User:EatAlbertaBeef
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About MeI'm a 15 year old student living in Calgary and i've been a wikipedia member since April 10th 2005. It appears somebody doesn't like me! AlbertaBeefEqualsMadCowDisease
My Articles Are BiasedI use Wikipedia for everything, and I feel that I should contribute to the website past spelling mistakes and general riff raff. So whatever article I write I'd appreciate it if somebody would look over it and make the proper corrections, etc. My Political ViewsI'm a conservative. I support the Conservative Party of Canada and have great resentment towards the Liberal Party and the Western Alienation we face out here. My name is a reference to the "Mad Cow Crisis".
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Adam Smith | |
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| Era | 18th-century philosophy (Modern Philosophy) |
| Region | Western Philosophers |
| School | Classical economics |
Main interests | Political philosophy, ethics, economics |
Notable ideas | Classical economics, modern free market, division of labour, invisible hand |
Adam Smith (baptized June 5, 1723 – July 17, 1790) was a Scottish philosopher and a pioneering political economist. One of the key figures of the intellectual movement known as the Enlightenment, he is known primarily as the author of two treatises: The Theory of Moral Sentiments (1759), and An Inquiry into the Nature and Causes of the Wealth of Nations (1776). The latter was one of the first examples of applying analysis and historical study to economics in Europe, lending support to the idea of expanding individual freedoms and the concept of the social contract and natural rights. Smith's work also helped to create the modern academic discipline of economics as well as provide academic justification to capitalism, free trade and libertarianism.
Intellectual Contribution
Smith contended that economic liberty was the keystone to a sound economy. He claimed that the intention of production was consumption and therefore an increase in production raised the standard of living. Self-interested people, Smith believed, sought to earn wealth by enriching others this way and in turn compete to produce the best product. The appropriate price for a good determined to be somewhere between what a producer is willing to sell it for and what a consumer is willing to pay. Smith described this as the "invisible hand" that guided the market and led it to greater wealth and enrichment.
Every man is, no doubt, by nature, first and principally recommended to his own care; and as he is fitter to take care of himself than of any other person, it is fit and right that it should be so.
Free Trade
At the time of the publication of Adam Smith's works the nations of Europe had adopted the philosophy of mercantilism. Each nation sought to encourage exports and discourage imports in an effort to expand national coffers and protect domestic jobs by enacting regulations, tariffs and restrictions on industry. Smith rebutted this system by contending that greater economic growth could be found in free trade between nations. Each nation should produce the goods in which it had the greatest comparative advantage, and in turn import the goods that would be more expensive to produce itself. Smith said that if such a system of economic freedom was embraced by government the highest quality, lowest cost products would be made available.
Role of Government
While rejecting the interference of government in trade between nations and the operation of business' with his theory of "laissez-faire" (let them do),Smith felt the government still had an important task to manage. His economic structure required a complex system of private property that the government, acting in everyone's interest, is obliged to protect. The government should also be obliged to provide services that the private sector would be "unlikely" to participate in, such as the construction of roads, the construction of schools and the maintenance of a military.