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Classical Economist - Adam Smith
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Often called the founder of modern economics, Adam Smith, born in Kirkcaldy, Scotland, June 5, 1723, was a wide-ranging social philosopher and economist whose masterwork, "An Inquiry into the Nature and Causes of the Wealth of Nations" (1776), .... Middle of Term Paper
... from interfering with the economic life of a nation. Smith did not view favorably the motives of
merchants and businessmen. "People of the same trade," he wrote, "seldom meet together, even for merriment and diversion, but the conversation ends in a conspiracy against the public, or in some
contrivance to raise prices." He suggested, however, that businessmen seeking their own interest are led "as if by an invisible hand" to promote the well-being of society.
Smith's Analysis of Economic Systems
This position is supported in the Wealth of Nations by an elaborate analysis of how economic systems function and develop over time. Smith ... |
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