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Classical Economist - Adam Smith
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Often called the founder of modern economics, Adam Smith, born in Kirkcaldy, Scotland, June 5, 1723, was a wide-ranging social philosopher and economist whose masterwork, "An Inquiry into the Nature and Causes of the Wealth of Nations" (1776), is one of the most influential studies of Western civil ....
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..... He saw monopoly, whether private or state-imposed, as the evil to be combated, and competition as promoting the best interests of society. He further argued that economic growth, which depends upon capital accumulation and an increased division of labor, would be promoted best by private rather than public efforts. People would save and invest for the future because of the inherent desire of individuals to better their own condition. Finally, he sharply criticized the mercantilist writers .... |
| Number of words: 933 |
Approximate pages: 4 |
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