Adam Smith was a famous 18th century Scottish philosopher and economist. He was born in 1723 in Scotland and taught moral philosophy at the University of Glasgow, where he gained renown as a lecturer and published his influential books The Theory of Moral Sentiments in 1759 and An Inquiry into the Nature and Causes of the Wealth of Nations in 1776. Though his religious views brought criticism from some peers, Smith was beloved by his students and renowned throughout Europe as a leading thinker of his era.
Pierre Teilhard de Chardin was a French Jesuit priest and paleontologist who sought to synthesize science and religion. He believed that the universe was evolving toward greater complexity, consciousness, and unity, with humanity playing a key role. He coined terms like "noosphere" to describe a global consciousness formed by human thought. Though his ideas were controversial and criticized by both theologians and scientists, Teilhard saw the universe as physically and spiritually evolving toward an "Omega Point" of complete union with God.
REVIEW ON THE OPINIONS ABOUT THE APLICATION OF DIMINISHING RETURNS LAWSuwandi, Dr. SE.,MSi
The importance of human needs upon food causes an opinion that agricultural sector is a productive sector with its surplus between the production and consumption results. The role of land is very essential for realizing the fulfilment of food needs. The combination between land and other production factors will result in food.
The economic thinkers from Physiocracy and Classical School stated that a theory on land rent which initially found in the framework of Turgot (1766) and David Ricardo (1821), as well as Thomas Robert Malthus (1820), brought a consequence on the application of Diminishing Returns law in agricultural production.
1) Keynes believed that aggregate demand could be inadequate to achieve full employment because supply does not necessarily create its own demand.
2) The chapter discusses the consumption function and how consumption is determined by disposable income with a marginal propensity to consume. It also discusses how investment is determined by expectations of future profits rather than interest rates.
3) The Keynesian cross model shows how consumption and investment determine aggregate demand and income in the economy.
Lecture 3 Evolution of Global Economies Bullionism & Mercantilism part 2Pearson College London
This document provides an overview of mercantilism, the American Revolution, and the work of John Maynard Keynes. It discusses how mercantilism used protectionist policies like tariffs and quotas to promote industrial growth and national power. It explains how the Navigation Acts restricted colonial trade for England's benefit and angered colonists. The document also summarizes Keynes' contributions to developing macroeconomics and theories like government spending to stimulate demand and employment during recessions.
1. The chapter presents an overview of Real Business Cycle theory and New Keynesian economics.
2. Real Business Cycle theory views fluctuations as optimal responses to exogenous productivity shocks, while New Keynesian economics sees deviations from full employment due to sticky wages and prices.
3. There is debate around issues in Real Business Cycle theory like the flexibility of prices and whether fluctuations truly reflect voluntary changes, as well as debate around explanations for price stickiness in New Keynesian economics.
There are variety of approaches (school of thoughts) exist in the economics theory, various economics classify the various SoT in variety of phases: Economic thought may be divided into three following phases but the methodical economic theory has been developed mainly from the establishment of the last phase i.e, “modern” era.
Pre modern period “start form Chinese civilization, and Greco Roman
Early-modern period of mercantilist & physiocrate thoughts
Modern period start from 1776 from great economist Adam Smith till to the classical economies era 1930,
The Chicago school of economics having a thought of neoclassical school inside the hypothetical community of economists, they usually have a strong focus around the faculty of the University of Chicago, some of whom have constructed and popularized its principles.
1. Geography influenced the development of mercantilism by affecting what raw materials could be produced and exported from the colonies to Europe. The colonies provided goods like wood, fish, and cotton to strengthen European countries.
2. Under mercantilism, European countries like Britain passed laws requiring colonies to trade exclusively with the mother country. This led the colonies to develop plantation economies using slave labor for crops like tobacco and sugar to maximize profits for European merchants.
3. The triangular slave trade system emerged, with Europeans exchanging goods for African slaves. Slaves endured the horrific Middle Passage to the colonies, where they were forced to work plantations producing goods for export back to Europe under mercantilism
Pierre Teilhard de Chardin was a French Jesuit priest and paleontologist who sought to synthesize science and religion. He believed that the universe was evolving toward greater complexity, consciousness, and unity, with humanity playing a key role. He coined terms like "noosphere" to describe a global consciousness formed by human thought. Though his ideas were controversial and criticized by both theologians and scientists, Teilhard saw the universe as physically and spiritually evolving toward an "Omega Point" of complete union with God.
REVIEW ON THE OPINIONS ABOUT THE APLICATION OF DIMINISHING RETURNS LAWSuwandi, Dr. SE.,MSi
The importance of human needs upon food causes an opinion that agricultural sector is a productive sector with its surplus between the production and consumption results. The role of land is very essential for realizing the fulfilment of food needs. The combination between land and other production factors will result in food.
