eco350essay1.docx - Reed Michael Econ 350 Professor Marlo...

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Reed, Michael Econ 350 Professor: Marlo Chavarria Critical Writing Assignment 1 Adam Smith was a political economist and philosopher. Smith was known for laying the foundation for classical free market theory. Free market theory is a system in which goods and services are determined by the open market and consumers. In Smith theory of free market, the government does not have any control over supply and demands neither could they determine who enters the market. The main principals of Adam Smith’s system work against individual getting rich and address the main issues today such as wages, taxes, and consumer capitalism. Adam Smith is a name that comes to mind when we are talking about economic and is considered one of the founding fathers. When it comes to discussing economic, we must consider his brilliant thoughts. Today the government has raised minimum wage. One must ask yourself why now? Is it because the economy was experiencing a downfall and the government step in to rescue the economy from a recession? We can debate the reasons why, but Adam Smith theory teaches us wages should increase with the rise of wealth. Smith defends his argument by stating labor of workers should be able to cover the necessities such as food, clothing, and lodging.
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