Adam Smith’s work such as “The
Wealth of Nations” the invisible hand
theory as a system that allows markets free of regulation to increase the
wealth of a nation as a whole. It does this through channeling people’s self-interest
as a way to indirectly help the community.
Smith’s description of how the
market removes inefficiencies draws to mind Darwin’s theory of natural
selection. The theory of natural selection works is based on the idea that
traits and behaviors that insure the reproductive success of an organism will
continue.
In this same vein of thought Smith’s
theories of market innovation is very similar to Darwins. Smith promotes the
idea that market innovations such as a design improvement that reduces the cost
of the product benefits the seller of said improved product while the competition
are forced to adapt or die out. This “natural selection” of the market can be
almost directly correlated with the development of attributes that would help
organisms live and continue to reproduce.
This
would seem to make Darwin the first economist but on a more general level. His theory
of natural selection doesn't necessarily follow all the pitfalls of an economy
but regardless the comparison can be made and seen.
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