The Life Of Adam Smith: The Father Of Economics
analytical Essay
1678 words
The Life of Adam Smith
Adam Smith was a Scottish philosopher and economist. He is most widely known as the father of economics and for his work An Inquiry into the Nature and Causes of the Wealth of Nations. In this book he proposes ideas that continue to play a huge role in our economy today.
Becoming One of the Greatest Economist There is no record of Smith’s actual date of birth, but his baptism took place on June 5th, 1723 in Kirkcaldy, Scotland (Ross, 1995). His parents were Margaret Douglas and Adam Smith (Ross, 1995). His father passed away before he was born so Smith was raised by his mother and many “tutors and curators” (Ross, 1995, p. 2). Smith’s education started in Kirkcaldy at the one room school houses in the town (Ross, 1995).
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In this essay, the author
- Explains that adam smith was a scottish philosopher and economist. his baptism took place on june 5th, 1723 in kirkcaldy, scotland.
- Explains that smith decided to continue his education at glasglow university, a "powerhouse of the scottish enlightenment," and three years later took his studies to balliol college of oxford.
- Narrates how smith moved back to kirkcaldy and hoped to find a tutor position, but began giving rhetoric lectures at edinburgh university. the success of his lectures reached gasglow and the university offered him the position of chair of logic
- Explains that smith began to tutor the duke of buccleuch and followed him on his travels to france, where he wrote his most prominent work, an inquiry into the nature and causes of the wealth of nations.
- Explains that smith spent several years in kirkcaldy writing the wealth of nations, but then moved to london where he wished his book to be published.
- Explains that the first volume of the wealth of nations was published in a newspaper called the london chronicle in 1776. it boasted 1,000 pages in two quarto volumes and cost only £1
- Opines that while a wealth of nations was a success, smith wished to return to kirkcaldy to be in solitude. smith proposed creating "constitutional union of the mother country and the colonies."
- Explains that smith was highly qualified for the job, as he had demonstrated a deep understanding of the function and organization of customs in his fifth volume of the wealth of nations
- Explains that prohibitions hinder revue from profiting by the importation. high duties, which make it scarce profitable to trade fair in the goods upon which they are imposed, are hurtful to revenue and favorable to smuggling.
- Analyzes how smith saw smuggling as a crime, but free trade stimulated economic growth in the mercantile system that scotland had in place.
- Explains that smith continued to attend customs meetings, but in his old age and ailing health he did step down from the position of customs commissioner. smith died july 17th, 1790 of a "painful illness"
- Analyzes how smith's biggest contribution to economics was an inquiry into the nature and causes of the wealth of nations.
- Analyzes how smith divulges the secret to wage differentials in the wealth of nations. smith explains why butcher and public executor jobs are "brutal and odious," but very profitable.
- Explains smith's theory of the invisible hand, which helps the demand and supply of goods in a free market reach equilibrium automatically. an "invisible hand" guides selfish individuals to do what is best for themselves.
- Analyzes how smith transforms the way that the general public perceives actual wealth of a nation. he explains that increased productivity leads to increased wealth.
While he did not obtain a tutor position, Smith did begin giving rhetoric lectures at Edinburgh University (Ross, 1995). The success of his lectures reached Gasglow and the university offered him the position of Chair of Logic (Ross, 1995). He began giving lectures at the university, and was even elected Chair of Moral Philosophy (Ross, 1995). In 1764, Smith elected to leave the world of academia in favor of tutoring the duke of Buccleuch (The Concise Encyclopedia of Economics, 2008).
Smith begins to tutor the duke of Buccleuch and follows him on his travels to France (Ross, 1995). It is believed that during his time in France, Smith may have begun writing him most prominent work, An Inquiry into the Nature and Causes of the Wealth of Nations (Ross, 1995). Smith continued to tutor and accompany the duke on his travels into Geneva, which allowed him to conduct more research for a his most famous work (Ross, 1995). The duke of Buccleuch progressed under Smith’s tutelage between 1764 and 1767, and did not require his teaching any longer so Smith made plans to move back to Kirkcaldy (Ross,
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The first idea that he explores is the division of labor (The Concise Encyclopedia of Economics, 2008). Smith believed that wealth was directly linked to creating more divisions of labor (The Concise Encyclopedia of Economics, 2008). Smith uses pins to illustrate this theory: “ten workers could produce 48,000 pins per day if each of eighteen specialized tasks was assigned to particular workers. Average productivity: 4,800 pins per worker per day. But absent the division of labor, a worker would be lucky to produce even one pin per day” (The Concise Encyclopedia of Economics, 2008). Division of labor allows for “increased dexterity of workers,” the production of goods in less time, and the creation of better equipment to produce said goods (Adam Smith Theory of Development in Economics,
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- The Villains of the World: Corporationsanalytical essay...of Adam Smith. The Worldly Philosopher: The Lives, Times, and Ideas of the Great Economic Thinkers (7 ed., pp. 54-55). New York, NY: Touchstone.
