Thursday, September 3, 2009

Reaction towards Adam Smith

Let’s take a bow, This the father of modern Economics. A distinctive Scottish, who wrote “ Inquiry into the nature and causes of wealth of nations”

I was influenced of his beliefs that competition would equalize wages in equations and returns to capital different industries. And human motives where often selfish. Greedy. The competition would benefits society by keeping prices low, while building in incentive for a wide variety of goods services.

Example of now a days is the competition of two huge network in the Philippines we have the saw called in smart and globe which cater the cellular phone network connection. Because of the competition of this two company, they latch different promos the unlimited texting, and a lot of promos, that the subscribers are benefited. This two networks try to lessen amount of their competition their interests to get more subscriber.

The economics freedom, economic libels, free track, free enterprise, laze faire lead to the economic boast. If anyone have a freedom to sell, even a piece of candy unconsciously he help the circulation of the economy and that’s the concept of invisible hand. Where in even a single Magtataho contribute the circulation of economy.

I admired him also on his principles. Ruling of the sector which is the public education for poor adults, army, and public administration. It’s a huge benefits to the society.


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