Adam Smith Research Paper
Adam Smith (1723-1790) is pioneered the founding father of neo-classical economics. Free markets, free trade, laissez faire, justified division of labor, income distribution of supply and demand, and abolition of economic restraints and monopolies were the ideas Adam Smith advocated which was later known as classical economics. Although Critics note that Smith didn 't invent many of the ideas that he wrote about, he was the first person to compile and publish them in a format designed to explain them to the average reader of the day. Thus, he is responsible for popularizing many of the ideas and analyzing them in his very popular writing An Inquiry into the Nature and Causes of the Wealth of Nations published in 1776. Adam Smith was born in the small town of Kirkaldy, from Edinburgh, Scotland. His father died six months before his birth and he was raised by his mother Margaret alone. Smith graduated from Glaslow University with an MA. In 1763, during a three year tour of Europe as a travelling tutor he worked on what was to become his massively influential masterpiece An Inquiry into the Nature and Causes of the Wealth of Nations. In 1776, he published this book and it became quickly widely known in Europe, France, Germany, etc. (Adam Smith Life Who Is Adam Smith and Adam Smith 1723-1790 An Outline Biography). His views and theories in this work were the diametrical opposite of the ongoing theories and practices of mercantilism. (Adam Smith The Wealth Of Nations Summary). Before we go deep into the theories of this book, let’s first discuss what mercantilism is and how the economy of Britain was like before Adam Smith. Mercantilism was a belief and practice in the 15th, 16th and 17th century that the wealth of a country depended upon the accumulation of gold and that accumulation came from the exporting of goods/products. Opposed to free markets, there was also a rule of tradition and command on which the society worked. Tradition was the passage of
Cited: “Adam Smith 1723-1790 An Outline Biography” Heilbroner R., The Worldly Philosopher: The Lives Times and Ideas of the Great Economic Thinkers, 7th Edition, (1999) Touchstone. “Adam Smith Life Who Is Adam Smith” “Adam Smith The Wealth Of Nations Summary” “Adam Smith Laissez Faire - Invisible Hand” “Adam Smith Contributions to Economics” “Rise of Mercantilism Commercial Capitalism” “Financial Capitalism Opens Doors To Personal Fortune.” 30 September 2009.