Adam Smith and Uber and How Economists Improve Tech Companies' Businesses

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Tutor
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Macroeconomics
QUESTION 1
As a pioneer in the field of economics, Adam Smith inspires great debate in social science. The ideas proposed by Smith are still relevant today. As an economist, Smith understood the importance of efficiency and convenience. Consumers are drawn to products and services that are produced and delivered efficiently because this eliminates any unnecessary costs.
One of the most efficient services in the 21st century is Uber. Mankiw (9) asserts that Smith would have loved Uber. I agree with the author because one of the great economist's ideas advocated for is efficiency. The modern-day world is filled with efficient products and services. Every economist agrees that this has improved people's way of life as well as businesses. With an Uber app, one should not have to stand in the rain trying to get a taxi while they can warmly and comfortably wait for one while in the office (Mankiw, 9).
Time is a cost, and most people who have to wait for an empty taxi to get to a meeting might suffer for it. For instance, if one is supposed to close an important deal but is late because they cannot find a taxi, they might lose the deal altogether. Even if they do get a taxi, the cost is high. However, with uber, a simple click of a button saves one time and their business. Also, the low price of a...