state privacy laws, and you may have the right to opt out. Turning off personalized advertising allows you to exercise your right to opt out. Learn more in IvyPanda's Cookies Policy and Privacy Policy.

1 / 1