Adam Smithhhhhhhhhhhhhhhhhhhhhhhh

Adam Smith is the father of economics but only 50% of people in the world know him. He wrote two famous economy books that affect the world. One is “The Wealth of Nation” and another one is “The Theory of Moral Sentiments”. It’s easy to tell that the themes are different by only reading the titles. “The wealth of Nation” basically talks about how Adam Smith’s idea of how people’s selfishness can affect the economy system and another one talks about how morally should take place in economy. I’m also reading a book names “The Economics of Manipulation and Deception” that Adam Smith’s ideology is involved. This book points out the disadvantage of Adam Smith’s ideology in “The Wealth of Nation” and gives ideas about how using human’s selfishness to make money. The book also calls “Phishing for Phools”.


Let’s talk about Adam Smith first. His book is really realistic and it is what I believe in and the world is also tends to that way. His famous theory, “The Invisible Hand” is so true that nobody will work without good checks. I’m on the same side as Adam that the right amount of selfishness helps to push the economy system to climbing space and makes a development. However, in my opinion, no matter what you do, you can’t lose your heart. The world is full of all kinds of people but don’t let one trade destroy your reputation because reputation means honesty. If the leader of a company has no honesty no one will buy anything and it means there will be no finical source.


Speaking of honesty, the book “Phishing for Phools” gives many ways to make money by using people’s selfishness. These happened in our lives really often. Some simple examples would be like some on sale products. You think you save some money if you buy those products but don’t forget why they can cut down the prices so much. Those products don’t worth that much. Some stores write random numbers on some products that don’t worth that much and write sales prices to attract people to buy them. For me, the stores just try to satisfy people’s hearts. Who in the world will do bad bargain? Just like what Adam Smith says.


There is another theory that I really like. It’s the labor theory of value. Put in simple words, the book says that a product’s value equals to how much power of labor he can trade or buy by using his power of labor. For me, that is money comes by how much you work. You work more, you earn more. I think this theory is working really well in the U.S. because anything that labor involves, it’s really expensive. Maybe this is one of the reasons why there are so many products made in China because they can get cheaper price for the same quality. Even the products are cheap; a huge amount of buying power can cover everything.


In a conclusion, nothing now in economy can be separated by Adam Smith’s book. No one will do things with no goods. Adam Smith starts on an egoism position to complete this book and speaks the truth of our society. I can’t musing him up because there are bad things happening when people lost themselves in egos but humans are humans. I started to work online by selling shoes. I know I can sell shoes for much higher prices than now but my conscientiousness just doesn’t allow me to do that. How can shoes worth more than 500$ and people get crazy even when they are more than 2000$! Stores are selling their brands not the quality of products but people don’t care about the prices anymore because everyone is getting richer than before. I think that’s sad.