John Smith: A Brief Biography Of Adam Smith
analytical Essay
574 words
Adam Smith was born in Kirkcaldy, Fife, Scotland on an unknown date. While the exact birth date of Smith is unknown, records show that he was baptized on June 5, 1723. He was the son of the comptroller of customs in his small village; however, his father sadly died approximately six months prior to Adam being born. He was then raised by a widowed mother. Around the age of 15, Adam Smith attended Glasgow University where he studied moral philosophy. About two years later, in 1940, Smith enrolled in Balliol College at Oxford. However, it has been said, “The Oxford of his time gave little if any help towards what was to be his lifework” (“Biography of Adam Smith (1723-1790)”). Following his academic career, Smith served as the tutor of the young Duke of Buccleuch. After traveling through France and into Switzerland with the duke of over two years, Smith went back to his hometown of Kirkcaldy and began the writing of The Wealth of Nations.
In his time, Smith was a huge advocate of charity but also self-interest. He disagreed with the notion that self-love “was a principle which could ne...
In this essay, the author
- Explains that adam smith was born in kirkcaldy, fife, scotland on an unknown date. he was the son of the comptroller of customs in his small village.
- Explains that smith disagreed with the notion that self-love was a principle which could never be virtuous in any degree.
- Analyzes how smith focuses on more than just self-interest in his book, the wealth of nations. he felt that by giving specific tasks to a certain number of workers, they could yield more products.
- Explains that adam smith's ideas, such as minimizing government intervention in the marketplace, taxation in free markets, supply and demand, and the increasing of division of labor, are still a basis to the economics that we study today.
Related
- analytical
- explanatory
- Adam Smith Essayanalytical essay“It is not from the benevolence of the butcher, the brewer, or the baker, that we expect our dinner, but from their regard to their own interest.” This is a quote from the book Wealth of Nations, which Adam Smith wrote, addresses well about why and what reason people work for. The butcher, the brewer, or the baker does not cut, stir, or bake because they want to please the customer or to feed the poor, but to earn money and for their own happiness. Adam Smith, who fully understood the concepts of capitalism and free market system, became one of the most well respected economists throughout the world. Smith became famous because of his philosophy of economics. Because of his thoughts on economics, today he is well known as the “father of economics.”
In this essay, the author
- Quotes adam smith's book wealth of nations, which addresses why and what reason people work for. the butcher, the brewer, or the baker does not cut, stir or bake because they want to please the customer or feed the poor.
- Narrates how adam smith was born in kirkcaldy, scotland. his father was a lawyer who married margaret douglas in 1720 and died two months after his birth.
- Analyzes how the book, wealth of nations, plays a major role in studying smith's idea on economics. the book defends the free market policies.
- Explains that the wealth of nations consists of two volumes divided into five books. the first book covers the causes of improvement in the productive powers of labour and the order according to which its produce is naturally distributed among the different ranks of the people
- Explains that smith's book, "of the causes of improvement," talks about the division of labor and the wage of labours.
- Explains smith's explanation of the differences in the wages of individual professions in wealth of nations. the agreeableness of employments, cheapness, constancy, inconstancy, trust, and probability of success make up for small pecuniary gain.
- Argues that the wage differs in profession because of five reasons: ease or hardship, cleanliness or dirtiness, honourableness or dishonour
- Explains that smith's book, "of the nature, accumulation, and employment of stock," addresses the accumulation of capital.
- Analyzes adam's concept of the invisible hand, which guides free markets and capitalism through competition for scarce resources, and laissez-faire which states government should intervene as little as possible in economic affairs.
- Explains that adam smith strongly denied the idea of mercantilism in his fourth book, of systems of political economy. free market opens up new markets for more profits and lowers the cost of goods if they are imported.
- Explains that smith's fifth book, of the revenue of the sovereign or commonwealth, addresses about his thoughts on sovereigns.
- Explains that adam smith fully understood how wealth can be accumulated. his concepts of capitalism and free market are still the root of many nations and bring wealth to these nations.
