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Transcript of Adam Smith
became famous by influential book:
The Wealth of Nations (1776)
Optimism about capitalism came from his conviction that society as whole benefits when individuals pursue own ecomomic interests & trade on free market
recognized for the expression “the invisible hand” - used to demonstrate how self-interest guides the most efficient use of resources in a nation's economy
The Wealth of Nations
Explained the principles of capitalism
Portrayed it as a socially beneficial form of economic organization
Established the "free market" and idea of Gross National Product (GNP)
How He Has Affected The World
Foundation of modern economics
Before Smith, economics was all about counting precious metals
Trade policy was mercantilistic.
Had to mine metals or engage in trade such that they exported more than they imported
Smith recognized that basis of national wealth is productivity, rather than stockpiled metals
Developed idea of the division of labor
Division adds to opulence of a society by creating enormous surpluses
Instead of single worker completing entire job, each worker performed single task
his book had major influence on modern economics and concepts of individual freedom.
idea of free trade is still used today
creation of GNP is used as basic tool of ecomomic analysis all over the world
Born in small village in Kirkcaldy, Scotland
Entered the University of Glasgow on scholarship
Later attended Balliol College at Oxford
Graduated with substantial knowledge of European literature
Gave lectures on moral philosophy at Glasgow
built 2008 in Edinburgh as landmark on the Royal Mile
HE'S SCOTTISH <3
he's scottish <3
Father of Economics
LIST OF WHOSE DOING WHAT:
Intro- DJ Rana
The Beginning- Sweek
Wealth of the Nations- DJ Rana