The economic thinkers from Physiocracy and Classical School stated that a theory on land rent which initially found in the framework of Turgot (1766) and David Ricardo (1821), as well as Thomas Robert Malthus (1820), brought a consequence on the application of Diminishing Returns law in agricultural production.
1) Keynes believed that aggregate demand could be inadequate to achieve full employment because supply does not necessarily create its own demand.
2) The chapter discusses the consumption function and how consumption is determined by disposable income with a marginal propensity to consume. It also discusses how investment is determined by expectations of future profits rather than interest rates.
3) The Keynesian cross model shows how consumption and investment determine aggregate demand and income in the economy.
Lecture 3 Evolution of Global Economies Bullionism & Mercantilism part 2Pearson College London
This document provides an overview of mercantilism, the American Revolution, and the work of John Maynard Keynes. It discusses how mercantilism used protectionist policies like tariffs and quotas to promote industrial growth and national power. It explains how the Navigation Acts restricted colonial trade for England's benefit and angered colonists. The document also summarizes Keynes' contributions to developing macroeconomics and theories like government spending to stimulate demand and employment during recessions.
1. The chapter presents an overview of Real Business Cycle theory and New Keynesian economics.
2. Real Business Cycle theory views fluctuations as optimal responses to exogenous productivity shocks, while New Keynesian economics sees deviations from full employment due to sticky wages and prices.
3. There is debate around issues in Real Business Cycle theory like the flexibility of prices and whether fluctuations truly reflect voluntary changes, as well as debate around explanations for price stickiness in New Keynesian economics.
There are variety of approaches (school of thoughts) exist in the economics theory, various economics classify the various SoT in variety of phases: Economic thought may be divided into three following phases but the methodical economic theory has been developed mainly from the establishment of the last phase i.e, “modern” era.
Pre modern period “start form Chinese civilization, and Greco Roman
Early-modern period of mercantilist & physiocrate thoughts
Modern period start from 1776 from great economist Adam Smith till to the classical economies era 1930,
The Chicago school of economics having a thought of neoclassical school inside the hypothetical community of economists, they usually have a strong focus around the faculty of the University of Chicago, some of whom have constructed and popularized its principles.
1. Geography influenced the development of mercantilism by affecting what raw materials could be produced and exported from the colonies to Europe. The colonies provided goods like wood, fish, and cotton to strengthen European countries.
2. Under mercantilism, European countries like Britain passed laws requiring colonies to trade exclusively with the mother country. This led the colonies to develop plantation economies using slave labor for crops like tobacco and sugar to maximize profits for European merchants.
3. The triangular slave trade system emerged, with Europeans exchanging goods for African slaves. Slaves endured the horrific Middle Passage to the colonies, where they were forced to work plantations producing goods for export back to Europe under mercantilism
Adam Smith was born in 1723 in Kirkcaldy, Scotland. He studied moral philosophy at the University of Glasgow and Oxford University. Smith is considered the founding father of modern economics and authored two influential books, The Theory of Moral Sentiments and An Inquiry into the Nature and Causes of the Wealth of Nations. After teaching at the University of Glasgow and tutoring a nobleman's son while traveling Europe, Smith spent 10 years writing Wealth of Nations, published in 1776 to instant success. He died in 1790 in Edinburgh.
Slide T H E A G E O F C L A S S I C I S M (1700 1784)gueste2476b
The document discusses the Age of Enlightenment in the 18th century, a period defined by the promotion of reason, skepticism of traditions, and advocacy for individual rights and liberties. Classicism in literature during this period was influenced by Greek and Roman works and emphasized form, restraint, and adherence to established genres. The document also provides context on Jonathan Swift and analyzes some of his writings, including "Thoughts on Various Subjects" which satirize human folly and pride.
This document provides a summary of a study on the response of Muslim intellectuals to British imperialism, focusing on Sir Syed Ahmad Khan. It discusses how Khan negotiated between western modernity promoted by the British and local socio-cultural values. While Khan accepted many western imperialist ideas, he did so to modernize Muslims and facilitate their survival under British rule. The document provides background on Khan's life and education. It also defines key concepts like imperialism and examines differing Muslim responses to British rule, with Khan working to reconcile Muslims to British control and advocate for western education.
Bertrand russell, Friedrich Nietzsche and Baruch Spinzoa, 3 philosophers fina...skkumar123
This document provides biographical information and overviews of the philosophies of Bertrand Russell, Friedrich Nietzsche, and Baruch Spinoza. It discusses their major works and influences. Russell was a prominent philosopher and social critic known for his work in logic and analytic philosophy. Nietzsche believed that European society needed new values and that self-mastery was important. Spinoza developed a naturalistic philosophy that combined elements from Descartes, Stoicism, and Jewish rationalism.
