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Who was Adam Smith - Essay Example

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Adam Smith is an economist and a writer of a number of prominent books, such as The Nature and Causes of the Wealth of Nations written in 1776. He theorized a system, which fixed essential principles of economics and its operations (Smith (a), n. d.)…
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Who was Adam Smith

Download file to see previous pages... This historic distinction later became an anthropological and historical interest for those who would visit Edinburgh (Smith (b), n. d.). Smith was born in Scotland and got education in Glasgow. He also spent his academic life in Oxford and gained extensive knowledge on literature there. He became the tutor of the Duke of Buccleuc in 1752 and travelled with him a lot around France and Switzerland. This experience gave Smith an opportunity to get acquainted with Voltaire, Jean-Jacques Rousseau, Francois Quesnay, and Anne-Robert-Jacques Turgot--his contemporaries (Smith (a), n. d.).  He spent his earning paid by the Duke to write The Wealth of Nations, which was published in 1776, the year when the American Declaration of Independence was inked (Smith (a), n. d.).  In 1778, he was appointed as the Commissioner to the Custom and this experience sharpened his understanding on trading. He fought against smuggling with much enthusiasm, according to historical accounts. He had remained single during his entire life and died in Edinburgh on July 19, 1790 (Smith (a), n. d.). ...
d.). He published the book on the Wealth of Nations to reveal the nature and cause of a nation’s prosperity from the increasing division of labour to systematize its production (Smith (a), n. d.). He professed that individual would invest resource e.g. land and labour, to earn the highest possible return of investment but such must yield to the equal rate of return (Smith (b), n. d.). For other economist, this was the core of Smith’s proposition of economic theory. Smith advocated equality of returns to explain the differences of salaries based on the knowledge, skills, expertise and skills of workers (Smith (a), n. d.). Those difficult jobs to do would be bit higher in compensation – and this explicated the notion of human capital. Hence, the differences of the nature of work are compensated differently (Smith (a), n. d.). The Wealth of Nations likewise discussed the high cost of British imperialism and substantially—about the relation of supply and demand (Smith (a), n. d.). He observed that economic inequities are caused by monopoly that burdened consumers of the whole expense of maintaining and defending that empire (Smith (a), n. d.). Smith opposed mercantilism because it artificially maintained a trade surplus on the erroneous belief that doing so increases wealth (Smith (a), n. d.). Although trade opened up new markets for surplus goods offer access to commodities from abroad at a lower cost but comparative advantage of the products from the outside will weaken the price of the goods from within ((Smith (a), n. d.). Akin to most modern believers in free markets, Smith believed that the government should enforce contracts, grant patents and copyrights to motivate ...Download file to see next pagesRead More
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