Zoe Jones
English 2
J. Craig
April 29, 2014
Wealth and Poverty
In today’s society, everyone seems to be putting their minds towards achieving wealth, but yet are But what is poverty? And what is wealth for that matter? Adam Smith and Robert B. Reich are both men who have written about wealth and poverty, and what is affecting the growth of them. Both men have some similar views as well as distinctly different views on what wealth is and how to gain wealth while avoiding poverty, not only as one entity, but as a community. Both men have ideas on how our economic systems work and what parts are doing us good, as well as those that are misleading us into a growing community of poverty. Through much research, and debate with my roommates and friends, on this subject I can say that I agree that having a community that thrives off of its own efforts and means of survival is a better society in all circumspect. Having to depend on other countries for food, clothing, fuels, and other perishable items is not the way this country should be run, but instead by our own means of what we can provide, to our people, from the land we live on.
Adam Smith was a moral philosopher in economics and a writer during the eighteenth century as well as many other things such as being a professor who taught moral psychology. He had some views that can reflect greatly on our modern day economy. Smith saw wealth as it related to country and town. In Smiths excerpt “Of the Natural Progress of Opulence” from his book The Wealth of Nations, he states; “the country supplies the town with the means of subsistence, and the materials to manufacture. The town repays this supply by sending back a part of the manufactured produce to the inhabitants of the c...
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...e are fighting for jobs headlong, but back in the eighteenth century, people weren’t as worried.
The meaning of wealth and poverty is different to everyone, but most everyone wants to dive towards wealth and to stray from poverty. Both Reich and Smith, two philosophers from greatly different times, can both differentiate and agree upon some of the reasons why wealth was so evenly spread during Smiths time and is very much one sided today. These brilliant men write almost as they are having a conversation, and they unfold the truth of why our society today is falling apart. They use many points about why our system is failing along with what is going to happen in the future if we keep following the path we are on, and how we could potentially fix it. But the main question is: Are we going to fix it? And sadly the answer seems to slowly be lingering towards a: No.
In the Humanistic Tradition the author, Gloria Fiero introduces Adam smith as a Scottish moral philosopher, pioneer of political economy, and a key figure in the Scottish Enlightenment. Smith also known as the Father of Political economy, is best known for one of his two classic works An Inquiry into the nature and causes of the Wealth of Nations. Fiero looks at Smith’s work because the division of labor is important. One thing Smith thinks is even more important for creating a wealthy nation, is to interact and have open trade with different countries. Fiero states,“It is necessary, though very slow and gradual, consequence of a certain propensity in human nature which has in view no such extensive utility; the propensity to truck, barter,
At one point in time poverty was the general fact of the world. Man was always expected to live on the line of poverty, majority of the economic thinkers couldn’t see the world moving away from this standard but we did and have gained great affluence. As society has grown from this poverty stricken state it once was in, into an affluent one, the ideas used to run it have yet to change in some ways. In The Affluent Society, John Kenneth Galbraith explains how with great economic growth there should be growth in economic ideas as well.
Adam Smith was a philosopher whose political philosophies was based off of economics. He believed to some extent that there should be a redistribution of wealth, but at the same time there should be a limit to government interference in economy. He wanted the state to end politics that favor industry over agriculture or vice versa, and that business should be left to the business people. He also believed that the government cannot make people virtuous with laws, and that the state should not promote religion or
Adam Smith was a man of many achievements. As a Scottish philosopher and political economist he became famous by his classical and influential books. In 1759 he wrote a book called “The Theory of Mortal Sentiments”and in 1775 he wrote another called “An Inquiry to the Nature and Causes of the Wealth of Nations”. Known as the “father of modern economics” Adam Smith has greatly influenced society. Adam Smith’s history impacted the way that our society is today. Adam’s childhood, environment, education and events throughout his life contributed to the way that we view society. With Adam’s theories and great works he molded a pathway to different stand points on the public and its society. Among his great works are the wealth of nations and inquiry to the nature and causes of the wealth of nations alongside the theory Adam named the invisible hand. Adam also thought about the public from an economic and political stand point. Due to factors that influenced Adam’s early life, he was able to learn from those before him to become the great economist, politician, and philosopher that he was. This way, even though Adam Smith lived during the time of the scientific revolution his words of wisdom in politics and the economy are still used today in the public.
Andrew Carnegie stated that the problem of our age is the proper administration of wealth and his opinion precisely reflects the real situation. Because it can be observed throughout history of human beings that usually majority was in such poverty, which barely enables them to survive. Carnegie was one of the richest men in the world of his times and maybe he knew as a successful businessman what the actual problem in distribution of wealth is. He has proposed possible solution of beneficial wealth distribution for this problem and it actually might work in his times. However, economy has changed compared with Carnegie’s times and it has become more global as lots of technological innovations were implemented. Robert Reich described current global economy in his work titled “Why the rich are getting richer, and the poor, poorer” where Carnegie’s solution may not properly work. The Carnegie’s solution may not properly work taking into account the obstacles such as increase of competition, permanent work in business and ageing population. Nevertheless, this means that only possibility of success of solution decreases, therefore it is not sensible to infer that the solution will not work at all.
