Adam Smith: An Inquiry Into The Nature And Causes Of The Wealth Of nations

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College Level Economics Term Paper

Adam Smith and Laissez Faire

Adam Smith and Laissez Faire
Adam Smith was born on June fifth, 1723, in Kirkcaldy, which is a trading center in Scotland. He was a Scottish philosopher and economist who was best known as the author of An Inquiry into the Nature and Causes of the Wealth of Nations. That is one of the most influential books ever written. He also came up with the concept of Laissez Faire, which means “let do” (Adamsmith.org) Adam Smith’s birthplace gave him exposure to a number of trades including fishing, mining, iron-working, and trade itself. He was also able to witness the popularity of foreign merchandises imported from the colonies such as tobacco and cotton. This gave him the material he needed for the ideas he later had. Adam did very well in school and won a scholarship to study at Oxford. However, he was not fond of the school. He was very critical of it. He says that incentives must be created by the students for their teachers. He didn’t connect with the lessons and the teaching style of the teachers. He also did not improve of the needs of the students. Smith began his intellectual career when he was asked to lecture at Edinburgh in English and the philosophy of law. Afterwards, he went to the University of Glasgow, where he taught logic, moral philosophy, literature, and public policy. It was his lecturing that provided the foundation for much of his later work. After much traveling and tutoring students, Smith went back to Kirkcaldy. This was when he started his book, The Wealth of Nations, which he devoted all of his time towards. He worked on it from 1773 to 1776, and when it was finished, it met immediate success. (Gradesaver.com). The book offers descriptions of what builds nation’s wealth and is today an essential work in economics. The book reflects the beginning of the industrial revolution and touches upon the topics on the division of labor, productivity, and free markets...
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