1020 wordsRead More - Adam Smith Essayanalytical essayAdam Smith was a man of many achievements. As a Scottish philosopher and political economist he became famous by his classical and influential books. In 1759 he wrote a book called “The Theory of Mortal Sentiments”and in 1775 he wrote another called “An Inquiry to the Nature and Causes of the Wealth of Nations”. Known as the “father of modern economics” Adam Smith has greatly influenced society. Adam Smith’s history impacted the way that our society is today. Adam’s childhood, environment, education and events throughout his life contributed to the way that we view society. With Adam’s theories and great works he molded a pathway to different stand points on the public and its society. Among his great works are the wealth of nations and inquiry to the nature and causes of the wealth of nations alongside the theory Adam named the invisible hand. Adam also thought about the public from an economic and political stand point. Due to factors that influenced Adam’s early life, he was able to learn from those before him to become the great economist, politician, and philosopher that he was. This way, even though Adam Smith lived during the time of the scientific revolution his words of wisdom in politics and the economy are still used today in the public.
In this essay, the author
- Explains that adam smith, a scottish philosopher and political economist, became famous by his influential books, including the theory of mortal sentiments and an inquiry to the nature and causes of the wealth of nations
- Explains that adam smith was born on june 5th, 1723 in kirkcaldy, scotland. he was raised by a widowed mother, who gave him an education to support his mother and himself.
- Describes adam smith's "invisible hand theory" in his book, wealth of nations.
- Explains that every individual labors to render the annual revenue of the society as great as he can. he is led by an invisible hand to promote an end which was no part of his intention.
- Explains that the invisible hand guides markets and capitalism through competition for rare resources and is the natural way of the economy.
- Explains that adam smith's wealth of nations and the theory of mortal sentiments were two of adams' greatest works that impacted society.
- Analyzes how adam smith's theories changed the course of wealth, trade, and labor. his views were political and economic, thus helping the public economy and politics develop during the life and after the death.
847 wordsRead More - The Wealth of Nationsexplanatory essaySmith was heavily influenced by his mentor, Francis Hutcheson, and his friend, David Hume. Apparently, Smith was almost expelled from Oxford for having Hume's work in his room (Heilbronner, 1999). And Smith's A Theory of Moral Sentiments is a rework of “Hutcheson's theory of a moral sense” (Herman, 2001). Heilbronner writes about The Wealth of Nations that “there is a long line of observers before Smith who had approached his understanding of the world: Locke, Steuart, Mandeville, Petty, Cantillion, Turgot, not to mention Quesnay and Hume again. Smith took from all of them: there are over a hundred authors mentioned by name in his treatise...The Wealth of Nations is not a wholly original book” (1999). Rima disagrees to some extent saying that it “contains remarkably few references to the writings of other authers and that Smith was perhaps less scholarly in...
In this essay, the author
- Explains that smith was intrigued by the french physiocrats, led by francois quesnay, who believed that all value in an economy came from nature. smith asserts that labor engaged in the service industries are not productive.
- Explains that smith was an extraordinary man. he was born in kircaldy, county fife, scotland in 1723.
- Explains smith's theory of the self-interested populace, born out of the theory of moral sentiments, was the basis for his explanation of how markets function.
- Describes heilbroner, robert l., herman, arthur, and three rivers' the worldly philosophers.
1042 wordsRead More - An Inquiry into the Wealth of Nations by Adam Smithanalytical essay40 years after the publication of Adam Smith’s “An Inquiry into the Wealth of Nations” during the early 19th century, the rivalry between the Capitalists and the Landlords was at its peak. Thomas Robert Malthus had lived through two conflicts one the Industrial Revolution, and the Control of landowners over Parliament. Malthus wrote an essay on the theory of population where he challenged England’s poor laws. On the other hand David Ricardo believed that the Malthusian position regarding the Corn Laws was wrong as Ricardo believed that countries don’t benefit from protectionist policies like the Corn Laws; however, they benefit from trade and globalization. In a protectionist society, profits fall while rents rise; to Ricardo this was a catastrophe. The wars that England fought affected its food imports and price of grains.
