Question

in 250 words describe a situation or incident from the 21st century that indicates that Adam Smith's social and economic theories apply in today's world. Be specific.please type

Answer 1

The idea that the purpose of production is consumption at the time Smith was writing was not a common thought, "There was this idea that the purpose of production was to build up treasure or something,. "The idea that it was for the sake of consumers hadn't just happened to the human brain before Adam Smith." Of course, what he meant by "consumption" isn't exactly what we think of today as consumption. He really meant by consumption that the purpose of all production was to make something useful

As we all follow our own self-interest in the world today, investors are piling up on debt until they can't see it anymore. At the same time, companies are doing what they need to do to keep pushing those products onto consumers. We have come a long way from meeting a need, and into building want territory.

"What Adam Smith was trying to do was explain how economic progress happens," The huge failure of Adam Smith was the fact that he did not foresee the industrial revolution. "Nevertheless, he understood that not everything produced by capitalism is necessarily good. As for the system's follies, Smith saw debt issues in his own time, and what happens when banks collapse.