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In 1864, Cobden proclaimed, "If I were five-and-twenty or thirty, ... I would take Adam Smith in hand, and I would have a League for free trade in Land just as we had a League for free trade in Corn. You will find just the same authority in Adam Smith for the one as for the other." [62]
e. 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 ...
Free trade is a trade policy that does not restrict imports or exports. In government, free trade is predominantly advocated by political parties that hold economically liberal positions, while economic nationalist and left-wing political parties generally support protectionism, [1][2][3][4] the opposite of free trade.
Adam Smith describes trade taking place as a result of countries having absolute advantage in production of particular goods, relative to each other. [1] [2] Within Adam Smith's framework, absolute advantage refers to the instance where one country can produce a unit of a good with less labor than another country.
Adam Smith was a proponent of less government intervention in his own time, and of the possible benefits of a future with more free trade both domestically and internationally. However, in a context of discussing science more generally, Smith himself once described "invisible hand" explanations as a style suitable for unscientific discussion ...
Economic liberalism is a political and economic ideology that supports a market economy based on individualism and private property in the means of production. [1] Adam Smith is considered one of the primary initial writers on economic liberalism, and his writing is generally regarded as representing the economic expression of 19th-century ...
Capitalism. Classical economics, classical political economy, or Smithian economics is a school of thought in political economy that flourished, primarily in Britain, in the late 18th and early-to-mid-19th century. Its main thinkers are held to be Adam Smith, Jean-Baptiste Say, David Ricardo, Thomas Robert Malthus, and John Stuart Mill.
t. e. The division of labour is the separation of the tasks in any economic system or organisation so that participants may specialise (specialisation). Individuals, organisations, and nations are endowed with or acquire specialised capabilities, and either form combinations or trade to take advantage of the capabilities of others in addition ...