This document contains short quotations from various non-Muslim notable figures from both East and West praising different aspects of Islam. Sarojini Naidu praised Islam's sense of justice and its embodiment of democracy through equality in prayer. Arnold Toynbee noted Islam's achievement in eliminating race consciousness. William Montgomery Watt recognized Islam's role in advancing civilization when Western Europe was in decline. James Michener rejected the idea that Islam spread by the sword.
This document provides biographical information about Sarojini Naidu and includes two quotes attributed to her about Islam. It summarizes that Naidu was an Indian writer, poet, and leader who served as the first woman governor of free India. The quotes praise Islam's principles of justice and its embodiment of democracy through all being equal in prayer.
Charles Horten cooley, Jane Adam, Robert k MertonMoosa kaleem
Robert K. Merton was an influential American sociologist known for developing theories of deviance and the concepts of self-fulfilling prophecy and role model. He was born in 1910 in Philadelphia and received his doctorate from Harvard in 1936. Merton taught at several universities, including Harvard, Tulane, and Columbia, where he was named University Professor. He authored many influential publications and received numerous honors, including election to the National Academy of Sciences and the National Medal of Science. Merton made significant contributions to the sociology of science and is considered one of America's most important social scientists.
This document discusses several quotes from prominent historical figures praising Prophet Muhammad. It begins by mentioning he was honored by the US Supreme Court in 1935 for being a great lawgiver. It then shares quotes from figures like Lamartine, Gandhi, Michael Hart, George Bernard Shaw, and others praising Muhammad's influence, character, and the rapid spread of Islam not by force but by Muhammad's teachings and example. The document emphasizes Muhammad's integrity, wisdom, kindness, humility, generosity, and leadership based on quotes from historians like Montgomery Watt, Sir William Muir, and Edward Gibbon.
Ralph Waldo Emerson was an American essayist, philosopher, and poet in the 19th century who was a leader of the Transcendentalist movement. He believed that true individuality was corrupted by society and institutions and that people should rely on their inner selves. Through his essays and over 1,500 lectures, Emerson influenced many American writers and promoted new ways of thinking that emphasized optimism and individualism. He remained a prolific writer throughout his life, though his idealism gave way to acknowledging human limitations as he aged.
The document provides information about an upcoming study abroad course in England in July 2017, including an informational meeting on October 26th and a study abroad fair on November 9th. It also provides details on how to apply for pre-approval for the course and find scholarship opportunities through the education abroad office.
Essay on Nature | Long & Short Essays on Nature for Kids & Children. Photo essay: An environmental issue - AT | The Australian Curriculum .... Essays about nature and man. College essay: Describe nature essay. Essay about saving the nature.
Adam Smith was a Scottish economist and philosopher born in 1723 who is considered the father of modern capitalism. He published major works on moral philosophy and political economy, including The Theory of Moral Sentiments in 1759 and The Wealth of Nations in 1776. In The Wealth of Nations, he introduced concepts like the division of labor and argued that rational self-interest and competition can lead to economic prosperity. Smith believed that a free market left alone would be the most efficient and bring the greatest benefits to all.
This summary provides information about 3 individuals mentioned in the document:
1. Ernst Abbe (1840-1905) was a distinguished German physicist and inventor who was an atheist and social reformer. He implemented a generous profit-sharing scheme at the optical company Zeiss.
2. Andalusian ruler Abd ar-Rahman III (891-961) created a highly prosperous and cultured Islamic empire in Spain during a time when Europe was experiencing the Dark Ages. Historians note he defied the Quran and was clearly an atheist.
3. Philosopher Peter Abelard (1080-1142) was a brilliant teacher in 12th century Europe whose teachings were condemned
The Birth and Growth of Social Science.pdfAldwinHipolito
The document traces the origins and development of the social sciences from ancient Greek civilization through the modern period. Key events and thinkers that influenced the emergence of social sciences as distinct disciplines include the scientific revolution, enlightenment thinkers, secularization of education, and industrialization. Prominent early social scientists discussed include Comte, Marx, Durkheim, Weber, and Boas who established foundational theories and approaches.
Argumentation and debate originated in ancient Greece, with figures like Protagoras and Socrates developing early techniques. It later spread to Rome and other parts of Europe. In the Philippines, Spanish colonists introduced forms like balagtasan, while American occupation popularized forensic debating based on the Oxford format. The document then highlights the achievements of the 1928 UP debating team, which toured the US and defeated 15 universities while arguing for Philippine independence. Their success demonstrated the strong tradition of argumentation and debate in the Philippines.
This document provides brief biographies of famous philosophers throughout history. It lists philosophers such as Plato, Aristotle, Descartes, Locke, Marx, Nietzsche, and many others. For each philosopher, it provides 1-2 sentences on what they were famous for, such as Plato being famous for Platonic idealism and the theory of forms, and Descartes being famous for stating "I think, therefore I am". The document aims to summarize the key ideas and impacts of important thinkers in the field of philosophy.
