Who Was Adam Smith and What Did He Believe About Economics

 

        Adam Smith was a famous economist as well as being well known in philosophy. He was born June 5th, 1723 and died on July 17th, 1790. When he reached the age of 14 he entered the University of Glasgow and studied moral philosophy where  he then got his desire for free speech and liberty. He first became a public lecturer on progress of opulence. During this time he came up with 25 economical philosophic idea "obvious and simple system of natural liberty". Then in 1750 he met Idle Hume  and they together formed ideas on politics, economics, and religion  these writings soon became known as "Scottish Enlightenment." In 1751 he went back to the University as the chair of logic, then soon changed into the chair of moral philosophy where he gave lectures on ethics, political economy, and police.He then published  the book  "The Theory of Moral Sentiments" which included some of his lectures from the University. In 1764 titled Doctor of Laws. 1762 became a tutor to Charles Townsend's step-son the Duke of  Buccleuch. Adam then retired and went home where he was elected Fellow of Royal Society, he then devoted his next ten years to writing his magnum opus.After he earned the prestigious role of Lord Rector at the University, his painful illness led to his demise. Adam Smith  was most known for his book "The Wealth of Nations"that he published in 1776. This was the first time someone suggested the principles of a free market, he thought that free trade could come out, an invisible hand would balance everything out. This Book became so popular it lead to the abandonment of economic schools and influenced later economist. Today his idea has become more complicated.

 

 

 



What is "Capitalism/Free Market System"

 

 

           Capitalism is one of the two economic models that calls for independently owned business and households to control the economy. Examples of how this would work is called  perfect competition or pure competition. In this perfect competition business have choice. They choose how much to produce and which products, they also what methods they want to use to employ. It  is not only economical, it is also political. To sum it all up a country's industry is controlled by private owners. Free market system is a system where the price of their services depends on their demand. This market is not controlled by the government their for the government does not choose the price.  The price also depends on the supply or the amount of services that is offered. A important feature of the market is competition. This exist when business owners try to sell the same products to the same people. This causes one to lower prices to get more consumers. Competition also exists between employers. The more jobs that exists the more people look for higher wages but the less the more they struggle to find them. In the end pure competition  combines the  goods and serves to match the buyers, and in perfect competition prices will drop lowest price permitted.

 

 

Pro's and con's to Green Jobs

         Their are several good things about green jobs but not everyone is quite as confident. First of all our economy is basically down the drain, but  with green jobs it will add around 200,00 jobs which will do wonders for our economy. People will have money to support their family's and give people more room to spend money. Green jobs also conserves natural resources , which all together it is great for our economy. The cons are simple. Not everyone believes that this is good. Some people thing this is going to be a bust and a big waste of money.  In other words green jobs could either  work out great and help our economy dramatically or it would be a wast of millions of dollars.

 

Would you support the increase of putting money into green

 jobs. 

            

        Based on my understandings i would not support putting more money into green jobs. I am not a person who takes dramatic risks. I feel like their is to much at stake to lose. If it were not able to work out we would be in an even worse situation then we are now, and I feel like we can not afford to lose anymore. I understand if it did work it would help but, again its too much of a risk for me. Spending millions of dollars  on a possibility of bettering our economy,  would be a stupid mistake. If you weigh the chances with everything  is it really worth millions of dollars. So i would not support the increase of money being put into green jobs.