Adam Smith s Economic Philosophy - 1500 Words

If I was to create the perfect society today, I would use Adam Smith’s economic philosophy. Adam Smith is known today as a modern philosopher. In order for a society to prosper, Smith believed that their economy would have to function as a capitalist economy. The perfect, most efficient, society would include specifically Smith’s capitalist ideas of the division of labor, the sufficient pay of workers, and would not include the use of slavery. These ideas will make the perfect society prosper. The most important component of having the perfect, most efficient society, would be the division of labor. The division of labor consists of one person doing one small task, another person doing another small task, and other workers continuing the same process until the final product is complete. An example of this would be the use of an assembly line while making pins, as Smith mentions in his book An Inquiry into the Nature and Causes of the Wealth of Nations. Smith explains that the larger pin manufacture he saw with many workers, was more efficient than the small manufacture of only ten employed workers who could make â€Å"upwards of forty-eight thousand pins in a day† (Smith, 4). Smith then goes on to explain that, â€Å"But if they had all wrought separately and independently†¦in consequence of a proper division and combination of their different operations† (Smith, 4-5). Smith is saying that the workers could have made more than forty-eight thousand pins i n a day if they divided thereShow MoreRelatedSmith vs. Marx - a Comparison Essay1247 Words   |  5 PagesSmith versus Marx Ââ€" A Comparison S. Glen Balanoff July 04, 2004 Smith versus Marx Ââ€" A Comparison Modern economic society can be described as a combination of certain points from several theories combined into one. Changing dynamics and economic needs of nations has spawned a development of various, and contrasting, economic systems throughout the world. 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