HISTORY OF ADAM SMITH

HISTORY OF ADAM SMITH

• 5 june 1723 - 17 july 1790
• One of the key figures of Scottish Enlightenment
• Moral philosopher and pioneer of economy
• 'Father of modern economics'

WHAT HE IMPLEMENT

• The wealth of nation
• Theory of moral sentiments
• Division of labour

WEALTH OF NATIONS

• First system of political economy
• Country wealth was best measured by its store
• Nation wealth should be judged
• Beginning of the industrial revolution
• Free market economy - invisible hand theory

MORAL SENTIMENT

• Published in 1759
• Concern with how human morality
• Depend on sympathy between agent and spectator

ADVANTAGE - DIVISION OF LABOUR

• Specialization
• Save time
• Save resource

CRITISCM

• An economics by dr.affred
• Said very welcome the process of globalisation
• But globalisation is to create real piece and stability across the world

THANK YOU

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