... worse off, at least in the long run, than they possibly could be and, in fact, than they expected to be" {Elsner, 196). This is also the basis for Smith's social theory. "Smith's social theory begins, in a logical sequence, with the assumption of two Competing basic 'motives' of individuals -- the egoistical 'motive' and what we shall call the 'motive of social approval ... period the British Colonies were in rebellion, and the races of India were being brought under British domination. Smith did not invent economics. Joseph Schumpeter observed that "The Wealth of Nations" did not conta...

• Word Count: 2798
• Approx Pages: 11
• Grade Level: High School