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The foundation of classical economics

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Farmhand
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  1. Introduction
  2. France
  3. Colonies
  4. Great Britain
  5. Gold and Silver
  6. Conclusion

Adam Smith is one of the most influential individuals to have ever lived. His insights and new ideas into the discipline of economics have cemented his place in history as one of the greatest economists of all time. Smith was born in Kirkclady Scotland in 1723, he attended Glasgow University and Balliol College (v). Later in life Smith was appointed as Professor of logic at Glasgow University and later switched to Philosophy, seeing the full range of his academic background, it is clear how he incorporated multiple disciplines and diverse knowledge into the field of economics. Smith's first publication was the ?Theory of Moral Sentiments?, in this work he explored the idea of human kindness and concluded that we have morals so we can fit into society and that our sympathy towards others is what helps create morals.

Another aspect of Smith that made his ideas so significant was he used a blend of both deductive and inductive thought to help create his ideas. By having a blend of both Smith ideas pertained to real problems in society and helped fix them. His optimism about the economy helped the overall attitude towards capitalism including Smith's economic theories. His Theory of the Division of Labor, economies of scale, free international trade, and theory of value proved to have a positive impact of the economy at that time. In 1764 Smith journeyed to France and met such individuals as Voltaire and d'Alembert and other economists who called themselves the Physiocrats (v). Smith was very influenced by them and became a strong advocate of the term they coined known as Laissez Faire, meaning ?hands off?. Having had a important life learning experience Smith devoted himself to the biggest and most important task he would complete.

[...] Even with its incredible length it is fairly easy to read and encompasses almost all of the critical aspects of economics. Everything from developing nations to industrializing nations, and every aspect of the economy that is associated with each, Smith discusses with using specific examples and his own observations to create a powerful cohesive argument in a book that has become one of the most influential literary works in history. France One of the issues that Adam Smith discusses heavily about France is their general lack of trade with other nations. [...]


[...] Another important aspect to consider about the acquiring of gold and silver for different nations is that in a country without mines it is clear that to only method to attain these precious metals is through foreign trade. With increasing Globalization it is imperative that all goods can move freely between nations for the greater good of everyone, in which case the Dutch had it the best where all trade of gold and silver was allowed even among coin money. Gold and silver have also become one of the biggest motivators for the creation of new colonies. [...]


[...] However many of the English colonists were not aware and did not fully appreciate the role of England as seen in this quote by Smith English Colonists have never yet contributed towards the defense of the mother country or towards the support of its civil government, it been has been entirely the expense of England? (618). It seems as though many colonists weren't aware of the necessity of their mother country to prosper. With the addition of certain enumerated commodities that had to be shipped directly to England/English colonies, it's easy to see the inevitability of revolt and a war for independence. Great Britain Wages in Britain vary much more dramatically and operate much differently from those of other nations. [...]


[...] Matters such as production of corn he uses clear examples and discusses corn from different places including France, England, and Poland, and the differences in quality and what should be done about it. Smith's inductivism can be seen with his insight on reasons for the creation of new colonies. He clearly observes the ways in which certain taxes and laws affect the colonies and in what ways these colonies help the mother country and then after observing he makes clear insights about issues pertaining to colonies. [...]


[...] As seen with the Portuguese and Dutch in Brazil. They became allies as both were against the Spanish. They agreed to share part of Brazil but the Dutch government began to repress the Portuguese citizens and this debacle caused the Dutch to return all land to Portugal. Whether this was actual repression by the Dutch government or Portuguese not wanting to live under Dutch rule it's clear that even if both mother countries are on the same page, sharing and utilizing a colonies resource jointly will end badly for 1. [...]

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