An inquiry in to the nature and causes of the wealth of nations is a masterpiece that was written by Adam Smith and was subsequently published in 1776. Primarily, it was an account of the economic situation that characterized the industrial revolution. The intended audience for the piece of writing was the segment of the public that was educated and therefore could understand the economic dynamics that characterized the era. The fact that it employed a rhetorical style indicates that it had the ability to invoke a reflective attitude in the audience with regard to the changes that were being experienced at that particular time. Essentially, it sought to propose a free market economy that could enable the entire population to engage in production.
Wage-Labor and Capital on the other hand was an essay that was written by Karl Marx in 1847. In this, he explored various economic themes and theories and provided an observation of the then economic situation. Among the various theories that it explored was the labor power that distinguished the notions of labor and labor power. Because of the fact that employs numerous technical as well as scientific terms, it implies that its audience was the segment of the population that understood basic economics.
Comparatively, Karl Marx’s Wage-Labor and capital can be considered to be a more reliable source than Adam Smith’s An Inquiry in to the nature and causes of wealth of nations. This is due to the fact that the latter explores economic ideals that had not been experienced at that particular time. As such, the credibility of the content is largely at stake as it could have relied on other sources without acknowledging them accordingly. In addition, it is indicated that the source underwent editing before publication after the death of the author. In this regard, Kathleen posits that such measures are likely to alter the initial content of the source.
Notably, the labor theory of value is based upon the principle of production. Both authors appreciated the fact that production augmented the economic wellbeing of the society. According to them, it was at the core of the economy and without it, there would be no consumption. They agreed that it benefited both the individuals and the society at large. In addition, they contended that production was highly depended on labor. This led them to consider the labor theory of value in the economic analysis.
Just like Smith, Marx agreed that the value of a product was directly related to the amount of labor that was employed in the production of the same. Thus the price of the product according to them needs to be the same as the cost of the labor employed in its production. In his view of the labor theory, Smith contends that the ultimate worth of the product reflects the amount of labor and time used in the production process.
The two authors assume different approaches when analyzing the roots of the value of products. From his point of view, Marx believes that the labor value constitutes an intrinsic quality of a product. He maintains that it is determined by the amount of labor and posits that this intrinsic value of a product is constant and does not change or is not affected by different external factors such as the political environment and time. Thus value according to him is objective and therefore can be determined through calculations.
In contrast, Smith employs the notions of exchange value and use value when explaining the sources of the value of a product. Unlike Marx who considers the value of the product to be independent of the consumer, Smith argues that the value of the product is largely determined by the spectator sentiment. In this regard, he affirms that the production process requires a certain period of time whose value is determined by the consumer. In other words, he argues that consumers sympathize with the producer and this explains why they accept the value of the product. In addition, Smith explored the principle of the natural price and presumed that it needs to compensate for the pain, time and risk employed in production.
Further, Marx indicated that the wage of the worker needs to be determined by the society and should reflect the amount of resources employed in nurturing the laborer to be fit for production. He argues that the profits that accrue from the products belong to the laborers and need to be availed to them. Thus according to him, a capitalistic society is governed by unfair principles because it denies the workers their rightful earnings. In this regard, he contended that it was a form of economic exploitation that greatly disadvantaged the poor within the society. In contrast, Smith perceived a capitalistic society to be the most ideal because individuals are given an equal chance to participate in competition. According to his view, Smith contends that all individuals have an equal access to natural resources that they should optimally explore. At this juncture, it is clear that he contests Marx’s prepositions regarding capitalism as it relates to labor.
The differing views of the two authors reflect their varied perceptions of economic liberalism and early socialism. These are influenced by their experiences in the economic sphere. To begin with, Marx’s prepositions imply that the then society was characterized by economic exploitation. His sentiments show that the rich over exploited the labor of the poor at their advantage. Notably, this is influenced significantly by the then industrial revolution that was characterized by dehumanizing working conditions. On the contrary, Smith’s perceptions indicate that his society exercised economic freedom. This is because of the fact that working conditions had improved significantly and people had access to a wide variety of natural resources. Thus each segment of the population whether poor or rich had a chance to explore the economic opportunities related to attain assets and use the same to gain profits.
Adam, Smith. An Inquiry into the Nature and Causes of Wealth of Nations, 1776.
Craver, Kathleen. Using Primary Sources .UK: Greenwood, 1999.
Karl, Marx. Wage-Labor and Capital, 1847.
Martha, Howell. From Reliable Sources .Cambridge: University Press, 2001
 Martha, Howell. From Reliable Sources (Cambridge: University Press, 2001), p. 26.
 Craver, Kathleen. Using Primary Sources (UK: Greenwood, 1999), p. 49.
 Adam, Smith. An Inquiry into the Nature and Causes of Wealth of Nations, 1776, p. 4
Karl, Marx. Wage-Labor and Capital, 1847, p.12.
