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--- adam_smith [2024/02/07 03:56]
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+++ adam_smith [2024/02/19 10:53] (current)
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 Adam Smith's contributions to political economy extend beyond "The Wealth of Nations," as he also wrote extensively on subjects like taxation and public finance.[([[https://www.everand.com/book/33777455/An-Inquiry-into-the-Nature-and-Causes-of-the-Wealth-of-Nations|everand]])]
+===== Free Market Advocacy =====
+Smith argued for the benefits of a free-market economy, asserting that individuals pursuing their self-interest would inadvertently contribute to the common good.[([[https://www.linkedin.com/pulse/grasp-principles-free-market-from-wealth-nations-k-c-barr|linkedin]])]
+===== Mercantilism Critique =====
+In "The Wealth of Nations," Smith critiqued the prevailing economic doctrine of mercantilism, advocating for a more open and liberal economic system.[([[https://www.wilsoncenter.org/chapter-3-trade-agreements-and-economic-theory|wilsoncenter]])]
+===== Labor Theory of Value =====
+While Smith emphasized the importance of labor in determining value, he did not strictly adhere to the labor theory of value, a point later criticized by Karl Marx.[([[https://www.sciencedirect.com/topics/economics-econometrics-and-finance/labor-theory-of-value|sciencedirect]])]
+===== Proponent of Laissez-Faire =====
+Smith is often associated with the concept of laissez-faire economics, promoting minimal government intervention in economic affairs.[([[https://www.investopedia.com/terms/l/laissezfaire.asp|investopedia]])]
+===== Wealth Creation =====
+He argued that the pursuit of individual self-interest and the efficient allocation of resources lead to the creation of wealth for society as a whole.[([[https://philarchive.org/archive/WELASO|philarchive]])]
+===== Optimism about Human Nature =====
+Smith expressed optimism about human nature, believing that individuals, driven by self-interest, would contribute positively to society.[([[https://philarchive.org/archive/WELASO|philarchive]])]
+===== Founder of Political Economy =====
+Adam Smith is considered one of the founders of the discipline of political economy, integrating economic, political, and social aspects in his analysis.[([[https://iep.utm.edu/smith/|iep]])]
+===== Intellectual Legacy =====
+Smith's ideas influenced subsequent economic thinkers, including David Ricardo, John Stuart Mill, and later economists such as Friedrich Hayek and Milton Friedman.[([[https://link.springer.com/10.1007/978-3-319-62114-2_20|springer]])]
+===== Concept of Capital =====
+Smith delved into the concept of capital, distinguishing between fixed and circulating capital and their roles in economic growth.[([[https://www.marxists.org/archive/marx/works/1885-c2/ch10.htm|marxists]])]
+===== Influence on Classical Economics =====
+His ideas played a significant role in shaping classical economics, a school of thought that dominated economic thinking in the 18th and 19th centuries.[([[https://www.investopedia.com/terms/c/classicaleconomics.asp|investopedia]])]
+===== The Real vs. Nominal Price =====
+Smith distinguished between the real and nominal price of goods, laying the groundwork for later discussions on inflation and monetary policy.[([[https://sites.krieger.jhu.edu/iae/files/2017/04/Curott_Smiths_Theory.pdf|jhu]])]
+===== Economic Man =====
+Smith's work often assumes the concept of the "economic man" – individuals making rational decisions to maximize their utility.[([[https://www.cairn.info/revue-cahiers-d-economie-politique-1-2005-2-page-31.htm|cairn]])]
+===== Concept of Rent =====
+He explored the concept of rent, particularly in relation to land, discussing how it contributes to the overall economy.[([[https://fastercapital.com/content/Rent-Theory--Classical-Economics-and-the-Concept-of-Land-Rent.html|fastercapital]])]
+===== Education System =====
+In his "Lectures on Rhetoric and Belles Lettres," Smith discussed the importance of education in a well-functioning society.[([[https://apcz.umk.pl/szhf/article/download/szhf.2019.036/24469|umk]])]
+===== Social Philosophy =====