In this essay, the author
- Explains that the rivalry between the capitalists and the landlords was at its peak 40 years after the publication of adam smith's "an inquiry into the wealth of nations."
- Analyzes how capitalists dominated the economy while the landlords controlled the parliament. malthus was pro corn laws and wanted to ban their imports.
- Analyzes how ricardo sided with the capitalists as he advocated for competition and the incentive to work, while the neoclassical theory advocates free trade, globalization.
673 wordsRead More - Analysis of Wealth of Nations by Adam Smithanalytical essayAdam Smith wrote the Wealth of nations as a result of some eighteen years of
In this essay, the author
- Explains that adam smith wrote the wealth of nations as a result of some eighteen years of writing.
- Explains that adam smith wrote the book to explain how smith's introduction outlined well.
- Describes the role industrialization has to play in the state's wealth.
- Analyzes how smith illustrates that a system of fair and accessible trade is necessary for an effective trade system.
- Analyzes how smith's example of the pin maker is used to demonstrate his point about pin makers.
- Illustrates the plight of labour under a system of increasing specialization.
- Analyzes how he asserts that an english worker under that system of divided labour is richer than an american.
- Opines that the pursuit of self-interest creates a division of labour.
- Analyzes how he attests that the only thing that matters is the human condition itself.
- Explains that human nature extends to the merchant classes, and it is in this regard that his assertions are made.
- Describes the benefits of high prices in raising the price, and thereby lessening the sale of goods.
- Explains that smith's conspiracy theory is rooted in the tension that has always existed between smith and smith.
- Opines that in his later years, also became a customs official.
- Opines that it is easy to see where the success of adam smith's wealth of nations lies.
- Explains that smith's the wealth of nations traces the stages in the development of the modern economic system in an attempt to explain it.
- Analyzes how smith's account reveals his views on the nature of the human condition.
- Analyzes smith's economic or scientific theme of the 'invisible hand', or the unseen guiding force in operation in any given market, which articulated his notion that if an individual were to act according to their own interest then they would in fact be acting in the best interests of society.
- Analyzes how smith's book was written as a reaction to the mercantile system of the day.
- Opines that while the violence and injustice of the rulers of mankind is an ancient evil, it is not as bad as the mean rapacity, the monopolizing spirit of
- Opines that smith offers an alternative to the mercantile system of his day which he considered so tyrannous.
1044 wordsRead More - The Industrial Revolutions on 18th and 19th Century Europeanalytical essaySmith, Adam. An Inquiry into the Nature and Causes of the Wealth of Nations. Ed. Edwin Cannan. 1904 ed. London: Methuen, 1776. Library of Economics and Liberty. Web. 4 May 2014. .
In this essay, the author
- Explains that parliament passed laws regulating factories in the nineteenth century, especially towards laboring children. both groups were paid only out of consideration for necessities and experienced harsh discipline.
- Analyzes how the introduction of working class women into the workforce transformed society. since the french revolution, people followed rousseau’s idea of separate spheres for men and women.
- Explains childhood lost: child labor during the industrial revolution. eastern illinois university, n.d.
- Explains that the industrial revolutions, spurred by technological innovation and the discoveries of new materials, created new industries.
- Cites engels, friedrich, wischnewetzky, goldfinger, shara, oosthoek, and pomeranz.
1480 wordsRead More - Smith's Theory Of Utilitarianismanalytical essayThe story of Smith may seem common and simple on the surface, but as we have determined, it may be a little deeper than one may first conclude. According to Virtue Ethics, Smith was living a bad life, and according to Utilitarianism, Smith was living a good life. Different views on different situations can yield various conclusions about someone’s actions, exactly as we have discovered with the story of Smith as analyzed by Virtue Ethics and
In this essay, the author
- Analyzes how smith excelled all throughout his life by cheating, and became a successful businessman, using valuable skills to find shortcuts and loopholes in the business world.
