Among many theorists, Adam Smith is one of the few who argues that the government is not a necessary component to the economy, and that surely, it is a self-regulating market. ... Unlike Adam Smith, Polanyi gives much credit to the state's role in the economy. ... He also claims that state intervention is necessary for markets to function and criticizes Adam Smith idea of Laissez-faire. ... Like Hobbes and Polanyi, Mill does in fact believe in government intervention, but like Adam Smith, only when necessary. ... When discussing Adam Smith, it is clear to note that the role of the governm...

• Word Count: 1585
• Approx Pages: 6
• Grade Level: Undergraduate

In search of the inner drive dominating human motives, Thomas Hobbes and Adam Smith generally agree on the powerful motivation of self-interest. ... Within the narrower context of modern economics in The Wealth of Nations (1776), Adam Smith confirms Hobbes's idea that self-interest could indeed serve public welfare. ... First, Hobbes and Smith both recognize the main drive governing human actions: self-interest. ... Adam Smith, in The Wealth of Nations, approves of Hobbes's view on self-interest as the key determination of human actions. Smith identifies labor productivity, largely d...

• Word Count: 1845
• Approx Pages: 7
• Has Bibliography
• Grade Level: Undergraduate

The most important figure in Enlightenment economics was Adam Smith who is considered to be both a pioneer in political economy and the father of modern economics. ... Smith perceived people as selfish who only worked harder and produced more when given an incentive. ... Smith believed that there was no need to regulate markets because people's greed combined with the law of supply and demand would regulate markets by themselves. ... Adam Smith became the father of modern economics during the Enlightenment. ... Smith is also responsible for the development of the invisible hand metaphor a...

• Word Count: 1343
• Approx Pages: 5
• Grade Level: Undergraduate