07AUG 2017
Adam Smith and the Enlightenment

Adam Smith and the Enlightenment

Adam Smith s best-known book, An Inquiry into the Nature and Causes of the Wealth of Nations , still exerts an extraordinary influence, well over 200 years after it was first published in 1776. Many people know some of the book s most celebrated passages; a few even still read it. It is acknowledged…
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10AUG 2015
Adam Smith economic ideas

Adam Smith economic ideas

‘Rothbard’s two-volume history of economic thought will inspire much fruitful discussion . . . Works that combine so much scholarship, clarity, freshness, and courage have become rare in economics.’ – Paul Heyne, The Independent Review ‘. . . the magnitude of Rothbard’s achievement was such that his…
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02OCT 2014
Adam Smith on mercantilism

Adam Smith on mercantilism

The most important economic rationale for mercantilism in the sixteenth century was the consolidation of the regional power centers of the feudal era by large, competitive nation-states. Other contributing factors were the establishment of colonies outside Europe; the growth of European commerce and…
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16MAR 2017
Adam Smith views

Adam Smith views

(OPTIMISM, ADAM SMITH, LIBERALS and UTOPIANS – continued) OPTIMISM, ADAM SMITH, LIBERALS and UTOPIANS (2 of 4) A part of the innovation that came in the 1700s was work by the Scotsman Adam Smith (1723-1790). Smith studied moral philosophy at the University of Glasgow and Oxford University. He collaborated…
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29SEP 2016
History of Adam Smith

History of Adam Smith

Smith was a hugely influential Scottish political economist and philosopher, best known for his book The Wealth of Nations . Adam Smith s exact date of birth is unknown, but he was baptised on 5 June 1723. His father, a customs officer in Kirkcaldy, died before he was born. He studied at Glasgow and…
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18APR 2016
Wealth definition of economics by Adam Smith

Wealth definition of economics by Adam Smith

Because of the classical definition and criticism a lot of misconceptions were created. Which badly effect the development of economics? Nobody had the courage to define economics because of the fear of that kind of criticism to which Adam smith was faced. A British economist Alfred Marshall wrote a…
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12NOV 2016
Adam Smiths The Wealth of Nations

Adam Smiths The Wealth of Nations

Originally delivered in the form of lectures at Glasgow, Adam Smith s The Wealth of Nations Books I- laid the foundations of economic theory in general and classical economics in particular, and this Penguin Classics edition is edited with an introduction and notes by Andrew Skinner. The publication…
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03SEP 2015
Adam Smith College

Adam Smith College

Ehrenberg, Ronald G. 1. Adam Smith Goes to College: An Economist Becomes an Academic Administrator. Journal of Economic Perspectives , 13(1): 99-116. DOI: 10.1257/jep.13.1.99 Abstract The author asks whether it is useful to view universities in a utility-maximizing framework and shows that university organizing virtually guarantees that the utility-maximizing model is the…

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29MAR 2016
Adam Smith and invisible hand

Adam Smith and invisible hand

Every individual necessarily labours to render the annual revenue of the society as great as he can. He generally neither intends to promote the public interest, nor knows how much he is promoting it He intends only his own gain, and he is in this, as in many other cases, led by an invisible hand to promote an end which was no part of his intention. Nor is it always the worse…

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02APR 2016
Adam Smith economist Biography

Adam Smith economist Biography

Economist / Philosopher Best known as: The author of An Inquiry into the Nature and Causes of the Wealth of Nations Scottish philosopher Adam Smith is the author of the 1776 book , a classic of modern economics beloved especially by free market advocates. He began his academic career as a professor of logic and moral philosophy in Glasgow (1751-64), but after about 1748 he…

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18FEB 2016
Adam Smith Legacy

Adam Smith Legacy

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26JUN 2015
Adam Smith theories on Economics

Adam Smith theories on Economics

Quantitative easing? Bah humbug! TIRED of lightweights bickering over the financial crisis and its aftermath? Of economic upheaval becoming merely fodder for intellectually dishonest political campaigns? Wonder what biggest thinkers might have to say? Our efforts to consult the giants of economics have been hampered by an unfortunate fact: many of the most important ones are…

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06APR 2016
Adam Smith morality

Adam Smith morality

Mueller begins a series of posts about Adam Smith’s ethical system as laid out in The Theory of Moral Sentiments. What sort of ethics suit a free society? Should they be based upon consequences, fundamental rights, or natural law? Should they be utilitarian? Should they be axiomatic? These are tough questions over which many intelligent and well-meaning people disagree. And…

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19OCT 2016
Adam Smith Free Market

Adam Smith Free Market

What was the most important document published in 1776? The Declaration of Independence is the easy answer for Americans, but many would argue that Adam Smith s The Wealth of Nations had a more important global impact. In this article, we will look at Smith s masterpiece and its contributions to modern economics. (For background reading, see .) In Opposition to Mercantilism…

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19JAN 2016
Adam Smith theory of value

Adam Smith theory of value

Isaac Moorehouse writes in The Prometheus Institute Blog an interesting article on Adam Smith’s theory of value HERE (23 January): “Was Adam Smith wrong?’ ”Indeed, Adam Smith, in his depiction of the division of labor in a pin factory and his timeless prose on the invisible hand and the self-interest of the butcher, offers some of the greatest explanations and defenses of capitalism…

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