Economics

The governing body that governs least, governs best, is absolutely true. The first question is do we plane need a government? The answer seems inherently obvious. Yes. rase since ancient times, when human beings started to live to featureher as societies, slightly form of governing authority was needed. We need a collective agency (government) that does things for society that individuals cannot do themselves. For example, the first priority would be defense. If the country was attacked, the individuals by themselves would not be able to raft an adequate defense. So the department of defense and police start to be appropriately assigned to government. Other areas where we need government would be making roads, establishing a fair judicial system, and make currency. How much the government should be allowed to interfere in other(a) areas like education, health care, private enterprises and, banking etc should be determined by the people being governed. As societies get more tangled with stock markets, banks, unemployment, we as a society need to define limits on how much and where the government should be allowed to interfere. We will flavour at the works of some renowned economists to see how they pick up the role of government.
Adam Smith (1723-1790) is often referred to as the sire of modern economics and capitalism.



He published his ideas in his famous book Wealth of Nations in 1776. He believed in a free market economy, with open competition, and everyones self involvement would be best for the overall economy. He thought on that point was nothing wrong with greed or being selfish, and a person working passionately for himself would not only be best for himself, but for the entire society without knowing it. His crossing benefits other people, and their products benefit him, but they are all working for their own self. Smith said, By directing that industry in such a manner as its produce whitethorn be of greatest value, he intends only his own gain, and he is in this, as in many other...If you want to get a full essay, order it on our website: Ordercustompaper.com



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