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In the first sentence of An Inquiry into the Nature and Causes of the Wealth of Nations (1776), Adam Smith foresaw the essence of industrialism by determining that division of labour represents a substantial increase in productivity. Like du Monceau, his example was the making of pins.
The Wealth of Nations was published in two volumes on 9 March 1776 (with books I–III included in the first volume and books IV and V included in the second), [ 2] during the Scottish Enlightenment and the Scottish Agricultural Revolution. [ 3] It influenced several authors and economists, such as Karl Marx, as well as governments and ...
Adam Smith FRS FRSE FRSA (baptised 16 June [ O.S. 5 June] 1723 [ 1] – 17 July 1790) was a Scottish [ a] economist and philosopher who was a pioneer in the thinking of political economy and key figure during the Scottish Enlightenment. [ 3] Seen by some as "The Father of Economics" [ 4] or "The Father of Capitalism", [ 5] he wrote two classic ...
Adam Smith is considered the first theorist of what we commonly refer to as capitalism. His 1776 work, An Inquiry into the Nature and Causes of the Wealth of Nations , theorized that within a given stable system of commerce and evaluation, individuals would respond to the incentive of earning more by specializing their production.
List of blacklisted links: Productive and unproductive labour are concepts that were used in classical political economy mainly in the 18th and 19th centuries, which survive today to some extent in modern management discussions, economic sociology and Marxist or Marxian economic analysis. The concepts strongly influenced the construction of ...
Adam Smith's title page of The Wealth of Nations. Smith's vision of a free market economy, based on secure property, capital accumulation, widening markets and a division of labour contrasted with the mercantilist tendency to attempt to "regulate all evil human actions." [48] Smith believed there were precisely three legitimate functions of ...
The Scottish Enlightenment ( Scots: Scots Enlichtenment, Scottish Gaelic: Soillseachadh na h-Alba) was the period in 18th- and early-19th-century Scotland characterised by an outpouring of intellectual and scientific accomplishments. By the eighteenth century, Scotland had a network of parish schools in the Scottish Lowlands and five universities.
In economics, the principle of absolute advantage is the ability of a party (an individual, or firm, or country) to produce a good or service more efficiently than its competitors. [1] [2] The Scottish economist Adam Smith first described the principle of absolute advantage in the context of international trade in 1776, using labor as the only ...