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It is not from the benevolence of the butcher, the brewer, or baker that we can expect out dinner, but from their regard to their own interest.” –Adam Smith
- Birthday unknown but baptized on June 05th, 1723, Scotland, Kirkcaldy.
The father of Capitalism
by: Nicholas Alder, Ali shahab, Abdul Rehman, Talha Javed
Contributed many ideas and theories to the field of economics.
Invisible hand and Capitalism
Laissez-Faire
Adam smith is considered the father of capitalism.
He contributed the idea about reducing the role of govt. intervention and taxation in free market.
He contributed the idea about how supply and demand determined the prices of goods and a free market would keep these prices low.
Smith believed that as long as markets were free and competitive the actions of people motivated by self- interest would work together for the greater good of the society.
He came up with the term "invisible hand" to describe natural force that guides free market capitalism through competition for scarce resources.
Laissez-faire made a large contribution to classical economics
Division of labor
Contributed the idea about workers being skilled at one particular job rather than being ok at everything. This was known as the division of labor theory.
His most famous example is on pin manufacturing where 1 person draws the wire, another straightens it, another cuts it and so on.
If many individuals worked together and each took up one task, the production would increase and lead to greater profit and better economy.
"Adam Smith And "The Wealth Of Nations"" Adam Smith And "The Wealth Of Nations
N.p., 17 Apr. 2009. Web. 12 Sept. 2013. <http://www.investopedia.com/articles/economics/09/adam-smith-wealth-of-nations.asp>
"Adam Smith." Britannica School. Encyclopædia Britannica, Inc., 2013. Web. 12 Sep. 2013.
<http://school.eb.com/levels/high/article/109541>.
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2013. <http://www.econlib.org/library/Enc/bios/Smith.html>.
"Adam Smith: The Father Of Economics." Investopedia. N.p., 26 Feb. 2009. Web. 12 Sept.
2013. <http://www.investopedia.com/articles/economics/08/adam-smith-economics.asp>
Gordon, Steven. "Our Stockholm Syndrome about Supply Management." Macleans.com.
Macleans, 5 Mar. 2013. Web. 12 Sept. 2013. <http://www2.macleans.ca/2013/03/05/our-stockholm-syndrome-about-supply-management/>.
"Invisible Hand." What Is Invisible Hand? Definition and Meaning. Investor Words, n.d. Web.
13 Sept. 2013. <http://www.investorwords.com/2633/invisible_hand.html>.
"Three Economists and Their Theories." Infoplease. Infoplease, n.d. Web. 13 Sept. 2013.
<http://www.infoplease.com/cig/economics/three-economists-their-theories.html>.
Based on Jim Harvey's speech structures