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Adam Smith FRS FRSE FRSA (baptised 16 June [ O.S. 5 June] 1723 [ 1] – 17 July 1790) was a Scottish [ a] economist and philosopher who was a pioneer in the thinking of political economy and key figure during the Scottish Enlightenment. [ 3] Seen by some as "The Father of Economics" [ 4] or "The Father of Capitalism", [ 5] he wrote two classic ...
Adam Smith focused on the role of enlightened self-interest (the "invisible hand") and the role of specialization in promoting the efficiency of capital accumulation. Ayn Rand defined capitalism as a social system based on the recognition of individual rights, including property rights, in which all property is privately owned, and called it ...
The Wealth of Nations. An Inquiry into the Nature and Causes of the Wealth of Nations, generally referred to by its shortened title The Wealth of Nations, is the magnum opus of the Scottish economist and moral philosopher Adam Smith (1723–1790).
Tom Brass (2011) Labour Regime Change in the Twenty-First Century: Unfreedom, Capitalism and Primitive Accumulation. Published by Brill (Leiden), ISBN 978-90-04-20247-4. Adam Smith (1776) The Wealth of Nations Archived 17 September 2009 at the Wayback Machine; James Denham-Steuart (1767) An Inquiry into the Principles of Political Economy
Adam Smith accepted the theory for pre-capitalist societies but saw a flaw in its application to contemporary capitalism. He pointed out that if the "labor embodied" in a product equaled the "labor commanded" (i.e. the amount of labor that could be purchased by selling it), then profit was impossible.
In the works of Adam Smith, the idea of capitalism is made possible through competition which creates growth. Although capitalism has not entered mainstream economics at the time of Smith, it is vital to the construction of his ideal society. One of the foundational blocks of capitalism is competition.
The Theory of Moral Sentiments is a 1759 book by Adam Smith. [1] [2] [3] It provided the ethical, philosophical, economic, and methodological underpinnings to Smith's later works, including The Wealth of Nations (1776), Essays on Philosophical Subjects (1795), and Lectures on Justice, Police, Revenue, and Arms (1763) (first published in 1896).
David Ricardo, interpreting Adam Smith's falling rate of profit theory to be that increased competition drives down the average rate of profit, argued that competition could only level out differences in profit rates on investments in production, but not lower the general profit rate (the grand-average profit rate) as a whole. [35]