Contributions of Adam smith to the study of economicsAdam Smith (1723-1790), was a Scottish philosopher and economist. He was born in asmall village called kirkcaldy where his widowed mother raised him. At age fourteen, he joinedthe University of Glasgow after getting a scholarship. He later on entered Balliol College atOxford, and graduated with a wide knowledge of European literature. He also began to developcontempt of English schools. He later on returned home and after delivery of well-receivedlectures, he was made the chair of logic (1751) and chair of philosophy (1952), at GlasgowUniversity. He made a tour of the young duke of buccleuch for around two years after leavingthe academia in 1764. He travelled through France and Switzerland where he met people likeVoltaire, Jean Jacques Rousseau, Fran?oise Quesnay, and Anne Robert Jacques Turgot. Adamsmith is known for his book ?The wealth of nations? published in 1776. He died in Edinburgh inThe Wealth of Nations, was published as a five-book series, and intends to show where acountries wealth lies. Smith saw the chief foundation of wealth as increasing division of labor.Using the example of pins, Smith illustrated how ten workers could produce 48,000 pins in a dayif each of eighteen specialized functions was dedicated to particular workers. The averageproductivity is 4,800 pins per worker per day. With absence of the division of labor, a workermay not even produce a pin per day. How one can best apply their own labor or other resource isa main subject of the first book in series. Smith asserts that a person would invest with theexpectation of a higher return. Other resources should also yield at the same rate. If such do nothappen then reallocation of the resource would occur. An idea George Stigler called centralExperts atmidcoursecan help you with this and more. Visit our website today to order for this and more essays.
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