Adam Smith has been regarded to be the father of modern economics, and many of his ideas have been integrated the nations in the present day western world. His major work was "An Inquiry into the Nature and Causes of the Wealth of Nations," where he discusses many of his economic views.

Smith was born in Kirkcaldy, and raised by his mother, Margaret Douglas. His father, Comptroller of Customs in Kirkcaldy, died before Smith was born. Smith began his education at the University of Glasgow at the age of 14. He demonstrated a talent for math and physics, but his interest was in philosophy, to which he applied his analytical skills and tireless inquiry for the rest of his life. He later studied at Oxford, although he wasn't satisfied with the education provided at the famous university, and later returned to Scotland to lecture in Edinburgh.

Smith gained fame as an intellectual in 1759, when he published of "The Theory of Moral Sentiments", which was based on his lectures from Edinburgh and Glasgow, where he was Professor of Logic and then Professor of Moral Philosophy for thirteen years. Following his position at the University of Glasgow, Smith became tutor for

A main thesis of communism is the attempt to make everyone equal, and prohibiting anyone from having an unfair advantage over others, in an ethical way. The term ethical and economics don't work together. They are almost oxymoronic in the sense that in order for one to succeed on an economic level, ethics are usually never involved. The standards and principles of capitalism are truly ethical and fair. One is reminded of the Darwinian theory of evolution that only the strong survive. Those who do not provide for themselves will be left to "die" in society. The economic society that derived directly from Adam Smiths ideas are truly fair and equal on all levels.

Smith believed that social progress would result from free trade and a self-regulating economy. He stated that the state should have a "Laissez Faire", or hands off policy when dealing with the economy, because when pursuing a person's own interest people frequently advance the interest of the entire society, more effectively than the actions of the government.

Some new jobs Smith gives examples are the philosophers or men of speculation. These men do nothing but observe and are capable of combining distant and speculated objects. These men invent new things that in turn make more and more jobs; in modern terms these men are scientists. In this area, Smith's ideas are also the correct and true, because of that new technology the limits of society and the world of science were broken.

In "The Wealth of Nations," Smith also describes his ideas on supply and demand, which hold true to this day. According to his writings, if a quantity of any commodity, which is brought into a market, does not meet consumer demand, then a competition for dominance of production of the product and the market price will rise. If a quantity of any commodity, which is brought into a market, exceeds consumer demand, then the

Some common words found in the essay are:
Manifesto Marx, Adam Smith, Nations Smith, Wealth Nations, University Glasgow, American Revolution, Adam Smiths, Laissez Faire, Capitalism Capitalism, France Geneva, wealth nations, adam smith, market price, commodity brought market, upper merchant class, brought market, true technology, consumer demand, upper merchant, quantity commodity brought, commodity brought, merchant class upgrade, quantity commodity, class upgrade technology, smith born,
Approximate Word count = 1265
Approximate Pages = 5 (250 words per page double spaced)