Pick one of these questions for essay 2. Your only source is Adam Smith’s writings (Wealth of Nations and Theory of Moral Sentiments). You are to present Smith’s theory and then evaluate it (is it logical, does it fit the evidence, does it fit our current reality).

1. Adam Smith argues that a market economy is orderly and just. Present and evaluate his theory of market order.

2. What is the role of the government in Adam Smith’s system? How much of his theory of the State would apply today.

3. What is Adam Smith’s theory of income distribution? What role does and/or should the state play in influencing income inequality?