Adam Smith the Father of Modern Economics Essay Example for Free

Adam Smith the Father of Modern Economics Essay The article, Adam Smith and the Invisible Hand by Helen Joyce, proved to be interesting reading. Although it was written about three years ago and the man himself lived more than 300 years ago, the man and his theories live on through the 21st century. Before I read the article, I had never heard of Adam Smith, but it appears his ideas have penetrated time. I started doing more research into the man and his theories. In order to understand his theories and how he thought about processes, one must understand his beginnings. Adam Smith was born in Scotland. He attended Glasgow University then Oxford University. It was his experience in this stay at Oxford that was the basis for the vital observations about universities found in The Wealth of Nations. He was selected as the Professor of Logic at Glasgow and later, Professor of Moral Philosophy. He lectured on spirituality, moral principles and political economy. His first book The Theory of Moral Sentiments established his status. He sought to understand what it was that led us to care about the welfare of others. With that book complete, he gave less attention to his theories of morals and more to political economy. Later, he made the decision to give up his university post by becoming a tutor to the Duke of Buccleuch. They traveled mainly in France, where Smith came to know many of the intellectual leaders of the country. He began a dissertation on economics. It was published as The Wealth of Nations, and on this work rests the ongoing acknowledgement of him as the father of economics. He had very provocative ideas in the book. It was a work that altered the world of economics. Many say it reformed the world itself. He asserts that wealth is steadily created by rising labor output through two key factors (1) the division of labor, encouraged by trade the natural propensity to truck, barter and exchange and also (2) the growth of capital, made possible by the natural inclination of people toward thriftiness. For example, Smith alleged that a system of natural liberty allowed the self-interest of the person to be attached for the good of society, through what he called the â€Å"division of labor and the accumulation of capital. He argued that the free market is an clever device which regulates itself through supply and demand. His purpose was pretty clear: not to advance the interests of any class, but to push the wealth of the entire country. Whatever a nation consumes must be either produced from its labor or purchased in trade. There is no other basis for spending or a standard of living. He assumed that, in fiscal life, the main inspiring force central to man’s actions was self-interest. He argued that, with the right institutional frame, men following their own self -interest would serve the general good. This framework did not call for wide government law. The best plan is to leave the fiscal method alone. This has come to be known as free enterprise. Largely through his book, these principles helped to guide the then rapidly increasing economic activity. And wealth, as he saw it, consisted of goods which all people could consume. This was a democratic; and for that time, radical principle that he adhered to with notable stability. He produced a document that he expected to be used in the conduct of governments. The book presents a persuasive argument for a new approach to economic policy. Smith offered future economists with the makeup of the discipline of economics. His vision of a competitive market balance following a path of growth to wealth and abundance defined the problems that economists have wrestled with ever since His purely scientific contribution has been vast, and in its basic structure his framework still remains the heart of modern economics. On one level, it is an attack on the opinions of his people written for its own time and directed against the existing policies of government. On another level, it is an optimistic thesis that deals with basic troubles of order in human society It is an enthralling mix of ideas. In the most radical age of Western culture, when the uproar of social and intellectual upheaval puzzled lesser men, Adam Smith gave the world order. He did not invent the market or economics. He taught the world about them. For nearly 75 years, his writings supplied most of what economists knew. If there are more people per the amount of GDP, the standard of living is lower. If there are fewer people, it is higher. The GDP per capita the measure of the wealth of the nation is the product of the amount of labor productivity of that nation. The available land or other natural resources is not a decisive factor. He provided the root details of what causes labor productivity to be high or low in a nation. The theme of the book is explaining how labor productivity is resolute by the extent of the division of labor the dividing of work into a much greater number of parts. When the market is very small, when the population density is sparse, it is impossible to achieve much in the way of a division of labor. The more people that could crowd into a place, the greater the amount of specialization among occupations and the greater the marginal productivity, rather than the lesser. There is still controversy about Adam Smith and his account on the invisible hand. Simply put the invisible hand is a notion based on the law of chance. Every person intends only his or her own gain, but though a set of policies that he referred to as the system of natural liberty the good of the nation would be the accidental result. His â€Å"invisible hand is the new method of social life. He described the invisible hand in this way: Individuals naturally intend only their own gain, but unintentionally promote the general interest. He also suggests that ethics is based on sentiment, feelings of empathy between us and other people. He wrote consider how others would fairly judge their behavior before acting on matters that would involve conscience or moral judgment. The best course toward wealth and away from poverty and want is for a nations political rulers to allow for the unplanned result of self-interest, of private property rights, and of self-regulating rivalry under rules of free trade. As the economy globalizes, corporations flourish, and as societies agonize over which issues to settle according to the principles of right and wrong and which to settle according to economic principles. We see the tension between choosing to adhere to the ancient values of tradition, honor and command, or to the modern values of the business firm and the marketplace. The future global economy will tell if the invisible hand is a principle to rely on now and in the future. Though he passed away in 1790 his ideas have surely helped shape the way economists around the globe think, globally.

