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He is known for authoring owl thesis literary works that catapulted him to fame as both a political economist and a moral philosopher. He is considered as the father of economics because he laid the foundations of classical free market economic theory through his theories and ideas Fry, Smith made significant fifty shades movie reviewsСЂвЂ™ to economics by promulgating ideas that later became economics essay competition 2013 basis of the classical school of economics.
Adam Smith was born in a city in Scotland known as Kirkcaldy in the year His father was a writer, an advocate, and a prosecutor. His mother was very influential because he encouraged him to pursue scholarly endeavors that would later propel him to the top as the pioneer of modern economics Berry et al. Smith enrolled at University of Glasgow and completed his studies in moral philosophy, which encouraged him to major in three main areas namely free speech, reason, and liberty.
After graduating from Glasgow, he attended Balliol College at Oxford where he took his postgraduate studies Fry, For instance, he was once punished for reading the works of David Hume. His teaching career began in when he commenced economics essay competition 2013 public lectures. He covered several areas including rhetoric and economics essay competition 2013 on economic philosophy. Smith left the academic world in and became the instructor of the duke of Buccleuch. They travelled to many countries and learnt many new things. The travels introduced Smith to many philosophers economics essay competition 2013 enlightened individuals such as Voltaire and Jean-Jacques Rousseau who influenced him greatly.
He authored The Wealth of Justification of the study thesis example writing style after retiring from serving the duke in Berry et al. He was offered the job of commissioner of customs economics essay competition 2013 which he fought against smuggling. He died in in Edinburgh without ever having a wife. Smith authored the works Wealth of Nations to document the industrial development in Europe in a way that ordinary people could comprehend the various concepts that he addressed Berry et al.
Historical critics have argued that Smith did not come up with many of the ideas that he promulgated in the book. However, he was the first person during his era to compile and publish the ideas in a way that every person could comprehend and make sense of Fry, The ideas covered the ancient world to medieval times matrix homework help the aforementioned book later became the foundations of a school of thought referred as classical economics. Economists who economics essay competition 2013 after Smith used many of his ideas and works to make contributions to the classical economic theory.
The classical economics essay competition 2013 theory was the most influential school of thought during the Great Depression that began economics essay competition 2013 the stock market crash of Fry, Smith promoted several Laissez-faire philosophies that formed the foundation of his economic philosophy concepts Berry et al. They include the need for minimal taxation in economics essay competition 2013 markets, minimal involvement economics essay competition 2013 governments in open markets, and the economics essay competition 2013 that invisible forces determine the demand and supply in markets.
He believed that people gained advantages not from the goodwill of individuals who offered goods and services but from their own self interests. People who provide goods and services do so in order to make economics essay competition 2013. According to Smith, these people gain financial rewards if they successfully meet the needs of their customers Fry, Their intentions of engaging in various enterprises are driven by the urge to make money. Smith believed that such a system was necessary in order economics essay competition 2013 create wealth for a nation as well economics essay competition 2013 its people. Such a economics essay competition 2013 is characterized by people do my assignment for me do my assignment work hard to improve the quality economics essay competition 2013 their lives by meeting their financial needs economics essay competition 2013 pursuing different economic endeavors Fry, In that regard, he talked about the idea of investing economics essay competition 2013 businesses with low risks and high.
The Wealth of Nations contained writer assignment writer assignment and theories that promoted the idea of wealth creation through assembly-line production. Smith custom dissertation methodology ghostwriters website gb a proponent of division of economics essay competition 2013, which is a core economic concept in the modern world. In the book, he gave the example of the labor needed to complete the manufacture of a pin. He noted that a single man could undertake all the eighteen steps involved but he would only make a few pins weekly because of the workload involved Economics essay competition 2013, On the other hand, if the production of the pin was accomplished in an assembly-line approach by more men who shared the workload, production would increase many times over because of improved efficiency Berry et al.
Smith applied these ideas to evaluate wealth generation in British colonies in America. He argued that wealth creation through the colonies was not efficacious because the cost of maintaining them was higher than the returns received Fry, Economics essay competition 2013, the colonies were economics essay competition 2013 in generating wealth. This book presented views that contradicted his economic views on wealth creation through self-interest in which individuals disregard the greater societal good. In contemporary society, the invisible-hand theory that was developed by Smith is recognized in free markets and capitalistic economics essay competition 2013. This theory is responsible for the efficiency that is observed in free markets and capitalist economies that are characterized by stiff competition for scarce resources as well as their supply and demand.
Smith lived during an era of great industrial revolution. Economics essay competition 2013 is considered as the father economics essay competition 2013 economics because he was the economics essay competition 2013 person to compose a model of the nature and functioning of the capitalist economic system. One of the concepts that made great impression on him was division of labor. In that regard, he introduced the idea of the distinction between return njhs essay help investment resulting from merchant capital and industrial capital. Smith demonstrated the benefits of specialization and division of labor by giving the aforementioned example of the economics essay competition 2013 of pins.
Many people consider Smith as a proponent of capitalism. However, he was frustrated by economics essay competition 2013 social and individual degradation that resulted economics essay competition 2013 capitalism during the time of industrial revolution. He developed ideologies that were later used to oppose medical school personal statement writing service reddit capitalism and socialism.
In that economics essay competition 2013, he has become known as the father of capitalism, socialism, and communism. He developed concepts that supported the assertion that value is determined by economics essay competition 2013 time used to economics essay competition 2013 in production and not the utility enjoyed in mercantilism. He later rejected these assertions. He considered markets as important features in wealth creation and as such discussed comprehensively the benefits of foreign trade