- Explains that virtues make possessors good human beings, and nafsika athanassoulis states that a virtuous life requires us to use rationality to make good, just decisions.
- Explains the consequentialist principle of utilitarianism, which states that the rightness or wrongness of an act is determined by the goodness of the results that flow from it.
- Analyzes the story of smith as analyzed by virtue ethics and utilitarianism. different views on different situations can yield different conclusions about someone’s actions.
- Explains that utilitarianism is an ethical belief that values the outcome of an act or situation, so that the greatest amount of good is done.
- Analyzes the utility principle, coupled with the positive yield of happiness of the sadists, to determine whether utilitarianism protects people's rights.
- Argues that people's rights were protected by utilitarian principles when a criminal was sentenced to death for his actions.
- Explains that utilitarianism doesn't protect people's rights in torturing innocent victims, but in the case of capital punishment, it does.
- Explains that a common situational example that can be examined morally and ethically is the practice of torture.
- Explains that utilitarianism has two main components: the consequentialist principle and the utility principle.
- Explains that kantian ethics consists of two main ideas that can assist us in analyzing the story of the tortured soldier.
- Analyzes how utilitarian and kantian views on morality differ to some degree, but they can both help us to accurately assess a situation as whether it is morally right or wrong.
- Cites athanassoulis, n. (n.d. ), hettche, m., and 'neill, o.
2093 wordsRead More - Smith, Adam. 1981 [1776]. An Inquiry Into the Nature and Causes of the Wealth of Nations. Indianapolis, Indiana: Liberty Press.
In this essay, the author
- Explains that by increasing the fertility of the land, it increases its abundance. the improvements of agriculture also introduce many sorts of vegetable foods, which require less land and not more labor than corn, come cheaply to the market.
- Argues that the united states and the european union are in dispute over the trade of genetically modified organisms.
- Explains that biotechnology is the key to achieving food security, establishing sustainable agricultural sectors in developing countries, meeting environmental concerns, and helping u.s. farmers and ranchers maximize market returns.
- Explains the overseas development institute's "the debate on genetically modified organisms: relevance for the south."
- Explains revelt, mary, "gmos – a us perspective." the united states mission to the european union.
- Explains smith, adam, and liberty press' an inquiry into the nature and causes of the wealth of nations.
- Cites the united states mission to the european union. "eu committee accepts two labeling proposals for biotech food."
- Explains that genetically modified organisms are artificially developed to produce specific results such as sustain life through drought or produce a greater quantity of fruit per plant.
- Argues that gmos raise legitimate scientific, political, and ethical concerns. the royal society urges the european union to establish an independent regulator to monitor and enforce legislation throughout the member states.
- Argues that biotechnology has the potential to increase crop yields by over 20 percent while not increasing the use of natural resources.
- Explains that advances in agriculture technology are an extension of initiatives by farmers by employing selective breeding to produce higher quality commodities. transgenic products offer great benefits to the consumer with no evidence of health risk.
- Explains that the united states and the european union are natural allies. american values and political institutions derive from that of their european forefathers.
- Explains that the united states continues to advance their agricultural sector with new technologies to ensure their dominance in the world arena.
- Argues that despite positive developments in biotechnology, there is a challenge from the europeans. regulations concerning food labeling make approval for imported agricultural products difficult.
- Argues that genetic engineering raises morality questions as to the amount of public involvement in the decision making process and the risk assessment for society.
- Argues that the common agriculture policy (cap) is the most important european policy in terms of its number of people directly affected, its share of the budget, and its powers transferred from national governments to the eu level.
- Explains that the european union extends preferential trade to 71 countries of the african, caribbean, and pacific regions.
- Argues that adam smith supports europeans opening their markets to transparent trade of genetically modified organisms.
- Summarizes the commission's decision on putting a genetically modified organism on the market. the european commission agrees on an eu labeling of gmo products.
- Cites the food and veterinary office, luxembourg, office for official publications of the european communities, 1990, genetically modified organisms: deliberate release into the environment.