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2007 wordsRead More - The Humanistic Tradition By Gloria Fiero's Chapter Summaryanalytical essayIn the Humanistic Tradition the author, Gloria Fiero introduces Adam smith as a Scottish moral philosopher, pioneer of political economy, and a key figure in the Scottish Enlightenment. Smith also known as the Father of Political economy, is best known for one of his two classic works An Inquiry into the nature and causes of the Wealth of Nations. Fiero looks at Smith’s work because the division of labor is important. One thing Smith thinks is even more important for creating a wealthy nation, is to interact and have open trade with different countries. Fiero states,“It is necessary, though very slow and gradual, consequence of a certain propensity in human nature which has in view no such extensive utility; the propensity to truck, barter,
In this essay, the author
- Analyzes how gloria fiero introduces adam smith as a scottish moral philosopher, pioneer of political economy, and key figure in the scottish enlightenment.
- Opines that trading is the key to modern wealth. to create a wealthy nation people must have open trade with other countries.
- Explains that capitalism is an economic and political system in which a country's trade and industry are controlled by private owners for profit, rather than by the state.
- Analyzes how adam smith's wealth of nation review, written by donald white, focuses on labor and trade.
- Explains that smith doesn't think that free trade is a problem, stating that countries can trade with each other when they do not have the resources or capacity to satisfy their own needs and wants.
- Explains how smith makes it ideal for countries to interact and trade. trade means you get more direct workers into jobs in which they have a comparative advantage.
727 wordsRead More - John Smith: A Brief Biography Of Adam Smithanalytical essayAdam 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 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.
574 wordsRead More - Adam Smith Essayanalytical essayEven though Adam Smith lived in a different century then us, he fully understood how wealth can be accumulated. His concepts of capitalism and free market are still the root of many nations and still bring much wealth to these nations. With all these accomplishments, we can, with no doubt, say Adam Smith is 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 Origin of Civilizationanalytical essayAdam Smith was a Scottish economist. Being an economist, he is all about the money.
In this essay, the author
- Analyzes how smith's thoughts and ideas have an economic outlook to them. smith uses analogies to reinforce his point that if the theory fits the facts then so what the foundationsi is.
- Opines that rousseau wants government abolished in his discourse on the arts and sciences.
- Opines that the three authors agree that there must be benefits to living in an urban environment.
- Opines that it doesn't matter how beautiful your theory is or how smart you are.
- Explains that the idea of free expression of political thought came into its own in 18th century europe. adam smith, rousseau, and burke shared their ideas that still give reasons for consideration today.
- Analyzes rousseau's idea of the origin and organization of society.
- Analyzes how rousseau frees himself from this constraint and opens up the possibility of totally different social structures. burke was an englishman and part of the whig.
- Analyzes how burke's political speech is based on old ideas that have stood the test of time, and this is especially true of political organization.
- Analyzes how burke used religious ideas to explain why things were the way they were. burke was like most in england, very devout.
- Explains that adam smith's use of common sense and analogies is typical of scottish and english people of the day.
- Analyzes how burke uses far fewer sources, is not nearly as thorough as smith, and assumes a lot more knowledge.
- Analyzes how rousseau feels strongly about what he is saying and conveys a certain confidence that only comes from having thought things through.
- Explains that arguments are built up through reason, and there are still many places where he uses references to help his line of reason along.
- Analyzes how rousseau spends a good portion of his social contract on what he sees as the basic function of an ideal government.
- Analyzes how rousseau states that civilization came to be without looking at government.
- Analyzes rousseau's argument that living in a natural state is more virtuous and moral, but he cannot deny that this will never.
- Explains that burke was not trying to explain the origin of society, but why we should keep things the way they are.
- Analyzes how smith, burke, and rousseau's theories differed, not only in background and location, but also in time.
1909 wordsRead More - The Wealth of Nations: A Revolutionary Work on Economicsanalytical essayAdam Smith’s The Wealth of Nations is one of history’s most revolutionary works on economics, with basic principals that remain applicable to today’s business world.
In this essay, the author
- Explains that adam smith's the wealth of nations was a catalyst for change, spreading throughout the world new and revolutionary ways to improve the financial systems of europe.
- Opines that the industrial revolution led to some good, such as a longer life expectancy and new technology, but also to changes that smith did not anticipate.
- Explains that smith's idea of an assembly line led to the creation of factories, or actual buildings used only for the task of production. the only way to power these factories was by water power or the burning of coal.
