ADAM SMITH

DATES

• Birth date: June 5, 1723
• Death date: July 17,1790

AREA OF CONTRIBUTION

• Economy
• How government affects economy
• Author

MAJOR PHILOSOPHICAL CONCEPTS

• Laissez-faire Capitalism “Let it alone” Separation of economy and government Government should not interfere with economic activity

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• Wrote "Wealth of Nations"
• considered the "bible of capitalism"
• Describes economical state during his time

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• Supply and demand
• The quantity of a product available affects the price

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• Opposed mercantilism and how the government interfered with economy

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• Wrote "The Theory of Moral Sentiments"
• States that morality depends on sympathy

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• Encouraged free enterprise: open competition among businesses
• Mentioned in "wealth of nations"

CITATIONS

• http://www.investopedia.com/terms/l/law-of-supply-demand.asp

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• http://www.importanceofphilosophy.com/Politics_LaissezFaire.html

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• http://www.let.rug.nl/usa/biographies/adam-smith/

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• http://www.oxfordlearnersdictionaries.com/us/definition/english/the-wealth-...

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• http://www.biography.com/people/adam-smith-9486480