4982 wordsRead More - 24. Smith, A. (1863), An iquiry into the nature and causes of the wealth of nations, J.R. M'Culloc , available at http://books.google.de/books?hl=en&lr=&id=pnItAAAAYAAJ&oi=fnd&pg=PR1&dq=adam+smith+wealth+of+nations&ots=GeSevWKCRb&sig=2uw9lvE3JydIniVZoXCYiGpY0Zk#v=onepage&q=adam%20smith%20wealth%20of%20nations&f=false, accessed on the 17 January 2014.
In this essay, the author
- Explains that the paper has looked into the effects of minimum wages on a global scale, but there is still disagreement as to their effects. germany has the largest economy and the fourth lowest unemployment rates in the eurozone.
- Analyzes how the wagner null hypothesis was never rejected at a level of five percent, which could indicate that there isn't enough strong evidence to confirm the predominant wage curve.
- Compares the number of people receiving minimum wages in germany to other eurozone members to determine the effects of a coordinated eu minimum wage policy.
- Cites baumol, w.j., genicot, g. and stiglitz, j.
- Explains how wages don't fall during a recession. bosch, g., weinkopf, c. (2008), low-wage work in germany.
- Explains carver, t.n., theory of wages adjusted to recent theories of value, oxford univesity press, quarter journal of economics, pp. 377-402.
- Cites the central intelligence agency's the world factbook and j.r. commons' wage theories and wages policies.
- Explains that trade union responses to migrant workers from the "new europe": a three sector comparison in the uk, norway and germany.
- Explains fernández-macas, e., and vacás-soriano, c. (2013), a coordinated eu minimum wage policy?, eurofound.
- Cites finfacts ireland and furker, b., and seldén, k.
- Explains that gorodzeisky, richards, and richards (2013), trade unions and migrant workers in western europe, european journal of industrial relations.
- Explains the international institute for labour studies (2012), eurozone job crisis: trends and policy response, available at http://www.ilo.org/global/research/publications
- Explains kampelmann, s., rycx, f. and ryckx. who earns minimum wage in europe, european trade union
- Explains keynes, j.m. (2008), the general theory of employment, interest and money.
- Cites marsden, d., ruhs, p. and mortenson, c.e.
- Summarizes neumark, d., and nizalova, o. (2007), minimum wage effects in the long run, university of wisconsin press.
- Cites neumark, d./ wascher, w. (2006), minimum wages and employment: a review of evidence from the new minimum wage research, national bureau of economic research.
- Explains quandl's minimum wage – all countries and smith, a. (1863), an iquiry into the nature and causes of the wealth of nations.
- Cites stigler, g., wage indicator, and wagner, j.
694 wordsRead More - The Enlightenment and a Desire for a Free Marketexplanatory essay"Adam Smith." Adam Smith. Library of Economics and Liberty, 2008. Web. 4 Feb. 2011. .
In this essay, the author
- Explains that adam smith's quote proves what people in the enlightenment period wanted most — free market economy and public services.
- Explains that laissez faire was the first huge reformation of government and was invented by common people. it is the idea of not letting the ruler interfere with segments of economy that didn't belong to him.
- Explains that laissez faire is the idea of not letting the government interfere with people's private businesses.
- Explains that adam smith coined the phrase "invisible hand of economy" to describe how the market constantly changes itself, as if it was moved by an invisible hand.
- Explains that adam smith was against mercantilism, which was keeping a surplus of important types of goods, and that the failure of perfect economy was partly the ruler's fault.
- Explains that modern economy was heavily influenced by the ideas formed in the enlightenment.
- Explains that the market as we know it today has derived from the enlightenment age. adam smith's ideas connect to the modern world.
- Cites wikipedia's laissez faire. wikipedia, 25 feb. 2011 (last edited). web. 1 mar. 2011.
- Explains gaynor ellis, elisabeth, and anthony esler's "new economic thinking" in world history: the modern era.
- Describes adam smith's work, which was published by the library of economics and liberty in 2008.
1442 wordsRead More