Poverty Free Essay, Term Paper and Book Report
According to Adam Smiths Model of the Causes of the Wealth of Nations capital accumulation is mainly determined by the wealth of the nation. Merchants and master manufacturers are, in this order, the two classes of people who commonly employ the largest capitals, and who by their wealth draw to themselves the greatest share of the public consideration. What Adam Smith is saying here is that unlike laborers whose wages are used in the entirety for survival and the landowners who use their wealth for useless luxury, capitalists derive profits used to expand the market for the public consideration rather than their public benefit. Due to the fact that the economy will automatically achieve full employment of its resources, the production possibilities frontier expands leading to a higher output and lower unemployment. Beyond that, a larger market shows more division of labor and specialization. This promotes an increase in productivity and national output. The wealth is recycled into even more capital accumulation as the wealth of a nation increases.
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Word Count: 834
Page Count: 3.3 (250 words a page / double spaced)
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