Adam Smith states in the Wealth of Nations that the economic choices of individuals benefit society as a whole. In other words, that while a person might be looking for a job for his own profit, the job he takes will benefit the rest of society without any conscious effort on his part.
~Do you think that Adam Smith is correct? Do the economics choices of individuals benefit society as a whole? Explain what u wrote.
2007-01-20 06:14:49 · 5 answers · asked by memo 2 in Social Science ➔ Economics
its a survey, not homework.
2007-01-20 06:29:15 · update #1
Yes, I believe Adam Smith is correct. I believe there is a ripple effect. In other words, if my company did not live up to our belief that the key to success is 90% customer service and 10% product, we would not be in business or be as fruitful. If a customer comes to me with a problem and I turn my back on them, eventually we will not have any customers. In turn there would be 15 employees on the street with no job. Our company would not hold 76% of VA's market and the manufacturer would loose our territory to our competitors. Furthermore, the golfers would be unhappy. Yes, I believe it trickles down. The decisions we make in life appear to affect not only those close to us but a host of people down the line. Just my opinion for what it is worth.
2007-01-20 06:28:08 · answer #1 · answered by Winwon (Cherokee Nation) 2 · 0⤊ 0⤋
I believe he is correct in that statement. One employed person is going to spend money on goods which in turns provides employment for another, etc. Being an employed parent sets a good example for the chilrden who will probably mature to be productive members of society also.
Basically, the more we earn, the more we spend. The more we spend the more we support other's means of employment. Even if we save a large percentage instead of spending it, it gets used by the financial institutions to assist others.
Imagine a society where everyone earned his own keep. The taxes wouldn't need to support those programs such as free lunches, free medical care, etc, etc. If everyone was working and supporting himself there would be fewer in prisons leaving millions of tax dollars to be better spent. The list goes on :-)
2007-01-20 06:36:57 · answer #2 · answered by CosmicKiss 6 · 0⤊ 0⤋
The goods and services I choose to purchase in turn benefit the providers of those goods and services and benefit those people who own those goods and services and/or work for that person or persons. The better off these people are, the more goods and services they will purchase from others and so on.
2007-01-20 07:50:20 · answer #3 · answered by Angela B 4 · 0⤊ 0⤋
1. are you watching tv right now? what show? no, i am not watching TV right now :] 2. did you wear flip flops today? nope 3. did you wear converse today? what color? yes; the Pink Floyd edition 4. what is your favorite color? black 5. did you like my survey? it was okay.
2016-05-24 01:12:05 · answer #4 · answered by Anonymous · 0⤊ 0⤋
He's correct and I think it's so obvious as to be indisputable. (Which I guess is why I'm always a little surprised when people try to dispute him.)
2007-01-20 06:52:30 · answer #5 · answered by KevinStud99 6 · 0⤊ 0⤋