"Wealth of Nations" Four-R'ing Questions

Instructions: These questions are a resource to enhance your learning. You decide how to use them, which ones to answer, according to what is in your long-term self-interest. Please submit some type of record of your learning by which I can evaluate your understanding and application of Adam Smith’s “The Wealth of Nations.”

1. What does the example of pin making demonstrate?
2. In what three ways does division of labor make work more efficient?
3. What human propensity is responsible for the division of labor?
4. Do you agree with Smith’s assessment of man that man is almost constantly in need of help from his brethren? Why?
5. According to Smith, why does bargaining work?
6. According to Smith, why do men specialize in a particular trade/profession?
7. According to Smith, for what two reasons do men naturally choose the employment which is most advantageous to society?
8. How does Smith define a nation’s wealth? (hint: How does he define the annual revenue of a society?)
9. Why do you think Smith would argue that “By pursuing his own interest[man] frequently promotes that of the society more effectually than when he really intends to promote it”? Can you think of examples where the government’s intentions to promote the nation’s welfare has actually hurt it?
10. Why does Smith’s theory necessarily require a limited government?
11. Are Smith’s ideas about self-interest leading people to support domestic instead of foreign industry outdated?
12. Which of Smith’s ideas do you think are most true?
13. What weaknesses can you identify in Smith’s ideas?
14. Why might it be argued that “The Wealth of Nations” was as or more important to world history than the Declaration of Independence?
15. How do Smith’s ideas relate to FACE principle #6: How the Seed of Local Self-Government Is Planted— “Christian self-government begins with salvation and education in God’s Law and Love, and flows in governing oneself, one’s home, church, and community. Even in the family group or the classroom, individuals must take responsibility or blame, in order to discover and correct errors. ‘Liberty is an individual responsibility’ (Samuel Adams).”
16. How does Smith’s theory of economics apply to your every-day life?