Adam Smith is the Scottish economist, philosopher and one of the founders of the modern economic theory. Adam Smith was an excellent orator and conducted lections on rhetoric, the art of writing various types of letters and soon started working on the problems of economics trying to understand the factors which influence the wealth of nations. Smith observed an individual from three sides: from the point of view of morality and ethics; civil rights and condition of the country; from the point of view of economics. The ideas of Adam Smith were influenced by the economic situation of the world. The 18th century is marked as the beginning of the industrial development of the world, which is characterized with machine production, mass production and the increase of the impact of trade and money. The world changed and there was the necessity to improve the laws of economics and develop other alternative methods and approach towards the problem and Adam Smith decided to work out the new theory for economics.
Smith brainstormed a logical system which is based on the free market and free circulation of goods and services which is regulated by the natural economic laws and principles but not the political government. This system is still considered to be the core one and remains as the basis for economic education. Smith believed that the natural economic order is maintained due to the private property of an individual and complete freedom of the market. Smith is the author of the famous metaphor ‘the invisible hand of the market’ order celexa united states which means that the profit of an individual depends directly on the satisfaction o the needs of the others; briefly, the phenomenon of supply and demand.
Adam Smith is the key figure of the economics of the world and he can be called one of the founders of the capitalist society. A good term paper on Adam Smith is expected to describe the personality’s biography, work, achievements and ideas. One should analyze the thoughts and concepts of Smith and evaluate his contribution into the development of economics. In order to complete a detailed and interesting paper one should use only reliable and up-to-date sources and present the personality of Adam Smith from all sides.
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