Adams

John Quincy Adams was the son of one the United States’ Founding Fathers, John Adams, and served as the sixth President of the nation. By involving himself in the 1840 District Court case of a group of thirty-six African men regarding their freedom to return to Africa, Adams connected the cause of antislavery and the United State’s founding principles in a stride. The group of Africans were purchased by Portuguese slave traders, then shipped to Cuba with the intent of transporting to a Spanish…

Adam Smith 1. Known as founder of Classical economics, regarded as starting point of classical economics. 2. Described as Father of Political economics 3. He most noted for his work ‘An Enquiry into the Nature and Causes of the Wealth of the Nations’ (1776). 4. He is first economist to deal economic problem in systemic manner , hence heis also known as first academic economist. 5. Smith gives the idea “labour is the source of wealth of the nations”, 6. Adam Smith propounded the labour theory of…

Eight years before the ratification of the Constitution, John Quincy Adams took an overseas trip, following the decision of his mother, with his father to Paris. Although Abigail made the choice for John Quincy to accompany his father, she began to get worried. Paris was, after all, a city of desire and temptation. She decided to write a letter, and a very powerful one at that, to her son to make sure he kept in mind the high expectations his mother held him to. She, in many ways, expressed…

What is the “American Dream?” According to James Truslow Adams, the definition of the “American Dream” is “Life should be better and richer and fuller for everyone, with opportunity for each according to ability or achievement.” Adam Brown was a special man who expected a lot out of himself. His “American Dream” was to be the best he could be and postively impact others around him. Despite his obstacles, Adam achieved his “American Dream.” He battled his addiction to drugs, built a relationship…

Karl Marx and Adam Smith are both economists with theories of capital accumulation. Karl Marx was a German doctor of Philosophy. Adam Smith who was a Scottish moral philosopher developed a similar theory. The theories differ in the way they perceive labor value. Smith’s theory has a clear argument on capital accumulation such as his explanation for unproductive/productive labor in comparison to Marx. Marx’s explanation of productive labor, critique of abstinence theory, exploitation, and the…

George Washington and John Adams stayed in constant contact with their partners throughout the shaping of America, causing their wives to be…

The Wealth of Nations (WN) was a pioneering book exploring economic ideas which contradicted those that were in place at the time it was written. Many of the theories outlined are still relevant today. Adam Smith published the WN in 1776, by this time he already had gained a reputation as a notable writer following the publication of The Theory of Moral Sentiments in 1759. The plan of the work is logically structured and provides good summaries of the main themes which follow. The first four…

To leave the markets alone, the laissez-faire approach to economics was the catchphrase for Adam Smith and other Classical economists. This approach lent its power to the “invisible hand” of the market and the idea that adjusting the way the market works would ultimately affect its ability to function properly. Smith believed the market was a “perfectly ordered mechanism operating according to natural laws.” This was a misguided idea, when the market is left to make its own decisions without…

Adam Smith and John Maynard Keynes are two of the most famous and influential economists of all time. They both understood the fundamental economic insight that the key to economic prosperity is to keep money circulating. However, they are mainly thought of as being on opposing sides of most economic philosophies. It is essential to first analyze each economist for their own theories and practices. Then, to contrast the two in order to fully grasp their economic philosophies and to portray why…

Karl Marx and Adam Smith couldn’t be more different in their views on how economic growth could improve the material well being of the working-class. Marx believed economic growth came at the backs of the proletariat, and that most growth is horded by the bourgeois, only beneficial to the capital elite and added to commodity fetishism. While, Adam Smith believed greater national output was beneficial to everyone, raise all boats with the tide, and increase the wages of the working class, too.…