“It is not from the benevolence of the butcher, the brewer, or the baker, that we expect our dinner, but from their regard to their own interest.” This is a quote from the book Wealth of Nations, which Adam Smith wrote, addresses well about why and what reason people work for. The butcher, the brewer, or the baker does not cut, stir, or bake because they want to please the customer or to feed the poor, but to earn money and for their own happiness. Adam Smith, who fully understood the concepts of capitalism and free market system, became one of the most well respected economists throughout the world. Smith became famous because of his philosophy of economics. Because of his thoughts on economics, today he is well known as the “father of economics.”
Surviving in a world where money matters is not easy at all. Try living on less than a dollar and fifty cents a day. Go into a store and look for food enough for three meals that has enough nutrients for a balance diet all under a budget of $1.50. Fresh fruit and vegetables along with meat are out of the question, then what are the options? There really are none except a few canned and dried goods. There are people who live on this on a daily basis. The amount of people who live in poverty are over 1.4 billion and increasing daily. Society has not focused enough on social justice for those in poverty. “The working poor harvest sweet potatoes in time for Thanksgiving. They cut trees in time for Christmas. The fruit of their labor are in our lives every day, yet we rarely see them. Even when we encounter them face-to-face stocking shelves in Wal-Mart or checking us out at the supermarket, we do not see them as whole people, and we surely do not see them as poor. They are hidden in plain sight” (Edwards). People work minimum wage and receive barely enough assistance from the government to help support them. These people work and continue to work to make enough to survive one day at a time. The opportunities for those of low class compared to those in middle or higher levels of class do not match. These classes all receive different benefits, but more importantly those in poverty impact society as a whole.
Reich, Robert B. “Why the Rich Are Getting Richer and the Poor, Poorer.” A World of Ideas:
American society today is epitomized by the growing divide between rich and poor. What is significant about this fact is that both ends of the spectrum are accelerating away from each other, with poor individuals sliding further still into the doldrums of poverty, while those that have enjoyed success in the past to a large degree continue to accumulate even larger sums of riches.
The poor gets poorer, and the rich gets richer. Economically speaking, this is the truth about Capitalism. Numerous people agree that this inequality shows the greedy nature of humankind. The author of the source displays a capitalist perspective that encompasses an individualist approach towards an “un-ideal” economic system. The source articulates a prominent idea that capitalism is far from perfect. The reality is, as long as capitalism exists, there are always those people who are too poor or too rich in the system. We do not need elitists in our society but that is exactly what capitalists are. In this society, people are in clash with those who “have” and those who “have not”, which creates conflict and competition. Throughout
Who does not wish to be rich? The first thing that might come to mind when thinking about having a lot of money is owning luxurious cars, living in a prodigious residency, having expensive items to wear, or anything of that nature. A rich person has the ability to buy anything to please his or her desires, and he or she can visit any place at any time without having to think about it twice. Many people perceive that happiness comes within how much money they have. People confuse being wealthy with being happy. Wealth does not necessarily bring happiness; however, it is obvious that it can help to bring happiness for some and sorrow for others.
Managerial Economist awareness of consequences of Wealth Inequality across different states in U.S., across Canada, and across World
Adam Smith's Wealth of Nations, published coincidentally the same year as the Declaration of Independence, is considered by many economic scholars to be the early framework of capitalism. Capitalism is an economic system based on the exchange of goods and services in the marketplace. Supporters of capitalism are convinced that the economic integration of globalization is rooted in the Wealth of Nations. Adam Smith’s “invisible hand” metaphor explains how the entrepreneurial motivation of the individual, a strong workforce and a decentralized market are the driving forces for economic prosperity.
We are well aware that there are wealthy people, and poorer people in today’s world. People strive to be wealthy, but what separates the wealthy from the poor? There are two mindsets between the two groups that holds the key to their failure or success. If notice closely, you will see exactly why the wealthy, and successful people are capable of living up to their full potential, and why the poverty are living in a poorer environment. In order to be wealthy and succeed in life, you don’t need a miracle, nor do you need a lot of money to get there. What Is essential, is having a positive attitude, and the right mindset. As a result, the right positive mind set will bring in exactly what you’re thinking and wanting. Wheatear that be good or bad thoughts. Here are 3 main differences in the mindsets between the wealthier groups, and the poverty groups.
Money and Happiness are two things that we have all given a lot thought. We put lots of effort into these two things either trying to earn them or trying to increase them. The connection we make between money and happiness is strange because they are two very different concepts. Money is tangible, you can quantify it, and know exactly how much of it you have at any given time. Happiness, on the other hand, is subjective, elusive, has different meanings for different people and despite the efforts of behavioral scientist and psychologist alike, there is no definitive way to measure happiness. In other word, counting happiness is much more difficult than counting dollar bills. How can we possibly make this connection? Well, money, specifically in large quantity, allows for the freedom to do and have anything you want. And in simplest term, happiness can be thought of as life satisfaction and enjoyment. So wouldn’t it make sense that the ability to do everything you desire, result in greater satisfaction with your life.