“It is not from the benevolence of the butcher, the brewer, or

the baker, that we expect our dinner, but from their regard to
their own interest.” –Adam Smith

We have seen through the eyes of Adam Smith how a developing society from the 18th century could
eventually become wealthier by adopting simple yet revolutionary economic concepts. Bringing up
personal theories (such as specialization leading to efficiency) combined with a general demand of
prosperity determined the population to consider the division of labour as the primarily method to
prosper. The increase in production resulted in surplus that could be traded only within certain but
expanding market extents. Although these concepts may be considered basic today, they had a
massive outcome in the past, building the foundation of the modern day society as we see it today.
Nowadays we face different contexts but the idea remains the same: individuals will constantly be in a
race for evolution and for example getting an academic degree is seen as the most effective path.
Given the fact that I am a student, I strongly believe that the concepts described in Adam Smith’s
book are suitable to my personal case as there will always be a relatable relationship between a
university and its students.
It is not from the benevolence of students that they will be studying, but from their regard to their own
interest of obtaining a valuable degree offered by the UvA. Similarly, the UvA will be looking
forward to seeing their students graduating as the broad interest is to offer a high level of training and
maintain the popularity among universities. By constantly seeking methods to improve teachers’
level, the UvA is capable of applying the concept of specialization, leading to a better quality of
teaching. Teachers will eventually learn effective ways of incentivising their courses, such as weekly
assesments and interactive content that encourage studying and there can even be a possibility that
structural changes may occur. Therefore, on the market of degrees, the UvA will gain substantial
advantages, as it will improve their educational resources and manners, proving the stated concept of
Adam Smith.
In the end, only a great mind like Adam Smith could elaborate these concepts, which apply even
today given the period he lived in. In this way, we could see the successful application of these
concepts applied on a modern-day example like the UvA.