Advance the interest of the society

Assignment Help Business Economics
Reference no: EM133065044

Adam Smith: The Invisible Hand [The rich] consume little more than the poor, and in spite of their natural selfishness and rapacity...they divide with the poor the produce of all their improvements. They are led by an invisible hand to make nearly the same distribution of the necessaries of life, which would have been made, had the earth been divided into equal portions among all its inhabitants, and thus without intending it, without knowing it, advance the interest of the society, and afford means to the multiplication of the species.

The Wealth Of Nations, Book IV, Chapter V, Digression on the Corn Trade, p. 540, para. b 43.

How does Adam Smith say that production by the rich helps society?

Reference no: EM133065044

Questions Cloud

What is the lowest amount : Given that Michael is a beta-delta utility maximizer with 6 = 0.7 and B = 0.9 and U(y)=y/3, what is the lowest amount (i.e., y) that Jesse needs to offer him in
Internal and external threats : What are some methods that AGC can use to protect the organization from these internal and external threats?
What is the irr for this investment : We have owned a net lease investment for 7 years. We acquired it for $890,000. What is the IRR for this investment
Adviise on changing the price of coffee : Suppose your friend owns a coffee shop and seeks your adviise on changing the price of coffee to increase revenue if you demand for coffee is relatively elastic
Advance the interest of the society : Adam Smith: The Invisible Hand [The rich] consume little more than the poor, and in spite of their natural selfishness and rapacity...they divide with the poor
Advantages and disadvantages of the monetary strategy : What are the key advantages and disadvantages of the monetary strategy used at the Federal Reserve under Alan Greenspan and Ben Bernanke in which the nominal an
Discuss the impact of covid : Discuss the impact of COVID on the unemployment rate in the accomadation and food industry
Calculate the operating profit of the current year : The management accounting department advised the management. Calculate the operating profit (EBIT) of the current year
Explain the uniform pollution standard : Two pollution sources are located in the same town, immediately next to each other. For every quantity of abatement, marginal costs of abatement for the first s

Reviews

Write a Review

Business Economics Questions & Answers

  Economics assignment

This document contains various important questions and their appropriate answers in the subject field of Economics.

  Demand and supply curves

Economics is the study of the principles governing the allocation of scarce means among competing ends when the objective of the allocation is to maximize the attainment of the ends.

  Long-run perfectly competitive equilibrium for the firm

Evaluate Government intervene and correct this situation?(a) Explain the concept of a concentration ratio. A rise in the price of magarine Explain the impact of external costs and external benefits on resource allocation long-run perfectly c..

  Supply and demand diagrams

Explain each of the following using supply and demand diagrams,  With the use of a graph, explain how these two programs affect cigarette consumption and the price of cigarettes.

  Case study: fisher-price toys

The case study of the Fisher-Price Toys, Inc., a popular case in basic economics and management from the prestigious Harvard Business School.

  Draw the production possibility curve

Draw the production possibility curve and a. Define consumer surplus and producer surplus.

  Tax revenue

The Australian government administers two programs that affect the market for cigarettes

  Maximize total welfare

How many tickets to sell to maximize total welfare.

  Difference between the cv and the ev

The change in consumer surplus (?CS) is not "theoretically" justifiable like the CV and EV but it continues to be the most widely used measure of consumer welfare change. Explain how this can be reconciled

  Depict von neumann-morgenstern utility index u in a diagram

Depict the von Neumann-Morgenstern utility index u in a diagram

  What is the market solution

What is the market solution (market price and quantity) and What is the total surplus of the society under the market solution

  Calculate gross national product and net national product

Calculate gross national product and net national product

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd