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Econ 201 Class Project On Adam Smith

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Recommended: Adam smith contribution for the economics

ECON 201—Macroeconomics

Class Project

Chosen Economist is Adam Smith
Adam Smith’s birthdate was not found however, there’s his baptism information on June 5, 1723, in Kirkcaldy, Scotland. Adam Smith was a famous Scottish social philosopher and political economist. He is also considered the father of Modern Economics.
Academic degrees, training, where he taught, his degrees, and economic theories purport:
Adam Smith received his elementary education at a school in Kirkcaldy, Scotland, before entering Glasgow College at age 14 in 1737. While at Glasgow he developed his passion, “for the philosophical concepts of reason, civilian liberties, and free speech”. In 1740, he was the graduate scholar presented to undertake postgraduate studies at …show more content…

Smith's books and works were read by 20th-century philosophers, writers, and economists. The Wealth of Nations became required reading among men and women around the world. He detonates the balance of trade as a mistaken belief by declaring that” goods and services constituted a nation’s wealth; it made no sense according to Smith for the government to make sure that more left the country than came in”. His work is very important for the modern economy, nevertheless he shared the importance of free markets, assembly-line production methods, and gross domestic product (GDP), which is now the basis for theories of classical economics as …show more content…

Much of modern economic theory is rooted in Smith’s ideas; thus he is known as the father of economics. One of his most famous concepts, the invisible hand theory is related to the macroeconomics concept. Smith argues that individuals taking responsibility (rather than the government) end up doing a better job deciding what they should produce. He described the process as an “invisible hand” it’s a metaphor for the unseen potency that moves the free-market economy and guided the marketplace better than the “physical hand” of a government that interferes with the central planner. This theory later became the foundation for capitalism. Therefore, I think it’s beneficial to Macroeconomics. As macroeconomics is a huge part concern with large-scale or basic economic

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