More Related Content
Similar to The_Wonderful_World_of_Adam_Smith_(Topic_2 final)
Adam Smith was born in 1723 in Kirkcaldy, Scotland. He studied moral philosophy at the University of Glasgow and Oxford University. Smith is considered the founding father of modern economics and authored two influential books, The Theory of Moral Sentiments and An Inquiry into the Nature and Causes of the Wealth of Nations. After teaching at the University of Glasgow and tutoring a nobleman's son while traveling Europe, Smith spent 10 years writing Wealth of Nations, published in 1776 to instant success. He died in 1790 in Edinburgh.
Slide T H E A G E O F C L A S S I C I S M (1700 1784)gueste2476b
The document discusses the Age of Enlightenment in the 18th century, a period defined by the promotion of reason, skepticism of traditions, and advocacy for individual rights and liberties. Classicism in literature during this period was influenced by Greek and Roman works and emphasized form, restraint, and adherence to established genres. The document also provides context on Jonathan Swift and analyzes some of his writings, including "Thoughts on Various Subjects" which satirize human folly and pride.
This document provides a summary of a study on the response of Muslim intellectuals to British imperialism, focusing on Sir Syed Ahmad Khan. It discusses how Khan negotiated between western modernity promoted by the British and local socio-cultural values. While Khan accepted many western imperialist ideas, he did so to modernize Muslims and facilitate their survival under British rule. The document provides background on Khan's life and education. It also defines key concepts like imperialism and examines differing Muslim responses to British rule, with Khan working to reconcile Muslims to British control and advocate for western education.
Bertrand russell, Friedrich Nietzsche and Baruch Spinzoa, 3 philosophers fina...skkumar123
This document provides biographical information and overviews of the philosophies of Bertrand Russell, Friedrich Nietzsche, and Baruch Spinoza. It discusses their major works and influences. Russell was a prominent philosopher and social critic known for his work in logic and analytic philosophy. Nietzsche believed that European society needed new values and that self-mastery was important. Spinoza developed a naturalistic philosophy that combined elements from Descartes, Stoicism, and Jewish rationalism.
This document contains short quotations from various non-Muslim notable figures from both East and West praising different aspects of Islam. Sarojini Naidu praised Islam's sense of justice and its embodiment of democracy through equality in prayer. Arnold Toynbee noted Islam's achievement in eliminating race consciousness. William Montgomery Watt recognized Islam's role in advancing civilization when Western Europe was in decline. James Michener rejected the idea that Islam spread by the sword.
This document provides biographical information about Sarojini Naidu and includes two quotes attributed to her about Islam. It summarizes that Naidu was an Indian writer, poet, and leader who served as the first woman governor of free India. The quotes praise Islam's principles of justice and its embodiment of democracy through all being equal in prayer.
Charles Horten cooley, Jane Adam, Robert k MertonMoosa kaleem
Robert K. Merton was an influential American sociologist known for developing theories of deviance and the concepts of self-fulfilling prophecy and role model. He was born in 1910 in Philadelphia and received his doctorate from Harvard in 1936. Merton taught at several universities, including Harvard, Tulane, and Columbia, where he was named University Professor. He authored many influential publications and received numerous honors, including election to the National Academy of Sciences and the National Medal of Science. Merton made significant contributions to the sociology of science and is considered one of America's most important social scientists.
This document discusses several quotes from prominent historical figures praising Prophet Muhammad. It begins by mentioning he was honored by the US Supreme Court in 1935 for being a great lawgiver. It then shares quotes from figures like Lamartine, Gandhi, Michael Hart, George Bernard Shaw, and others praising Muhammad's influence, character, and the rapid spread of Islam not by force but by Muhammad's teachings and example. The document emphasizes Muhammad's integrity, wisdom, kindness, humility, generosity, and leadership based on quotes from historians like Montgomery Watt, Sir William Muir, and Edward Gibbon.
Ralph Waldo Emerson was an American essayist, philosopher, and poet in the 19th century who was a leader of the Transcendentalist movement. He believed that true individuality was corrupted by society and institutions and that people should rely on their inner selves. Through his essays and over 1,500 lectures, Emerson influenced many American writers and promoted new ways of thinking that emphasized optimism and individualism. He remained a prolific writer throughout his life, though his idealism gave way to acknowledging human limitations as he aged.
The document provides information about an upcoming study abroad course in England in July 2017, including an informational meeting on October 26th and a study abroad fair on November 9th. It also provides details on how to apply for pre-approval for the course and find scholarship opportunities through the education abroad office.
Essay on Nature | Long & Short Essays on Nature for Kids & Children. Photo essay: An environmental issue - AT | The Australian Curriculum .... Essays about nature and man. College essay: Describe nature essay. Essay about saving the nature.
Adam Smith was a Scottish economist and philosopher born in 1723 who is considered the father of modern capitalism. He published major works on moral philosophy and political economy, including The Theory of Moral Sentiments in 1759 and The Wealth of Nations in 1776. In The Wealth of Nations, he introduced concepts like the division of labor and argued that rational self-interest and competition can lead to economic prosperity. Smith believed that a free market left alone would be the most efficient and bring the greatest benefits to all.
This summary provides information about 3 individuals mentioned in the document:
1. Ernst Abbe (1840-1905) was a distinguished German physicist and inventor who was an atheist and social reformer. He implemented a generous profit-sharing scheme at the optical company Zeiss.
2. Andalusian ruler Abd ar-Rahman III (891-961) created a highly prosperous and cultured Islamic empire in Spain during a time when Europe was experiencing the Dark Ages. Historians note he defied the Quran and was clearly an atheist.
3. Philosopher Peter Abelard (1080-1142) was a brilliant teacher in 12th century Europe whose teachings were condemned
The Birth and Growth of Social Science.pdfAldwinHipolito
The document traces the origins and development of the social sciences from ancient Greek civilization through the modern period. Key events and thinkers that influenced the emergence of social sciences as distinct disciplines include the scientific revolution, enlightenment thinkers, secularization of education, and industrialization. Prominent early social scientists discussed include Comte, Marx, Durkheim, Weber, and Boas who established foundational theories and approaches.
Argumentation and debate originated in ancient Greece, with figures like Protagoras and Socrates developing early techniques. It later spread to Rome and other parts of Europe. In the Philippines, Spanish colonists introduced forms like balagtasan, while American occupation popularized forensic debating based on the Oxford format. The document then highlights the achievements of the 1928 UP debating team, which toured the US and defeated 15 universities while arguing for Philippine independence. Their success demonstrated the strong tradition of argumentation and debate in the Philippines.
This document provides brief biographies of famous philosophers throughout history. It lists philosophers such as Plato, Aristotle, Descartes, Locke, Marx, Nietzsche, and many others. For each philosopher, it provides 1-2 sentences on what they were famous for, such as Plato being famous for Platonic idealism and the theory of forms, and Descartes being famous for stating "I think, therefore I am". The document aims to summarize the key ideas and impacts of important thinkers in the field of philosophy.
Similar to The_Wonderful_World_of_Adam_Smith_(Topic_2 final) (19)
3. 3
Adam Smith was a famous man
Passionate of his books
Born in 1723 in the town of Kircaldy, Scotland;
Based at the University of Glasgow, Dr Smith, a well-known, if not
famous man;
David Hume (one of the most important gures in the history of Western
Philosophy) was intimate with him and Voltaire (famous for his wit, his
attacks on the established Catholic Church, and his advocacy of freedom
of religion) heard of him;
Students had travelled all the way from Russia to hear his discourse;
Of remarkable personality, absentminded; But this did not interfere with
his intelectual abilities;
Adam Smith was among the foremost philosophers of his age.
He lectured Moral Philosophy (which covered Natural Theology), Ethiccs,
Jurisprudence, and Political Economy; From chaos of the universe to
order;
I am a beau in nothing but my books was the way Smith once
described himself, proudly showing o his treasured library to a friend.
4. 4
Adam Smith was a famous man
Passionate of his books
Born in 1723 in the town of Kircaldy, Scotland;
Based at the University of Glasgow, Dr Smith, a well-known, if not
famous man;
David Hume (one of the most important gures in the history of Western
Philosophy) was intimate with him and Voltaire (famous for his wit, his
attacks on the established Catholic Church, and his advocacy of freedom
of religion) heard of him;
Students had travelled all the way from Russia to hear his discourse;
Of remarkable personality, absentminded; But this did not interfere with
his intelectual abilities;
Adam Smith was among the foremost philosophers of his age.
He lectured Moral Philosophy (which covered Natural Theology), Ethiccs,
Jurisprudence, and Political Economy; From chaos of the universe to
order;
I am a beau in nothing but my books was the way Smith once
described himself, proudly showing o his treasured library to a friend.
5. 5
Adam Smith was a famous man
Passionate of his books
Born in 1723 in the town of Kircaldy, Scotland;
Based at the University of Glasgow, Dr Smith, a well-known, if not
famous man;
David Hume (one of the most important gures in the history of Western
Philosophy) was intimate with him and Voltaire (famous for his wit, his
attacks on the established Catholic Church, and his advocacy of freedom
of religion) heard of him;
Students had travelled all the way from Russia to hear his discourse;
Of remarkable personality, absentminded; But this did not interfere with
his intelectual abilities;
Adam Smith was among the foremost philosophers of his age.
He lectured Moral Philosophy (which covered Natural Theology), Ethiccs,
Jurisprudence, and Political Economy; From chaos of the universe to
order;
I am a beau in nothing but my books was the way Smith once
described himself, proudly showing o his treasured library to a friend.
6. 6
Adam Smith was a famous man
Passionate of his books
Born in 1723 in the town of Kircaldy, Scotland;
Based at the University of Glasgow, Dr Smith, a well-known, if not
famous man;
David Hume (one of the most important gures in the history of Western
Philosophy) was intimate with him and Voltaire (famous for his wit, his
attacks on the established Catholic Church, and his advocacy of freedom
of religion) heard of him;
Students had travelled all the way from Russia to hear his discourse;
Of remarkable personality, absentminded; But this did not interfere with
his intelectual abilities;
Adam Smith was among the foremost philosophers of his age.
He lectured Moral Philosophy (which covered Natural Theology), Ethiccs,
Jurisprudence, and Political Economy; From chaos of the universe to
order;
I am a beau in nothing but my books was the way Smith once
described himself, proudly showing o his treasured library to a friend.
7. 7
Adam Smith was a famous man
Passionate of his books
Born in 1723 in the town of Kircaldy, Scotland;
Based at the University of Glasgow, Dr Smith, a well-known, if not
famous man;
David Hume (one of the most important gures in the history of Western
Philosophy) was intimate with him and Voltaire (famous for his wit, his
attacks on the established Catholic Church, and his advocacy of freedom
of religion) heard of him;
Students had travelled all the way from Russia to hear his discourse;
Of remarkable personality, absentminded; But this did not interfere with
his intelectual abilities;
Adam Smith was among the foremost philosophers of his age.
He lectured Moral Philosophy (which covered Natural Theology), Ethiccs,
Jurisprudence, and Political Economy; From chaos of the universe to
order;
I am a beau in nothing but my books was the way Smith once
described himself, proudly showing o his treasured library to a friend.
8. 8
Adam Smith was a famous man
Passionate of his books
Born in 1723 in the town of Kircaldy, Scotland;
Based at the University of Glasgow, Dr Smith, a well-known, if not
famous man;
David Hume (one of the most important gures in the history of Western
Philosophy) was intimate with him and Voltaire (famous for his wit, his
attacks on the established Catholic Church, and his advocacy of freedom
of religion) heard of him;
Students had travelled all the way from Russia to hear his discourse;
Of remarkable personality, absentminded; But this did not interfere with
his intelectual abilities;
Adam Smith was among the foremost philosophers of his age.
He lectured Moral Philosophy (which covered Natural Theology), Ethiccs,
Jurisprudence, and Political Economy; From chaos of the universe to
order;
I am a beau in nothing but my books was the way Smith once
described himself, proudly showing o his treasured library to a friend.
9. 9
Adam Smith was a famous man
An apt pupil destined to teach
From the earliet days he was an apt pupil;
Destined to teaching; at 17 he went to Oxford on a scholarship
(old Oxford, before becoming a citadel of learning);
There instruction was the exception rather than the rule;
Smith spent 6 years in Oxford largerly untutored and
untaught, reading as he saw t;
He was once nearly expelled from the university for reading
David Hume's A Treatise of Human Nature;
In 1752 (at almost 28 years of age) he was oered the Chair of
Logic at Glasgow University and then the Chair of Moral
Philosophy;
Glasgow was a serious center of what has come to be called
the Scottish Enlightment
10. 10
Adam Smith was a famous man
An apt pupil destined to teach
From the earliet days he was an apt pupil;
Destined to teaching; at 17 he went to Oxford on a scholarship
(old Oxford, before becoming a citadel of learning);
There instruction was the exception rather than the rule;
Smith spent 6 years in Oxford largerly untutored and
untaught, reading as he saw t;
He was once nearly expelled from the university for reading
David Hume's A Treatise of Human Nature;
In 1752 (at almost 28 years of age) he was oered the Chair of
Logic at Glasgow University and then the Chair of Moral
Philosophy;
Glasgow was a serious center of what has come to be called
the Scottish Enlightment
11. 11
Adam Smith was a famous man
An apt pupil destined to teach
From the earliet days he was an apt pupil;
Destined to teaching; at 17 he went to Oxford on a scholarship
(old Oxford, before becoming a citadel of learning);
There instruction was the exception rather than the rule;
Smith spent 6 years in Oxford largerly untutored and
untaught, reading as he saw t;
He was once nearly expelled from the university for reading
David Hume's A Treatise of Human Nature;
In 1752 (at almost 28 years of age) he was oered the Chair of
Logic at Glasgow University and then the Chair of Moral
Philosophy;
Glasgow was a serious center of what has come to be called
the Scottish Enlightment
12. 12
Adam Smith was a famous man
Not liked by his peers because of his views towards church
The prim professorial group did not entirely appreciate Smith's
manner;
He was accused of:
1 sometimes smilling during religious services;
2 being friends with that outrageous David Hume;
3 not holding Sunday classes on Christian evidences;
4 petitioning the Senatus Academicus for permission to dispense
with prayers on the opening of class; and
5 delivering prayers that smacked of a certain natural religon.
