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Apr 29, 2022 · Learn about the division of labour, labour theory of value, free market philosophy and GDP, the four key economic theories outlined by Adam Smith in his influential book The Wealth of Nations (1776). Explore how these ideas shaped modern economics and society and how they are still relevant today.
- Harry Atkins
6 days ago · Learn about the life and legacy of Adam Smith, the father of modern economics. Explore his influential books, such as The Wealth of Nations, and his concepts of the invisible hand, free markets, and GDP.
It dispensed with the labour theory of value of which Smith was most famously identified with in classical economics, in favour of a marginal utility theory of value on the demand side and a more general theory of costs on the supply side.
May 18, 2024 · The Wealth of Nations, work by the Scottish economist and philosopher Adam Smith, first published in 1776, that became a foundational study in the history of economics and the first formulation of a comprehensive system of political economy.
Jun 15, 2024 · Adam Smith, Scottish social philosopher and political economist who is a towering figure in the history of economic thought, best known for his book An Inquiry into the Nature and Causes of the Wealth of Nations (1776), the first comprehensive system of political economy.
- Adam Smith was the son by the second marriage of Adam Smith, the comptroller of customs at Kirkcaldy, Scotland, a small (population 1,500) but thri...
- Adam Smith received his elementary education at a two-room “burgh” school in Kirkcaldy, Scotland, before entering Glasgow College at age 14 in 1737...
- Returning to his home in Kirkcaldy, Scotland, in 1746 after six years of study at Oxford, Adam Smith cast about for suitable employment and through...
- Adam Smith is known primarily for a single work—An Inquiry into the Nature and Causes of the Wealth of Nations (1776), the first comprehensive syst...
Jun 15, 2024 · Smith’s explanation of economic growth, although not neatly assembled in one part of The Wealth of Nations, is quite clear. The core of it lies in his emphasis on the division of labour (itself an outgrowth of the “natural” propensity to trade) as the source of society’s capacity to.
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An Inquiry into the Nature and Causes of the Wealth of Nations, generally referred to by its shortened title The Wealth of Nations, is the magnum opus of the Scottish economist and moral philosopher Adam Smith (1723–1790).
