Adam SmithBloomsbury Publishing USA, 1.8.2013 - 200 sivua The Scottish philosopher Adam Smith (1723-1790) was as a pioneer of political economy. In fact, his economic thought became the foundation of classical economics and his key work, An Inquiry into the Nature and Causes of the Wealth of Nations, is considered to be the first modern work in economics. For Smith, a free competition environment was the best way to foster economic development that would work in accordance with natural laws. The framework he set up to explain the free market remains true to this day. |
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according achieve actions actual allow approve argues argument aspects attempt become behavior believe benefit better chapter circumstances claim concern condition conduct considered constitutes dependent describe desire direct discussion economic effects ends example exchange expect experience explain fact follow given gives hand happiness Hence human imagination impartial spectator important increase individual institutions interests invisible judge justice kind knowledge labor language laws lead limited means ments mind moral judgments motivations mutual nature Note object observe one’s particular passage perhaps person philosopher political position principles produce proper question reason referring relative result rules satisfy says seems sense sentiments Smith Smith argues Smithian social society standards suggests sympathy theory things thought tion understand universal utility wants wealth writes