Adam Smith And Andrew Carnegie And The Gospel Of Wealth

The continuous disparity of wealth and income can cause constant economic problems within a society. Although it is not apparent all the time, there are few benefits of discrepancy itself such as individual wealth, capital, and labor. Both Smith and Carnegie have distinct beliefs about wealth that differentiate from one another, yet are similar in certain ways. Adam Smith confined all his ideas about the common man in his â€Å"Wealth of Nations†. Whereas, in the â€Å"Gospel of Wealth,† Andrew Carnegie had distinct beliefs about the effects of capitalism . All in all, economic conditions of the 21st century still date back to previous years and signify the importance of economic competition. Andrew Carnegie address issues of wealth inequality and†¦show more content†¦Smith was very much concerned with the welfare of the community and created The Wealth of Nations, to put forth most of his economic ideas, that are still considered today. The message Adam Smith alleged was that since people satisfied their own self needs, then the economy would work affectively. For example, â€Å"When people look to their own self-interests, they contribute unintentionally, by means of an invisible hand , to the welfare of society† (Smith 281). Smith talks about the invisible hand as a guiding tool towards supply and demand within a society and argued the division of labor generates wealth not just for that one person but for the nation as a whole. By selling products that are in demand, for the purpose of earning money people are engaging in within their enterprises. Additionally, the more demands, the more people want to invest, the more people need to work, the harder it is to find a job when the economy is at a low. Today, the invisible-hand theory is often guides free markets and capitalism in the direction of efficiency, through supply and demand and competition for scarce resources. Another significant contribution to a government is Capitol because profit determines wealth which can assist an economy to grow bigger and better. Andrew Carnegie acknowledged the unequal effects of the laissez faire system of capitalism through The Gospel of Wealth. Carnegie thought that a government should have little to noShow MoreRelatedKarl Marx, Adam Smith, And Andrew Carnegie1350 Words   |  6 PagesKarl Marx, Adam Smith, and Andrew Carnegie The writings of Karl Marx, Adam Smith, and Andrew Carnegie all made significant impacts in society not only in their time, but continuing to this day. Marx shared is opinions on capitalism and his views of the progression of human society in his writing, The Communist Manifesto which he wrote with Friedrich Engles and published in 1848. Marx believed in the idea of a society with no capitalism and the abolition of the bourgeoisie. 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