Adam Smith's Influence On The Us Economic System

Before understanding which philosopher had the greatest impact on today’s economy system in the United State, people should know what type of system the U.S has. As of today, the U.S is basically a mixed economy. Many people considered the U.S a capitalist economy, but there is a lot of requirements that the U.S does not fulfill. One of the people who contributed to the economy system we have today in the U.S is Adam Smith. There is other philosophers who had a different ideology; however, it was not a strong effect. Adam Smith was an influential person which argued economics functioned best when it was not controlled by the government. He was not selfish, he was a person who shared his. The U.S economy would had been different if Adam Smith would had never presented his ideas to the people.

Adam Smith was from Scotland. Smith entered to the University of

This helps by making people focus on available resources, instead of trying to produce or sell various products which will cause overstock or understock. Many companies can specialize in certain products. An example would be international trade, in which one country produces grapes and another country produces mangos, each country can sell them at a low cost and so they can also obtain goods at a low price. Additionally, labor is more easily. If a person has a talent or certain abilities, they can put them to use instead of doing something that they do not know how to do it properly. For example, in a milk factory you have two people, one is good at milking cows and the other person is good at purifying the milk. The most intellectual action is to not make workers multitask, instead they should do the task they are proficient at. Specialization increases economy activity. This concept is very beneficial because is less time consuming and people can thrive at what they are good