Are you busy and do not have time to handle your assignment? Are you scared that your paper will not make the grade? Do you have responsibilities that may hinder you from turning in your assignment on time? Are you tired and can barely handle your assignment? Are your grades inconsistent?
Whichever your reason is, it is valid! You can get professional academic help from our service at affordable rates. We have a team of professional academic writers who can handle all your assignments.
Students barely have time to read. We got you! Have your literature essay or book review written without having the hassle of reading the book. You can get your literature paper custom-written for you by our literature specialists.
Do you struggle with finance? No need to torture yourself if finance is not your cup of tea. You can order your finance paper from our academic writing service and get 100% original work from competent finance experts.
While psychology may be an interesting subject, you may lack sufficient time to handle your assignments. Don’t despair; by using our academic writing service, you can be assured of perfect grades. Moreover, your grades will be consistent.
Engineering is quite a demanding subject. Students face a lot of pressure and barely have enough time to do what they love to do. Our academic writing service got you covered! Our engineering specialists follow the paper instructions and ensure timely delivery of the paper.
In the nursing course, you may have difficulties with literature reviews, annotated bibliographies, critical essays, and other assignments. Our nursing assignment writers will offer you professional nursing paper help at low prices.
Truth be told, sociology papers can be quite exhausting. Our academic writing service relieves you of fatigue, pressure, and stress. You can relax and have peace of mind as our academic writers handle your sociology assignment.
We take pride in having some of the best business writers in the industry. Our business writers have a lot of experience in the field. They are reliable, and you can be assured of a high-grade paper. They are able to handle business papers of any subject, length, deadline, and difficulty!
We boast of having some of the most experienced statistics experts in the industry. Our statistics experts have diverse skills, expertise, and knowledge to handle any kind of assignment. They have access to all kinds of software to get your assignment done.
Writing a law essay may prove to be an insurmountable obstacle, especially when you need to know the peculiarities of the legislative framework. Take advantage of our top-notch law specialists and get superb grades and 100% satisfaction.
We have highlighted some of the most popular subjects we handle above. Those are just a tip of the iceberg. We deal in all academic disciplines since our writers are as diverse. They have been drawn from across all disciplines, and orders are assigned to those writers believed to be the best in the field. In a nutshell, there is no task we cannot handle; all you need to do is place your order with us. As long as your instructions are clear, just trust we shall deliver irrespective of the discipline.
Our essay writers are graduates with bachelor's, masters, Ph.D., and doctorate degrees in various subjects. The minimum requirement to be an essay writer with our essay writing service is to have a college degree. All our academic writers have a minimum of two years of academic writing. We have a stringent recruitment process to ensure that we get only the most competent essay writers in the industry. We also ensure that the writers are handsomely compensated for their value. The majority of our writers are native English speakers. As such, the fluency of language and grammar is impeccable.
There is a very low likelihood that you won’t like the paper.
Not at all. All papers are written from scratch. There is no way your tutor or instructor will realize that you did not write the paper yourself. In fact, we recommend using our assignment help services for consistent results.
We check all papers for plagiarism before we submit them. We use powerful plagiarism checking software such as SafeAssign, LopesWrite, and Turnitin. We also upload the plagiarism report so that you can review it. We understand that plagiarism is academic suicide. We would not take the risk of submitting plagiarized work and jeopardize your academic journey. Furthermore, we do not sell or use prewritten papers, and each paper is written from scratch.
You determine when you get the paper by setting the deadline when placing the order. All papers are delivered within the deadline. We are well aware that we operate in a time-sensitive industry. As such, we have laid out strategies to ensure that the client receives the paper on time and they never miss the deadline. We understand that papers that are submitted late have some points deducted. We do not want you to miss any points due to late submission. We work on beating deadlines by huge margins in order to ensure that you have ample time to review the paper before you submit it.
We have a privacy and confidentiality policy that guides our work. We NEVER share any customer information with third parties. Noone will ever know that you used our assignment help services. It’s only between you and us. We are bound by our policies to protect the customer’s identity and information. All your information, such as your names, phone number, email, order information, and so on, are protected. We have robust security systems that ensure that your data is protected. Hacking our systems is close to impossible, and it has never happened.
You fill all the paper instructions in the order form. Make sure you include all the helpful materials so that our academic writers can deliver the perfect paper. It will also help to eliminate unnecessary revisions.
Proceed to pay for the paper so that it can be assigned to one of our expert academic writers. The paper subject is matched with the writer’s area of specialization.
You communicate with the writer and know about the progress of the paper. The client can ask the writer for drafts of the paper. The client can upload extra material and include additional instructions from the lecturer. Receive a paper.
The paper is sent to your email and uploaded to your personal account. You also get a plagiarism report attached to your paper.
Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.
You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.Read more
Each paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.Read more
Thanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.Read more
Your email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.Read more
By sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.Read more