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Adam Smith - Term Paper Example

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Economics has been a prominent subject and a school of thought in practical as well as theoretical viewpoint.The subject is the field of social science which pertains to the analysis of the distribution,production and consumption of services and goods…
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Adam Smith
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Adam Smith

Download file to see previous pages... The behaviour of the economy and its interaction with the agents and actors of the economic system of a particular country has been noted and studied by various economists. This paper shall discuss one of the most noted and prominent economists, along with his contribution, background, and school of thought for the subject. Adam Smith Adam Smith has been one of the most prominent and noted economists of his time. He was born in Kirkcaldy Scotland in 1723, and, later, went to Oxford at the age of 17. In the year 1951, Smith was appointed at Glasgow as a professor of Logic, and within one year, he was made the Chair of Moral Philosophy. Besides being a Scottish social philosopher, Smith was also the founder of the political economy. He had proven to be one of the chief personalities of the Scottish Enlightenment, and had also authored some major academic works including An Inquiry into the Nature, The Theory of Moral Sentiments, 1759, and Causes of the Wealth of Nations, 1776. His special achievement, The Wealth of Nations, is generally regarded as the very first of the modern works in the contemporary economic society these days (Butler, Eamonn, 2007). Through this work, Adam Smith has attained huge respect and reputation, this works has been ranked the most prominent, and significant works ever published in the field of economics. Smith is broadly known as the father of capitalism and modern economics. Later, in the year 2009, the Scottish television channel (STV) ran votes and the economist and writer, Adam Smith, was ranked as the 'Greatest Scots' of all time. School of Thought There are various challenging and competing schools of thoughts commanding different opinions and viewpoints of the economic philosophies. The chief division in the classes of schools of thoughts includes the Classical and Neoclassical schools. Adam Smith was the pioneer of the Classical school of thought, which fundamentally stressed upon the notion of creating economic value and distributing the wealth of the economy between various classes including the capitalists, landlords, and the workers. One of the prominent branches of the Classical school is the Marxist school of thought. Economic Theories Just like all other economists, Adam Smith also held his own viewpoints and perceptions regarding the economic cycle that moves the world around. Due to his emerging thoughts on the subject of economic, he introduced the economic theories which included one of the significant economic theories, the Invisible hand theory. The Invisible Hand Theory Adam Smith believed that there was an “invisible hand’ in the marketplace which has always operated in order to make the markets of a self-regulating nature. This metaphor stated that all the consumers have a free will to select what to purchase and each manufacturer is free to decide what to produce and sell. Such a marketplace sets the distribution of the products and the prices which are of benefit to the individuals in the community and to the community in a collective manner. This is the involvement of self-interest which forces the actors to behave in a beneficial way. The profits are maximized using efficient methods of production. Revenues are maximized through charging lower prices and the returns are maximized by investing in the urgently required industries. Thus, all the effects in the markets occur automatically and dynamically, and this occurrence, Adam Smith has mentioned, exists due to the ‘benevolent invisible hand’. All these effects take place dynamically and automatically (Helen, 2001). Contribution to Economics Adam Smith gave major contributions in the field of economics through ...Download file to see next pagesRead More
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