Essays --

Introduction I never knew John B. Thompson is a writer in the field of social science and sociology until I read one of his books. He is the author of the book: The Media and Modernity: A Social Theory of the Media. As a professor of sociology and a fellow of Jesus College in Cambridge, he brings out the aspect of social science in the media through in his book. The book is among the most interesting books I have ever read because Thompson explains the relationship between media and modernity using the social theory of the media. As I went through the contents of the book, I could easily see how he uses his study of communication in social contexts. Summary and Analysis In the book, Thompson makes it easy for the reader to understand mass communication in depth. He focuses on the application of mass communication in the contemporary times. He begins by defining the word ‘mass’ in which he argues that the media today does not target the mass but niche markets. I agree with him on the fact that the term ‘mass’ is misleading. It appeals to a vast audience composed of millions of individuals. He uses the most popular day newspaper as an example to illustrate this argument. I see it in films and television programs too. The society that I live in has several categories of audiences. In all social gatherings such as church meetings and cases where the target group of distinct information consists of specific character traits, I normally observe what Thomson refers to as ‘undifferentiated individuals’ (Thomson13). As I read the book, I got some insight on the use of the word ‘communication’. At first, I could not understand what Thomson meant by â€Å"overwhelmingly one way† (Thomson 14), until he contrasted it with face-to-face communicatio... ...n to me. Through the book, one can easily see himself of herself in the description of the society today. Conclusion This is a resourceful book that I would highly recommend to individuals who desire to understand the original theory of the media and how it has affected the modern world. Security agencies and managers in the information departments can learn a lot from the book. It also shows the developments in the media industry from the emergence of printing to the recent media characterized by cutting edge technology. Thompson’s book is a perfect remedy for media-related challenges in the modern world because it explains with real-life examples how mass communication has developed over time. Even though the book offers a few suggestions about the future development of mass communication, a reader can certainly tell that it can only get better and more personal.

