The Wealth Of The Nations Essays

1323 Words Apr 26th, 2016 6 Pages
In this corner we have Adam Smith, best known for his book The Wealth of the Nations where he introduced his theory of the ‘Invisible Hand’ to explain the market as a self-correcting mechanism. A strong proponent of free market and liberal trade policiess, division of labour and self interest. In the other corner holding the golden sickle, we have Karl Marx. The father of Communism, he authored Das Kapital, applying his theory of history to explain class exploitation and calling for an inevitable class revolution that would occur half a century after his death. A battle that still rages on from death, though modified and developed over time, the ideas of these two classical economists still stand in opposition.

Adam Smith, a Scottish moral philosopher born in 1723, was considered the founder of modern economics. He gained fame for his work as a moral philosopher and taught as a professor at Oxford University and Glasgow. After travelling Europe, Smith turned his sights to the sphere of economics, his main influence was drawn from the Physiocrats school, namely Frenchman Francois Quesnay. In 1776, he wrote the Wealth of Nations. Smith extended and developed (and basically copied) the work that the Physiocrats had done in trying to explain the economic process and was able to presented an explanation for the way in which the market operated. Smith agreed that with the Physiocrats that production was the source of wealth, but his opinion differed in that he believed that the…

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