Is economic reasoning compatible with smiths assertion

Reference no: EM13397023

Adam Smith, who wrote The Wealth of Nations, is seen as the father of modern economics. Prior to writing The Wealth of Nations, he wrote The Theory of Moral Sentiment. In this first book, he argued that society would be better off if people were not so selfish and were more considerate of others. Smith also argued that, when they are born, most people were similarly talented. Thus, differences in individual abilities, and hence productivity, are largely the effect of division of labor rather the cause of division of labor.

Questions:

A. Is economic reasoning compatible with Smith's assertion that society would be better off if people were more considerate of others?

B. Is Smith's theory that most people are born similarly talented and that differences in ability are the result of division of labor accurate? Why or why not?

Reference no: EM13397023

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