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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 ...
Bust of Smith in the Adam Smith Theatre, Kirkcaldy. Five editions of The Wealth of Nations were published during Smith's lifetime: in 1776, 1778, [9] 1784, 1786 and 1789. [10] Numerous editions appeared after Smith's death in 1790. To better understand the evolution of the work under Smith's hand, a team led by Edwin Cannan collated the first ...
Free trade is a trade policy that does not restrict imports ... The value of free trade was first observed and documented in 1776 by Adam Smith in The Wealth of ...
Comparative advantage in an economic model is the advantage over others in producing a particular good. A good can be produced at a lower relative opportunity cost or autarky price, i.e. at a lower relative marginal cost prior to trade. [1] Comparative advantage describes the economic reality of the gains from trade for individuals, firms, or ...
International trade theory is a sub-field of economics which analyzes the patterns of international trade, its origins, and its welfare implications. International trade policy has been highly controversial since the 18th century. International trade theory and economics itself have developed as means to evaluate the effects of trade policies.
Adam Smith focused on the role of enlightened self-interest (the "invisible hand") and the role of specialization in promoting the efficiency of capital accumulation. Ayn Rand defined capitalism as a social system based on the recognition of individual rights, including property rights, in which all property is privately owned, and called it ...
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 ...
In economics, a free market is an economic system in which the prices of goods and services are determined by supply and demand expressed by sellers and buyers. Such markets, as modeled, operate without the intervention of government or any other external authority. Proponents of the free market as a normative ideal contrast it with a regulated ...