On March 9, 1776, An inquiry into the nature and causes of national wealth - often referred to simply as National Wealth - was published for the first time. Smith, a Scottish, philosopher of ethics through marketing, wrote the book to explain the industrial power system that upsets the mercantilist system. Mercantilism emphasized that the economy was limited. The only way to be successful is to hoard gold and tax foreign trade. According to this theory, countries should sell their products to other countries without buying anything. Predictably, countries have entered into a form of reparative…mehr
On March 9, 1776, An inquiry into the nature and causes of national wealth - often referred to simply as National Wealth - was published for the first time. Smith, a Scottish, philosopher of ethics through marketing, wrote the book to explain the industrial power system that upsets the mercantilist system. Mercantilism emphasized that the economy was limited. The only way to be successful is to hoard gold and tax foreign trade. According to this theory, countries should sell their products to other countries without buying anything. Predictably, countries have entered into a form of reparative debt that has stifled international trade.This free market force that Adam Smith called the invisible hand needs support to work its magic. In particular, the market resulting from the increasing division of labor, both in the production process and in society in general, has created a system of dependence. These relationships promote the common good through individual profit motives.In other words, if you are a professional baker and only produce bread, you will depend on someone else for clothing, meat, and beer. In the meantime, the experts in clothing will depend on you for their bread and other things. Economic growth occurs when people want goods and services that they cannot produce themselves.
Adam Smith (16 June 1723 - 17 July 1790) was a Scottish economist, philosopher and author as well as a moral philosopher, a pioneer of political economy and a key figure during the Scottish Enlightenment, also known as ''The Father of Economics'' or ''The Father of Capitalism.'' Smith wrote two classic works, The Theory of Moral Sentiments (1759) and An Inquiry into the Nature and Causes of the Wealth of Nations (1776). The latter, often abbreviated as The Wealth of Nations, is considered his magnum opus and the first modern work of economics. In his work, Adam Smith introduced his theory of absolute advantage. Smith studied social philosophy at the University of Glasgow and at Balliol College, Oxford. After graduating, he delivered a successful series of public lectures at the University of Edinburgh, leading him to collaborate with David Hume during the Scottish Enlightenment. Smith obtained a professorship at Glasgow, teaching moral philosophy and during this time, wrote and published The Theory of Moral Sentiments. In his later life, he took a tutoring position that allowed him to travel throughout Europe, where he met other intellectual leaders of his day. Smith laid the foundations of classical free market economic theory. The Wealth of Nations was a precursor to the modern academic discipline of economics. In this and other works, he developed the concept of division of labour and expounded upon how rational self-interest and competition can lead to economic prosperity. Smith was controversial in his own day and his general approach and writing style were often satirised by writers such as Horace Walpole.
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