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Adam Smith 2
Beginning of essay
The British philosopher and economist Adam Smith was born in kirkcaldy, Scotland. He was educated at the universities of Glasgow and Oxford.
In 1751 he became a professor at Glasgow. There he wrote The Theory of Moral Sentiment in 1759. This philosophical work gained Smith an appointment in 1764 ....
Middle of essay
.... an invisible hand.”
Smith also believed that labor, not land or money, was both the source and the final measure of value. He said that wages depended on the basic needs of workers, and rent on the productivity of land, Profits, he said, were the difference between selling prices and the cost of labor and rent. Smith said profits would be used to expand production. This expansion would in turn create more jobs, and the national income would grow.
Smith believed that free trade and a s.... |
| Number of words: 517 |
Approximate pages: 2 |
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