David Hume and Adam Smith’s Contribution to The Invention Property (Coursework Sample)

DAVID HUME AND ADAM SMITH’S CONTRIBUTION TO THE INVENTION PROPERTY
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David Hume and Adam Smith’s Contribution to The Invention Property
According to Adam Smith, in his publication The Wealth of Nations, Adams outlines the correlation of the country's national income with labor productivity, which then depends on the structure of labor division. The big question that arose from this notion is how some countries utilize Smith's notion of structure and labor division to advance economically, while others neglect the notion and remain poor (Jacquette, 1995). In response to these fundamental questions in a straight and precise manner, it illustrates that it is through an individual's efforts that translate to success. Furthermore, he adds that it is the security of property rights that enable countries or individuals to "secure the fruit of their own labor," thus necessitating the art of division of labor. From the response, it is then deduced that authorities and governments that embrace or establishes tolerable administrative justice in the security of property rights and encourage investment among its subjects and allow the exchange to take place in the form of trade obviously would register economic progress in the form of national income (Jacquette, 1995).
Adams gives a compelling reason as he explains why secure property ion is essential in a country's economic development and the importance of judicial systems in enforcing property security. In addition to his explanations, Adams outlines several illustrations on the benefits of secure property rights and insecure property rights on national economic development in an aspect relatable and relevant to today's economic systems (Buckle, 2004). All these illustrations, facts, and explanations are spread through The Wealth of Nations, Lecture on Jurisprudence, and the Theory of Moral Sentiments. Though the notions of Adams Smith on economic advancements are just exemplary that when properly utilized, there would be a country considered a poor nation. However, it could be that he scattered his thoughts through different publications, thus hindering the full implementation of these noble economic insights.
Smith has a rich history of economics. For instance, years before he published the Wealth of Nations, he made a statement that captured and summarized his thoughts on economic development, “Little else is requisite to carry a state to the highest degree of opulence from the lowest barbarism, but 3 peace, easy taxes. and a tolerable administration of justice; all the rest being brought about by the natural course of things". We can attribute that Smith believed in tolerable justice exercised by the authorities and administrators through these thoughts. In his writings, he argues that administrative justice needs an established legal system to offer protection to private property and ensure enforcement of contracts and compensation through repayment of debts. The term "administrative justice" (Buckle, 2004) used by Smith more often was beyond implications that businessmen and individuals "secure the fruits of their own labour" and more than provide incentives as rewards for productive efforts. Still, it also incorporated peaceful adjudication of conflicts, thus advocating for better relationships among individuals. By these assertions, justice became more essential in societal engagement. It is absolutely true that without justice in the societal setup, the society itself would become disorganized and dissolves. Smith was concerned with the fair partition of business persons and the assets they owned (Buckle, 2004). As was professed by Smith, the authorities introduced the property rights to safeguard the economic operations through the introduction of administrative justice.
Besides giving justifiable reasons for embracing administrative justices, Smith also gives a compelling explanation of secure property benefits to the nation's economic development. Nevertheless, he adds that there must be an established judicial system to enforce the instituted property rights for any country to enjoy the economic mileages attributed to secure properties. Smith explains that it would be pretty impractical to punish injustices if there were no conventional means, then it would be hard to impose checks on resentments. He explains that there could be no greater terminator of the human source of livelihood than ungratified resentment violence. Indeed, if a society operates without resentment of how to punish the unjust, in retaliation spirit, people would comfortably take actions in them on hand to avenge for the wrongs done them, thus posing a threat to peace and order of coexistence. I could not imagine how society would survive without the enforcement of justice. For example, living and doing business in a society where every individual is on a mission to harm one another would lead to a total breakdown of society. As Smith puts it, “Society (Jacquette, 1995) ... cannot subsist among those who are at all times ready to hurt and injure one another. The moment that injury begins, the moment that mutual resentment and animosity take place, all the bands of it are broken asunder, and the different members of which it consisted are, as it were, dissipated and scattered abroad by the violence and opposition of their discordant affections. If there is any society among robbers and murderers, they must at least, according to the trite observation, abstain from robbing and murdering one another” (Buckle, 2004). From these sentiments by Smith, it evident that without an established justice system to govern day-to-day operations in a society, then within no time that society would disintegrate and eventually dissolve. Therefore justice plays a vital role in uniting people together compared to other virtues like beneficence. Smith also affirms Hume's thoughts as he pointed out that justice is the foundation of every society; before Smith, Hume argues that it was "absolute requisite to the well-being of mankind and society and that without justice, society must immediately disintegrate." From Hume's explanation, it was referenced in the establishment of property rules that offered stability of possession that properties were meaningful and essential in human society.
On the other hand, David Hume had an exciting revelation of justice's role by emphasizing moral attributes and the government practices towards property rights. Though famously known for empiricist theory and philosophical skepticism, he had input on the economic matter relating to ethical practice linking morality and justice. Hume was more of a conservative. His works generally present his advocacy of atheism and skepticisms (Stewart and Wright, 1995). Nevertheless, David's influences are still live on through his writings on his economic writings and moral philosophical works. Economist Adam Smith at one point admitted that it was Hume that made him realize the importance of analysis and venturing on the economic business and writings, what Adams describes as the dogmatic sum slumber. Charles Darwin, on the other hand, attributes his inspiration to publish his evolutionary theories. Contemporary authors refer to him as an exponent of philosophical naturalism in shaping and influencing modern cognitive science and a significant inspiration in the developments of ethical theories in the context of moral philosophy.
David Hume, just as Smith did, in his publications and through his philosophical works, explains the working of the human mind and connects the functionality of the human brain and economy. Hume illustrated that imposition of moral practices was the role of authorities and ruling government to ensure that moral practices are upheld even in the economy (Larmer, 2008). Hume presents an argument of how unfair it was to the morally upright individual to suffer at the hands of the few immoral individuals. Because of his enthusiasm for justice to most administrators of the western countries emulated his writings and, in the process, instituted a justice system to apprehend the wrongdoers. Articulating the governing policies and formulating governing principles on the personal and state belongings leads to property invention. Hume argues that virtuous qualities are of benefit to the community while vicious exposes the community to harm. With these thoughts, I would consider Hume as utilitarian in the context of moral traditions. With the introduction of properties as a utility, it was referenced from Hume’s thoughts and theories regarding utilitarian elements since he pointed his readers towards the direction of evaluation of virtues and vices solely based on collective utility (Forbes, 1985).
The four-fold classification of virtue discussed above deals with the features of character traits that attract our approval (or disapproval). However, in the Treatise, Hume's moral theory is primarily organized around distinguishing the way we approve (or disapprove) of some character trait. Hume tells us that some virtues are "artificial," (Noxon, 1976). In contrast, other virtues are "natural" In this context, and the natural-artificial distinction tracks whether the entity in question results from the plans or designs of human beings. On this definition, a tree would be natural, whereas a table would be artificial. Unlike the former, the latter required some process of human invention and design (Gaskin, 1976.). Hume believes that a similar type of distinction is present when we consider different types of virtue. There are natural virtues like benevolence, and there are artificial virtues like justice and rules of property. In addition to justice and...