Question

According to Adam Smith, why do people bother working hard?

Answer 1

Adam Smith believed that people work hard due to self-interested behavior, which contributes to economic output and benefits society through what he termed the 'invisible hand' of the market economy.

Step-by-step explanation:

According to Adam Smith, people bother working hard because of self-interested behavior, which can lead to positive social results. When individuals work hard to make a living, they contribute to economic output. Smith's concept, known as the invisible hand, suggests that individuals' pursuit of their interests can result in positive outcomes for society as a whole. This principle is at the core of a market economy where consumers seeking the best deals will prompt businesses to offer goods and services that align with their needs. Smith was concerned about the implications of specialization in work that could make work repetitive and uninteresting, but he acknowledged that self-interest ultimately fuelled hard work and economic output.

Answer 2

According to Adam Smith, people tend to cling to the idea that the wealthy are happy. Therefore, they work hard not to simply supply their most basic needs - that could be done with little money -, but to achieve the wealth they believe will bring them happiness. ... But flaunting one's money is.