The disapproval became more severe when Smith became dean
in 1758.
13. 13
Adam Smith was a famous man
Not liked by his peers because of his views towards church
The prim professorial group did not entirely appreciate Smith's
manner;
He was accused of:
1 sometimes smilling during religious services;
2 being friends with that outrageous David Hume;
3 not holding Sunday classes on Christian evidences;
4 petitioning the Senatus Academicus for permission to dispense
with prayers on the opening of class; and
5 delivering prayers that smacked of a certain natural religon.
The disapproval became more severe when Smith became dean
in 1758.
14. 14
Adam Smith was a famous man
Not liked by his peers because of his views towards church
The prim professorial group did not entirely appreciate Smith's
manner;
He was accused of:
1 sometimes smilling during religious services;
2 being friends with that outrageous David Hume;
3 not holding Sunday classes on Christian evidences;
4 petitioning the Senatus Academicus for permission to dispense
with prayers on the opening of class; and
5 delivering prayers that smacked of a certain natural religon.
The disapproval became more severe when Smith became dean
in 1758.
15. 15
Adam Smith was a prestigious man
Loved by his students
He was very happy at Glasgow;
He lived a quiet life;
He was beloved by his students; noted as a lecturer; he was
even immitated in the manner of speech;
Little busts of him even appeared in booksellers' windows;
His prestige came not only from his personality, but also from
publishing books:
The Theory of Moral Sentiments in 1759 catapulted him
immediately into the forefront of English philosophers; (the
book was an inquiry into the origin of moral approbation and
dispproval)
16. 16
Adam Smith was a prestigious man
Loved by his students
He was very happy at Glasgow;
He lived a quiet life;
He was beloved by his students; noted as a lecturer; he was
even immitated in the manner of speech;
Little busts of him even appeared in booksellers' windows;
His prestige came not only from his personality, but also from
publishing books:
The Theory of Moral Sentiments in 1759 catapulted him
immediately into the forefront of English philosophers; (the
book was an inquiry into the origin of moral approbation and
dispproval)
17. 17
Adam Smith was a prestigious man
Loved by his students
He was very happy at Glasgow;
He lived a quiet life;
He was beloved by his students; noted as a lecturer; he was
even immitated in the manner of speech;
Little busts of him even appeared in booksellers' windows;
His prestige came not only from his personality, but also from
publishing books:
The Theory of Moral Sentiments in 1759 catapulted him
immediately into the forefront of English philosophers; (the
book was an inquiry into the origin of moral approbation and
dispproval)
18. 18
Adam Smith gets an oer he could not refuse
He moves to France in 1764
His book got the attention of Charles Townsend (it was him, as
Chancellor of the Exchequer, who helped to precipitate the American
Revolution, rst by refusing the colonists the right to elect their own
judges and then by imposing a heavy duty on American tea);
Townsend was a sincere student of philosophy and politics, and as such a
devotee of Adam Smith;
In 1754 Townsed made a brilliand and lucrative marriage to the Countess
of Dalkeith, the widow of the Duke of Buccleuch;
Needing a tutor for the wife's soon, he invited Adam Smith (¿500 a year
plus expenses and a pension of £500 a year for life)
It was too good an oer to be declined;
At best Smith never realized more than £170 pounds from the
fees that professors collected directly from their students.
In 1764 Smith left to France (his students did not accept a refund; they
said that they had already been more than recompensed)
19. 19
Adam Smith gets an oer he could not refuse
He moves to France in 1764
His book got the attention of Charles Townsend (it was him, as
Chancellor of the Exchequer, who helped to precipitate the American
Revolution, rst by refusing the colonists the right to elect their own
judges and then by imposing a heavy duty on American tea);
Townsend was a sincere student of philosophy and politics, and as such a
devotee of Adam Smith;
In 1754 Townsed made a brilliand and lucrative marriage to the Countess
of Dalkeith, the widow of the Duke of Buccleuch;
Needing a tutor for the wife's soon, he invited Adam Smith (¿500 a year
plus expenses and a pension of £500 a year for life)
It was too good an oer to be declined;
At best Smith never realized more than £170 pounds from the
fees that professors collected directly from their students.
In 1764 Smith left to France (his students did not accept a refund; they
said that they had already been more than recompensed)
20. 20
Adam Smith gets an oer he could not refuse
He moves to France in 1764
His book got the attention of Charles Townsend (it was him, as
Chancellor of the Exchequer, who helped to precipitate the American
Revolution, rst by refusing the colonists the right to elect their own
judges and then by imposing a heavy duty on American tea);
Townsend was a sincere student of philosophy and politics, and as such a
devotee of Adam Smith;
In 1754 Townsed made a brilliand and lucrative marriage to the Countess
of Dalkeith, the widow of the Duke of Buccleuch;
Needing a tutor for the wife's soon, he invited Adam Smith (¿500 a year
plus expenses and a pension of £500 a year for life)
It was too good an oer to be declined;
At best Smith never realized more than £170 pounds from the
fees that professors collected directly from their students.
