04AUG 2015
Development Economics theories

Development Economics theories

Linear Stages of Growth Model In the 1950s and the early 1960s, the process of development was viewed as a series of successive stages through which all countries must pass. With the right mix of savings, investment and foreign aid – these countries could be put on the path to development, thereby making…
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14DEC 2016
Adam Smith Moral Philosopher

Adam Smith Moral Philosopher

Smith s Theory of Moral Sentiments (TMS) tends to arouse sharply divergent reactions among the philosophers who pick it up. Kant is said to have considered it his favorite among Scottish moral sense theories, but others have dismissed it as devoid of systematic argument, or derivative, in its theoretical…
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20AUG 2016
Contributions of Adam Smith in economics

Contributions of Adam Smith in economics

N The Wealth of Nations Adam Smith focuses most of his attention on the problem of economic growth. His interest in this subject stems from the belief that an evolving capitalist system could benefit society as a whole. According to Smith s analysis the economy possesses unlimited upward potential. Events…
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30SEP 2015
Definition economics by Adam Smith

Definition economics by Adam Smith

Division of labour is an economic concept which states that dividing the production process into different stages enables workers to focus on specific tasks. If workers can concentrate on one small aspect of production, this increases overall efficiency – so long as there is sufficient volume and quantity…
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19JAN 2016
Adam Smith theory of economic development

Adam Smith theory of economic development

Description: Published quarterly since 1936, Science & Society is the longest continuously published journal of Marxist scholarship, in any language, in the world. Science & Society is a peer-reviewed interdisciplinary journal of Marxist scholarship. It publishes original studies in political…
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20MAY 2016
Development Economics theory

Development Economics theory

The principal objective of this course is to familiarize students with the basic tools and theoretical concepts that development economists most frequently use both to analyze and understand the leading economic development issues and to give relevant policy advice to decision makers. Related empirical…
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31AUG 2015
Adam Smith Define economics

Adam Smith Define economics

This article was published as a guest post on CNBC’s blog. For someone now seen as a corporate libertarian, Adam Smith’s views on company profits might come as a shock. Even more surprising would be his views on the sort of free-market economics we follow today. Adam Smith, the father of economics, was…
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05APR 2017
Capitalism and Adam Smith

Capitalism and Adam Smith

I admit it: I like Adam Smith. His perceptiveness never fails to impress. True, he didn’t foresee the marginal revolution that Carl Menger would launch a century later (with, less significantly in my view, Jevons and Walras), but give the guy a break. The Wealth of Nations is a great piece of work. RELATED…
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22AUG 2015
Definition of Adam Smith in economics

Definition of Adam Smith in economics

Adam Smith and Malthus, two younger Gradgrinds, were out at lecture in custody; and little Jane, after manufacturing a good deal of moist pipe-clay on her face with slate-pencil and tears, had fallen asleep over vulgar fractions.On the one shelf at the library he found Karl Marx, Ricardo, Adam Smith…
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03OCT 2015
Adam Smith background

Adam Smith background

The government should replace tax credits, Jobseeker’s Allowance, the Universal Credit, and most other major welfare payments with a single Negative Income Tax, according to a new report from the Adam Smith Institute. This Negative Income Tax (NIT) would act as a minimum income guarantee for all British…
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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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03OCT 2017
Governing dynamics Adam Smith

Governing dynamics Adam Smith

Is what’s best for me also best for the group? The Father of Economics, Adam Smith believed that the best result comes from everyone in the group doing what’s best for him – “In competition, individual ambition serves the common good.” But in 1950, John Nash presented a paper at Princeton that argued that the best result for the group comes from everyone making the best decision…

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24NOV 2016
Adam Smith on capitalism

Adam Smith on capitalism

One of the books the Scottish philosopher Adam Smith (1723-1790) wrote, The Wealth of Nations (1776), theorizes about the nature of capitalism. The word “capitalism” derives from the word capital, itself deriving from the Latin word caput, meaning head (as in a head of cattle or chattel; a unit of movable wealth). In capitalism, money takes the place of cattle as the unit of…

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15SEP 2015
Adam Smith views on economics

Adam Smith views on economics

In addition to having the need to attain the approval of others who are judging us, Smith maintains that we have a non-selfish interest in the happiness and pleasure of others. We attempt to adjust our behavior so that they experience pleasure. To please others we must give them objects (i.e., ourselves) to observe that will promote pleasurable sentiments in them. It gives…

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17DEC 2015
Adam Smith economics philosophy

Adam Smith economics philosophy

Adam Smith is the best known among economists for his book, The Wealth of Nations, often viewed as the keystone of modern economic thought. Others, often heterodox economists and social philosophers, on the contrary, focus on Smith’s Theory of Moral Sentiments, and explore his moral theory. This work treats these dimensions of Smith’s work as elements in a seamless moral philosophical…

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