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Write a summary for correlation between the wealth of citizens and the wealth of nations, as well as the importance of promoting beneficiation of citizens in order to develop a country.
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The essay discusses the correlation between the wealth of citizens and the wealth of nations, as well as the importance of promoting beneficiation of citizens in order to develop a country.
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Give me essay based on the summary above.
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#Adam Smith’ Economics: Nation’s and Citizens Wealth Essay
There are a great number of different states in the world. However, they are not equal. Some of the states are bigger. The other have more natural resources, while some of the countries have a great number of people living in it. Moreover, not all countries are equally rich. Unfortunately, only the minority of countries in the world can be called a prosperous state.
Wealth of a country depends on the number of reasons, however, there is a tendency according to which the richer country – the better conditions its citizens have. Taking it into account, it is possible to analyze mutual dependence between the prosperity of citizens and the stage of development of a country and make some conclusions.
Adam Smith stated that there is a direct correlation between the wealth of citizens and the wealth of nations (Smith 17). It is difficult not to agree with this statement. The first obvious argument to support this statement is that a person which has greater income will be able to pay higher taxes (Thorndike para. 4). Given in simplified manner, this statement is still very clear and fair. It is difficult to demand assignments to the budget from a person if he/she has nothing to eat. That is why, it is possible to suggest that the state should be interested in promoting beneficiation of its citizens as it will influence further development of this country.
There is one more fact which could be given in order to support Adam Smiths statement. There is no use denying the fact that satisfied worker is a good worker (Tam para. 5). Unfortunately, not all employers use this principle in their work, preferring to intimidate or press a worker.
However, it is obvious that being totally satisfied with his/her payment, a person will perform it much better and will not slack his work. Increase of the efficiency of work will lead to better outcomes for a plant which in its turn will lead to prosperity of the state. Moreover, satisfied worker can think about some other things expect the ways to earn money. He/she can promote development of culture or society. That is why this scheme is very simple and effective.
However, there is also another point of view to this question. There is a tendency to assume that wealth of citizens of a country will not necessarily lead to prosperity of the state. These people do not see dependence between incomes of rich people and the condition of the economy of a state, underlining the fact that very often people, which had giant profits, do not pay taxes and are not useful for a state. Moreover, the tax burden becomes even worse for the rest of population of the country.
Nevertheless, opponents of Adam Smiths point of view forget for peculiarities of the epoch in which they live. It is necessary nowadays to create equal and prosperous society in which all wealth of the citizens will stimulate their further development.
Having analyzed the data, it is possible to come to certain conclusions. Adam Smiths statement, made at the end of 18th century, has not lost its actuality. Every state should be interested in promoting beneficiation of its population as it will lead to further development of the state. Only rich and satisfied people can help a state to become powerful and develop its economy. art and culture.