In 1764 Smith left to France (his students did not accept a refund; they
said that they had already been more than recompensed)
21. 21
Adam Smith gets an oer he could not refuse
He moves to France in 1764
His book got the attention of Charles Townsend (it was him, as
Chancellor of the Exchequer, who helped to precipitate the American
Revolution, rst by refusing the colonists the right to elect their own
judges and then by imposing a heavy duty on American tea);
Townsend was a sincere student of philosophy and politics, and as such a
devotee of Adam Smith;
In 1754 Townsed made a brilliand and lucrative marriage to the Countess
of Dalkeith, the widow of the Duke of Buccleuch;
Needing a tutor for the wife's soon, he invited Adam Smith (¿500 a year
plus expenses and a pension of £500 a year for life)
It was too good an oer to be declined;
At best Smith never realized more than £170 pounds from the
fees that professors collected directly from their students.
In 1764 Smith left to France (his students did not accept a refund; they
said that they had already been more than recompensed)
22. 22
Adam Smith gets an oer he could not refuse
He moves to France in 1764
His book got the attention of Charles Townsend (it was him, as
Chancellor of the Exchequer, who helped to precipitate the American
Revolution, rst by refusing the colonists the right to elect their own
judges and then by imposing a heavy duty on American tea);
Townsend was a sincere student of philosophy and politics, and as such a
devotee of Adam Smith;
In 1754 Townsed made a brilliand and lucrative marriage to the Countess
of Dalkeith, the widow of the Duke of Buccleuch;
Needing a tutor for the wife's soon, he invited Adam Smith (¿500 a year
plus expenses and a pension of £500 a year for life)
It was too good an oer to be declined;
At best Smith never realized more than £170 pounds from the
fees that professors collected directly from their students.
In 1764 Smith left to France (his students did not accept a refund; they
said that they had already been more than recompensed)
23. 23
Adam Smith starts working on his masterpiece
To relieve his tedium is starts working on a treatise of political economy, whcih came to
become The Wealth of Nations
During part of his stay in France he lived a boring life in the
provinces;
That pushed him to start work on a new book, his masterpiece
(which took 1 years to before it was nished).
24. 24
Adam Smith in France
He then moves to Paris where he meets François Quesnay (the foremost economic thinker
in France)
Quesnay had propounded a school of economics known as
Physiocracy;
Quesnay insisted that wealth sprang from production and that
it owed through the nation, from hand to hand;
This was contrary to the ideas of the day: wealth was the solid
stu of gold and silver
Problem with Physiocracy: It insisted that only the agricultural
worker produced true wealth because Nature labored at his
side, whereas the manufacturing worker merely altered its form
in a sterile way.
It failed to see that labor could produce wealth wherever it
performed, not just on the land (seeing this was one of Adam
Smith's greatest insights).
25. 25
Adam Smith in France
Physiocracy was fundamentally uncongenial to Smith's Scottish vision
Smith had profound admiration for Quesnay;
But he did not agree with Quesnay's denition of wealth;
26. 26
The Wealth of Nations
His masterpiece was published in 1776. It was not a wholly original book
The book has been called the outpouring not only of a great
mind, but of a whole epoch.Yet it is not, in the strict sense of the
word, an original book. There is a long line of observers before
Smith who have approached his understanding of the world: Locke,
Steuart, Mandeville, Petty, Cantillon, Turgot, not to mention
Quesnay and Hume again. Smith took from all of them: there are
over a hundred authors mentioned by name in his treatise. But
where others had shed here and there, Smith spread his net wide;
where others had claried this and that issue, Smith illuminated the
entire landscape. The Wealth of Nations is not a wholly original
book, but it is unquestionably a masterpiece.
27. 27
The Wealth of Nations
Questions for further study
1 The Wealth of Nations is in no sense a textbook. Comment on this.
2 It is an exasperating book. Motivate.
3 For Smith wealth consisted of the goods that all the people of society
consume, although not, of course, in equal amounts. True or false?
4 What are Smith's laws of the market?
5 All this may seem somewhat elementary. But consider what Adam Smith
has done, with his impetus of self-interest and his regulator of
competition. First, he has explained how prices are kept from ranging
arbitrarily away from the actual cost of producing a good. Second, he has
explained how society can induce its producers of commodities to provide
it with what it wants. Third, he has pointed out why high prices are a
self-curing disease, for they cause production in those lines to increase.
And nally, he has accounted for a basic similarity of incomes at each level
of the great producing strata of the nation. In a word, he has found in
the mechanism of the market a self-regulating system for society's orderly
provisioning. Describe how Smith has explained the four points above.