adam smith
The basic doctrine of An Inquiry into the Nature and Causes of the Wealth of Nations, was that labor is the only source of a nation's wealth. It advocated division of labor in the productive process, emphasized the importance of individual enterprise and argued the benefits of free trade. The true wealth of a nation lay not in gold but in the achievement of an abundance of the necessities of life. It warned against unnecessary intervention by the state in this process. This book has come to be known as one of the most important and influential books ever written on the subject of economics. When published in 1776 it was an immediate hit. It assured it's author's finical success. The author of this masterpiece was Adam Smith. Adam Smith was a Scottish social philosopher and economist. He was the son of Adam Smith, comptroller of customs at Kirkcaldy, a small fishing village near Edinburgh, and Margaret Douglas, the daughter of a wealthy landowner. Not much is known about Smith's Childhood except that he attended school in Kircaldy. It also rumored that he was abducted by gypsies when he was four years old. After a short pursuit by the authorities his gypsy captures released him. At the age of 14, Adam went to study at the Univers
Upon returning home Smith received a job giving a series of public lectures in Edinburgh. The lectures covered a variety of different subjects from history to economics. The series lead to Smith being appointed professor of Logic at Glasgow in 1751. In 1752 he transferred into a professorship of moral philosophy. Smith was elected as dean of faculty in 1758. Smith made many acquaintances at this time including members of the aristocracy and a wide range of figures in the intellectual and scientific community. Such people as Joesph Black, James Watt and the philosopher David Hume among others. It was from the Scottish merchant Andrew Cochrane, that Smith learned the details concerning trade and business that would give him the background for The Wealth of Nations. Smith would later describe this period of time "by far the happiest, and most honorable period of my life." (Smith) The Theory of Moral Sentiments, was published in 1759. It was Smith's first work to be published. The Theory describes the principles of "human nature," as a universal and unchanging datum from which social institutions, as well as social behavior could be deduced. One question raised by The Theory of Moral Sentiments was the source of the ability to form moral judgements.
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Approximate Word count = 848
Approximate Pages = 3 (250 words per page double spaced)
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