The classical economists Essay Example | Topics and Well Written Essays - 250 words

The classical economists - Essay ExampleHe does make a clear explanation of how the market place system does dictate the nature of the prices to maintain the competition. When the demands of any product be high, the price will always escalate. The tight competition nature of any partaker in the market prevents any society from being exploited by the sellers, as they have to maintain a comparatively reasonable price.Market laws also provide a clear regulation of the producers incomes. A business that is convey immense profits will tend to attract a large number of people. When there is an overproduction of the same product, the cost goes down. Adam also did foresee two critical laws that act to curb cupidity in the market, the law of accumulation and the law of productivity. Accumulating profits are useful in purchasing advanced labor and machinery. Profits may subside due to labor and machinery demands. Increasing the population of the workers again is believably to lead to sh oot out of the profits again. All these laws were illustrative of the kind of life that did exist in England in 1776 (Heilbroner,