+Smith's writings extended beyond economics, encompassing social philosophy and ethics, emphasizing the importance of virtue in society.[([[https://www.jstor.org/stable/1407482|jstor]])]
+===== Monetary Policy =====
+Smith addressed issues related to monetary policy, discussing the impact of the quantity of money in circulation on prices and economic activity.[([[https://www.jstor.org/stable/134793|jstor]])]
+===== Labor Productivity =====
+His emphasis on the division of labor laid the foundation for later discussions on labor productivity and industrialization.[([[https://www.sciencedirect.com/topics/economics-econometrics-and-finance/division-of-labour|sciencedirect]])]
+===== Critic of Monopolies =====
+Smith criticized monopolies, arguing that competition was essential for the proper functioning of markets and the well-being of society.[([[https://www.cambridge.org/core/journals/journal-of-the-history-of-economic-thought/article/adam-smiths-system-of-natural-liberty-competition-contestability-and-market-process/0A632C245DFFEF851E9A89F5A7E1EFF9|cambridge]])]
+===== Balance of Trade =====
+Smith challenged prevailing mercantilist views on the balance of trade, advocating for a more nuanced understanding of international trade dynamics.[([[https://medium.com/the-vienna-circle/adam-smith-and-mercantilism-428eda4ec38f|medium]])]
+===== Utility of Money =====
+Smith discussed the utility of money as a medium of exchange, a unit of account, and a store of value.[([[https://www.eco.unicamp.br/images/arquivos/artigos/3692/TD351.pdf|unicamp]])]
+===== Moral Philosophy Influence =====
+While often known for his economic theories, Smith's moral philosophy also influenced his economic thinking, emphasizing the importance of moral behavior in economic interactions.[([[https://inomics.com/blog/adam-smith-1541126|inomics]])]
+===== Natural Liberty =====
+Smith's idea of "natural liberty" underscored the belief that individuals should be free to pursue their interests without undue interference.[([[https://core.ac.uk/download/pdf/43164126.pdf|core]])]
+===== Taxation Principles =====
+He proposed principles of taxation, arguing for fairness, proportionality, and the minimization of distortions in the economy.[([[https://www.elibrary.imf.org/view/book/9780939934911/ch009.xml|imf]])]
+===== Influence on American Founders =====
+Smith's ideas on free markets and limited government had a profound impact on the economic philosophy of American founders like Thomas Jefferson and James Madison.[([[https://www.linkedin.com/pulse/adam-smith-really-right-winger-stephen-dubner|linkedin]])]
+===== Legacy in Scotland =====
+Adam Smith is celebrated in Scotland, with statues and memorials honoring his contributions to economics and philosophy.[([[https://www.parliament.scot/chamber-and-committees/official-report/search-what-was-said-in-parliament/meeting-of-parliament-06-06-2023?meeting=15355&iob=130951|parliament]])]
+===== Posthumous Fame =====
+While Smith achieved some recognition during his lifetime, his ideas gained widespread acclaim and influence after his death.[([[https://singersroom.com/w38/famous-singers-from-nebraska/|singersroom]])]
+===== Global Impact =====
+Smith's ideas continue to have a global impact, influencing economic policies and debates in various countries.[([[https://www.quora.com/How-relevant-today-is-the-economic-theory-of-Adam-Smith|quora]])]
+===== Translation =====
+"The Wealth of Nations" has been translated into numerous languages, attesting to its enduring relevance and global significance.[([[https://www.econlib.org/library/Say/sayT.html|econlib]])]
+===== Historical Context =====
+Smith's works are often studied in the context of the Enlightenment, a period marked by intellectual and social transformations.[([[https://www.degruyter.com/document/doi/10.1515/9781400873487-029/html|degruyter]])]
+===== Lasting Influence =====
+The enduring influence of Adam Smith's ideas is evident in the continued study and application of his theories in the fields of economics, political science, and philosophy.[([[https://www.economicsobservatory.com/interview-jesse-norman|economicsobservatory]])]

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