Adam Smith Essay - 482 Words

Adam Smith Adam Smith born the year 1723 was thought to be one of the world’s greatest economists. In Fact he was known as the father of economy. He was also known by the way he thought and the way he wrote about the countrys economy and in this paper I will explain the way he described and the way he thought of the economy and why his thoughts have carried on for the last two hundred years. In the eighteenth century, most people thought they knew how countries get rich. The way they thought was that you have to export as much as possible and import as little as possible so that they can have a rich economy. They also thought that we had a fixed wealth but Adam Smith was the first person to oppose this theory. He proposed that†¦show more content†¦Adam smith explained that monopoly charges any price that it chooses, and that it robs consumers and makes the countries less efficient and poorer. He also explained that competition means that businesses try to charge the l owest price possible, so that consumers could get the maximum value for money and that if they can buy more, jobs in the economy will be more supported and then the country will grow even more richer than it already is. Adam Smith also explained that without the police stopping competition, monopolies couldn’t survive for very long. Thirdly, Adam Smith wrote the most powerful incentive is Self–interest. The reason for this is that people will work harder and more efficiently if they can keep the majority of the earn and he also explained that if governments grow to greedy, they will discourage and wreck peoples confidence from trying create their own wealth. He explained that Self-interest is an unchangeable part of human nature. So he was saying that it is wise for the government to let personal incentives build a richer economy. Smith’s idea was thought to be kind of like Karl Maxi’s Utopia but it is found to be way more sophisticated. Fourthly, Adam Sm ith believed that the government was to be a strong necessity. Particularly, to create and enforce laws and to ensure justice. Mr. Smith stronglyShow MoreRelatedAdam Smith706 Words   |  3 PagesAdam Smith was a Scottish political economist and moral philosopher, who studied moral philosophy at Oxford University and University of Glasgow. Smith is considered by many to be the founding father of economics and the first free-market capitalist. In fact, in many ways his philosophies and theories have helped shape our country and our economy into what it is today. Smith introduced us to the invisible hand theory which referred to the free markets. 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Adam Smith encouraged people toRead MoreEconomic View of Adam Smith1193 Words   |  5 Pagesessay I will be defending Adam Smith and his view on the economy and how the government should not be involved in the market place. I will be using evidence John Stossel gives us through the video we watched. Before then I will give you a brief biography on Adam Smith. Adam Smith was born in 1723 in Scotland. Smith, a philosopher and economist who wrote the book â€Å"causes of the wealth of nations† written in 1776 which was one of the first books on political economy. Smith in this book analyzes theRead MoreAdam Smith : The Father Of Economics1599 Words   |  7 Pages The first individual to discuss is Adam Smith. One of the most notable tags associated with Smith is he is known as the â€Å"father of economics.† Adam Smith was a philosopher and thus this caused him to question all things about the world as well as other aspects of nature (Overview of Economics). 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