Adam Smith remains a tower figure in the history of economic thought. ... The Wealth of Nations is an influential statement of the case for laissez-faire, the theory that government should not attempt to control or direct economic activity. Smith's arguments are in terms of both economic efficiency and justice. ... The main topic of Smith's economic analysis was the theory that individuals working towards their own self-interest will often end up advancing social welfare at the same time. ... The reason was that the "invisible hand" of the market drives individuals into those act...

• Word Count: 556
• Approx Pages: 2
• Grade Level: Undergraduate

One of the commonly accepted economic propositions is that free trade is a determinant and creator of economic growth. ... Description While there is no conclusive evidence of a casual link between world trade and economic growth, different researchers have demonstrated that there exists a strong correlation between world trade and economic growth. ... World trade grew 14 times over a 45-year period i.e. (1950-1995) while the world economic output grew 5.5 times over the same time horizon. Trade Patterns Evaluating the dimensions of degree of liberalization, and the trade commodity com...

• Word Count: 596
• Approx Pages: 2
• Has Bibliography
• Grade Level: Undergraduate

The US and the European Union(EU), an economic community that consists of nations in Europe that is now an economic force with a collective economy larger than much of the US and japan(p.81-82 of course textbook) as an economic community, an organization of nations formed to promote the free movement of resources and products among its members and to create common economic policies(p.81 of course textbook) was the main topic of the article. ... I will be applying that by thinking about those things that I did not know when I hear about other economic and business related things that are releva...

• Word Count: 1001
• Approx Pages: 4
• Grade Level: Undergraduate