When explaining why division of labor has many advantages, he attributes them to human nature and self-interest (Smith, pg.21). ... However, Smith fails to address the fact that human emotion can inhibit humans from being rational to a great extent. ... Smith does not directly explain what he means by human wisdom. But the fact that humans can communicate and barter, trade, or purchase is connected to human wisdom and driven by self- interests. ... Human wisdom is therefore connected to having self-interests. ...

• Word Count: 577
• Approx Pages: 2
• Grade Level: High School

Scarcity is a condition when humans have infinitive wants but limited resources, therefore not all their wish can be fulfilled, so there is an opportunity cost involved everytime they make a decision to satisfy one wish rather than the other. ... Scarcity is a condition where demand for something exceed the number of them can be supplied by nature at a zero price. ... Scarcity causes us to endure opportunity cost, because we always want to exceed what can we get with the limited resources from nature. ...

• Word Count: 506
• Approx Pages: 2
• Grade Level: High School

But perhaps none has been so dramatic and pervasive in its impact as women's slow acquisition of human rights. ... Respective roles of men and women are still undergoing profound change, in the process of transforming the nature of the family, society, culture and politics along with economics and the world of work. ...

• Word Count: 327
• Approx Pages: 1
• Grade Level: High School

His two works were "The Theory of Moral Sentiments" and "An Inquiry into the Nature and Causes of the Wealth of Nations," which is what he is most known for. ... Smith retired once they returned to London and remained retired while he worked on his most widely know work, "An Inquiry Into the Nature of Causes of the Wealth of Nations," which was first published in 1776. ... The sovereign is completely discharged from a duty, in the attempting to perform which he must always be exposed to innumerable delusions, and for the proper performance of which no human wisdom or knowledge could ever be ...

• Word Count: 1038
• Approx Pages: 4
• Has Bibliography
• Grade Level: High School

Marxism and Economic Theory Human relationships have always been dynamic. Change and adaptability have gone hand in hand with the passage of time for human society. ... A government must be dynamic in its nature reflecting the change in society. ... Using history, logic and the dynamic nature of humankind as guidelines, Carl Marx attempts to map out a sequence of events which will eventually lead to utopia (anarchy). ...

• Word Count: 2051
• Approx Pages: 8
• Grade Level: High School

Artificial wealth, such as money, does not directly help nature, but is invented by man for the convenience of exchange and as a measure of all things salable. ... The love of money is one of the strongest forces of human life. ...

• Word Count: 1185
• Approx Pages: 5
• Grade Level: High School

We went to school every day since we were six years old. We learned things which we do not really want to learn through boring classes. Our parents told us that we must do well in school, and then we will have a good life in future. That is the only way to change people's lives if they do not want t...

• Word Count: 2235
• Approx Pages: 9
• Has Bibliography
• Grade Level: High School

While Smith and Marx supported completely different approaches to achieve these ends, neither of their suggested systems proved to be totally infallible.Adam Smith believed that people are by nature selfish. ... Human beings do not care about other but will benefit others by their own contribution to the economy. ...

• Word Count: 1440
• Approx Pages: 6
• Has Bibliography
• Grade Level: High School