Social Aspects of Personality

Gestures are generally widely understood, although they may have different meanings in other cultures. Illustrators -do not have specific meaning -add meaning to a verbal message examples: adjusting one's clothes, biting nail or playing with objects -these indicate to others that a person is upset or nervous. Affect displays -are person's body movements that convey feelings and emotions through facial expressions and body positions. * Adaptors -typically unconscious behaviors and are used when a person is tense or anxious. Must avoid the following: * Sitting or leaning back * Resting your chin on your hand * Crossed arms * Adaptors The Facial and Head Signals -are used in our everyday dealings with other people or even in our family. Are important in tourism and hospitality industry to provide excellent guest service, The Head * In hotel or restaurant, you will use your head to send a message. Rapidly nodding your head can leave the impression that you are impatient. On the other han d, slower nodding emphasizes interest. The Mouth SMILE is very important in the industry. It conveys a message that you are approachable and is willing to assist your guests. The Hands * Confident and positive handshake breaks the ice and in an interview. * No perspiring hands and dirty nails.The Feet * Avoid compulsive Jabbing of the floor, desk, or chair with your foot; this can be perceived as a hostile and angry motion and is likely to annoy a person. Facial Expressions and Eye Contact They are not body language but they are types of nonverbal communication that can have an effect on business relations. Communication in the Workplace Wherever we are, communication always exists. In tourism and hospitality industry, communication is very vital part towards the attainment of guest service satisfaction.Without proper communication, the smooth flow of operation in a hotel, restaurant, resorts or other businesses that deal with guest will be impossible. The Need for Communication in the Workplace * Communication is its lifeblood. * The management can send message to employees. The decision making and control are also being implemented through effective communication. Managers of any company spend as much as 95% of their time in interpersonal communication. An effective communication in the industry requires knowing the right time to talk and time to keep silent.The Communication Aphoristically barrier * Language barrier * Emotion barrier * Lack of subject knowledge * Stress Overcoming Communication Barriers * The best way to overcome barriers is depend upon the person. * It should be taken seriously to avoid miscommunication. Use simple and clear words. * Using ambiguous words and Jargon's should be avoided. * Identify the source of barrier and eliminate it. The Good Communication Skills * For tourism and hospitality industry professionals, mastering the art of communication is a very important skill required in the provision of excellent guest service. It is a lso a social skill that each individual needs to develop to improve relationships. Wars to Improve Communication Skills * Listen very well to the speaker * Never try getting your ideas in a hurry * Recognize different points of view Be considerate with whom you're talking to * Be wary of giving out ideas or expressing a feeling * Trying out new words in conversation * Try to elicit ideas from whom you are talking with to ensure that you understand each other.Good Communication skills include†¦ * Correct pronunciation of words * Correct use of the language/ sentence construction * Good diction * Proper stress on words Considering your speech In the tourism and hospitality industry you will be dealing with various guests, it is also important that you make an extra effort to learn the proper way of speaking to void communication barriers between the foreign guest and employee.Types of Accents * The Natural Accent – mother tongue or first language * The Neutral Accent * The Artificial Accent Talking about your social health You need to consider your social health because this refers to the ability to get along well with people around you, making and keeping friends, offering and getting help when needed. Characteristics of Socially Healthy Individual * Willing and can accept differences with other people. * Gets along well with family members. * Befriends people both sexes. Meets and interacts with people easily. Accepts other people's ideas and suggestions. On Being Proactive The ability to be involved in providing excellent guest service is being proactive person. Being a proactive person may mean to openness to dynamism, to change, to better options, for other possible things to be done and the ability to face in a positive way challenges that she/he might encounter. Proactive Person -Is actually smart, value-driven, more resourceful, more diligent, more creative and more cooperative. * Social Grace -Is more popularly known as good manners and etiq uette.This is very important to be in our character as it shows our ability to project ourselves in nay occasions especially when meeting various professional people in the tourism and hospitality industry. * Etiquette This refers to a pattern of behavior that one should have in order to have consideration for others, good taste, appropriateness and good conduct. Some practices that has to develop and master by the future Tourism and Hospitality professionals. * During conversation * During Introduction of People * During Invitation too Party/Social event * On dining * On the use of table wares and equipmentsBusiness Etiquette – It is another important thing to consider. Future tourism and hospitality professionals should start learning the etiquette required in a business and practice them in situation that is applicable for them. * Be on Time * Greet the people around you * Have that telephone manners * Be conscious of behavior during office occasions * Respect and apprecia te other people * Be conscious with company policies * Respect and appreciate each employee Etiquette in Public Places * In the Street. At the Bus. In a Train. At the Restaurant. At the Cinema. At the Church

Government Surveillance Protection vs. Privacy Essay...

According to NATO, North American Treaty Organization, the three duties of a government are, to Protect, Preserve, and Provide for the nation that it governs. However it is not all so simple, in order to protect the country, it has to be on guard, watching for threats and dealing with them accordingly. In my reading of the following texts my ideas concerning governments using their power to fulfill their duty to protect while also maintaining the privacy of the people. Waiting for the Barbarians, written by J.M. Coetzee, focuses on a nameless empire, which at the furthest reaches of its borders has the seemingly benign threat of barbarian attack. Following that is â€Å"In the Penal Colony† by Franz Kafka, looks at a penal society which has†¦show more content†¦This is another extreme case of protection where people must fear being taken into custody and put to death for their crime with no if ands or buts. Although I do not condone this I cannot dispute that it is ef fective in doing what it intends, which is to eliminate the wrong-doers from society. However with the shift in power, the new commandant recognizes that the old regime was not ideal. So the new commandant letting the old regime fall, makes way for a new regime that promotes more privacy for the citizen. â€Å"Panopticism† is similar in that one of the purposes of a panopticon is to remove lawbreakers from society, but different in that it is a less deadly approach. Michel Foucault looks at the design of Jeremy Bentham’s Panopticon and talks about how it can be utilized to suite almost any purpose. â€Å"The Panopticon is a marvelous machine which, whatever use one may wish to put it to, produces homogeneous effects of power.† (Foucault 202). A Panopticon is a circular building with a tower that goes from the ground to the top directly in the center. From that center building a minimal amount of people can watch over the entire building because the rooms are des igned to be seen into, but not seen out of. So the occupant will never know if they are being watched. Foucault takes it further to go into detail in its uses. Starting with the obvious use, a prison, aShow MoreRelatedProtection Vs. Privacy : The Government s Use Of Surveillance1252 Words   |  6 PagesProtection vs. Privacy: The Government’s Use of Surveillance Since the industrial revolution, society has continued to grow larger, and more interconnected than ever before. Aiding in this process has been the advancement of technology and ideas. With the extensive advancement of technology, an equally sizable debate on its ethical implications has developed. In recent years an ethical dilemma has arose pertaining to the use of government surveillance. While the increased surveillance of citizensRead MorePersonal Data Privacy . 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