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Archive of posts published in the category: Father Of Economics
Jun
19

More About The Father Of Economics

econo

The renowned economist Adam Smith is considered to be the father of modern economics. He was the scholar and has many books to his credit. His first book was “the theory of modern sentiments” he indexed the free market regulations and competition. Among all his write-ups, the one that made his place rigid in the history is “An Inquiry into the Nature and Causes of the Wealth of Nations” where he mentioned about the building up of Nation’s wealth. Smith completed his schoolings from the University of Glasgow and then his graduation studies from Balliol College at Oxford University.

economyThe book “Theory of Moral Sentiments” discussed many ideas on charity and human ethics which was a good piece for the critics to spawn. It broadly asserts the concept of morality and sympathy, and its effect on communication. Other than scholastic research on economics, this book contradicts the economic views of the public in the matter of work and betterment. The master work of this Scottish scholar, “The Wealth of Nations” accounts on the industrial sector of Europe which is the first book designed for simplifying the ideas so that an average reader could imbibe, and now referred to as the classical economics.

Smit’s books are responsible for minimizing the government interruption and levying taxes in free markets. These ideas emulate the concept of each person and result would be the best. Any entrepreneur who could meet the needs of their customers is rewarded financially. Although they are involved in the money-making chain, they do provide the necessities of the people. Likewise, when the nation is working productively, they are gaining themselves and tackle their financial needs.

Hence Smith took a major place in the field of Economics and his ideas were widely accepted and learned throughout the colleges and Universities.