- Explains how the city of manchester became an industrial mecca, due to its perfect conditions for cloth manufacturing. due to overpopulation, the working class had essentially no space in which to live.
- Explains that these buildings were what we today would envision in third-world countries. they had dirt floors, were used as pigpens, and were filled with stagnant urine and excrement.
- Explains that smith's the wealth of nations was a roadmap for progress, but he did not advocate the resulting use of child labor. the workday was monday through saturday and sometimes even on the sabbath day.
- Explains that children worked tirelessly for hours and were granted a brief break to eat lunch. after this, they continued their fourteen- to sixteen-hour shifts until they were finally released for the day.
- Explains that poor children were forced to work on the machines in the factories that smith had championed in his writing.
- Analyzes how the sadler report proves that the horrid sanitation wasn't the working class' only problem. although the industrial revolution was supposed to spell progress, working conditions were worse than what the workers' ancestors had experienced.
- Explains that families felt pressured to sell their children to factory owners for just a few shillings per year. the little money they received helped them afford food for their family.
- Explains that the industrial revolution led to the final triumph of the bourgeoisie over aristocrats and proletariat.
- Explains that the industrial revolution led to the major source of power and income switching from ownership of land to control of capital or jurisdiction over the proletariat laborers.
- Analyzes how clausewitz said that policy is interwoven with the whole action of war, and must exercise a continuous influence upon it. king louis xvi was indebted to many of the bourgeoisie.
- Explains that smith probably did not anticipate the extreme competition between the bourgeoisie and the creation of monopolies.
- Analyzes how smith could not have foreseen the many effects that occurred after the wealth of nations was published. the good of his work really outweighs the harmful effects of the revolution.
1342 wordsRead More - Wealth Vs Wealth Essayanalytical essayAdam Smith was a moral philosopher in economics and a writer during the eighteenth century as well as many other things such as being a professor who taught moral psychology. He had some views that can reflect greatly on our modern day economy. Smith saw wealth as it related to country and town. In Smiths excerpt “Of the Natural Progress of Opulence” from his book The Wealth of Nations, he states; “the country supplies the town with the means of subsistence, and the materials to manufacture. The town repays this supply by sending back a part of the manufactured produce to the inhabitants of the c...
In this essay, the author
- Explains that adam smith and robert b. reich have written about wealth and poverty, and what is affecting their growth.
- Explains that adam smith was a moral philosopher in economics and professor of moral psychology during the eighteenth century. he saw wealth as it related to country and town.
- Compares robert b. reich to bill clinton, who was a professor, but he taught public policy. in reich's book, why the rich are getting richer and the poor, poorer, the economy was in three boats.
- Analyzes how reich sees that americans rely heavily on materials and employees from other countries to do the work they do here, but for half the price.
- Explains that smith believed that things worked pretty well in his time, because everything was give and take.
- Compares adam smith and robert b. reich's attitudes toward their economic systems. smith has faith in the economy of his people, and believes in it being fair, whereas reich believes that today’s economy is slowly becoming less and less like that of smiths time.
- Analyzes how smith and reich make opposing points about their economies in a very similar way. in the eighteenth century it would have been more beneficial to buy produce from nearby.
- Explains that in smiths time, there weren't movie stars that made more money than medical facility workers did. every famous person we ogle over is getting paid for their engaging admiration of them.
- Explains why there is so much poverty today, fighting against the tides of wealth. they explain how wealth is more difficult to achieve for those who don't have years of school or experience under their belt.
- Analyzes how reich and smith, two philosophers from greatly different times, can both differentiate and agree upon some of the reasons why wealth was evenly spread during smiths time and is very much one sided today.
1230 wordsRead More - The Wealth of Nationsanalytical essayAdam Smith’s famous attempt to explain the nature and causes of the wealth of nations rests on several crucial assumptions about human nature which in turn rely on false universalism and questionable dichotomies.
In this essay, the author
- Explains that adam smith's famous attempt to explain the nature and causes of the wealth of nations rests on several crucial assumptions about human nature which rely on false universalism and questionable dichotomies.
- Analyzes how smith makes three claims about human nature: self-interest is inherent in all human beings, whereas animals rely on benevolence. reason and speech play a crucial role in his treatment of human behavior.
- Analyzes how rousseau's dichotomy of "natural" and "cultured" humans treats the specific as universal — it is impossible to determine which human behavior is foundational and which is "merely" contrived.
- Analyzes how smith's description of human nature is applicable to western european coastal trading humans, rather than to the supposed universal and original human specimen.
- Cites smith, adam, cannan, and rousseau on the origin of inequality.
959 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