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Essay on Laissezfaire1 | ||
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This is the first 1,000 characters of 881 words (3.52 pages) in the essay titled Laissezfaire1 Concept of the Invisible Hand in a Laissez-faire economy“By preferring the support of domestic to that of foreign industry, he intends only his own security; and by directing that industry in such a manner as its produce may be of the greatest value, he intends only his own gain, and he is in this, as in many other cases, led by an invisible hand to promote an end which was no part of it.” Adam Smith, Inquiry into the Nature and Causes of the Wealth of Nations 1776. What business does a government have in commerce and trade? Why would a government want to interfere between two countries benefiting from each other by trade? What right does the government have in two individuals wanting each other’s products or services? According to some, commerce and trade should be permitted to operate free of controls of any kind; there should be no tariffs or other barriers. This is where the term laissez-faire is introduced. It’s direct translation in French, “leave alone to do”, is self-explanatory. A strong believer in this type of economics is Adam Smith, both a philosopher and an economist. Born on 1723 in Kirkcaldy, Fife, he studied at Oxford, and became a professor of logic at Glasgow (1751), but took up the chair of moral philosophy the following year. In 1776, he moved to London, where he published An Inquiry into the Nature and Causes of the Wealth of Nations (1776), the first major work of political economy. This examined in detail the consequences of economic fr... |
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Keywords: laissez faire, adam smith, 1776, wealth of nations, nature and causes of the wealth of nations, invisible hand, self explanatory, political economy, moral philosophy, international implications, french leave, economic freedom, kirkcaldy, own security, division of labor, economic activity, benefiting, fife, 18th century