The Father Of Modern Economics - 1675 Words

Adam Smith (1723-1790), christened the ‘father of modern economics’ made several important discoveries in the field of political economy. He was so well appreciated that many of his ideas became the forefront in dictating government policy; especially during the time of Ronald Reagan in the USA (1981-1989) and Margret Thatcher in the UK (1979-1990). It was even said that the then prime minister kept a copy of the Kirkcaldy born philosopher’s most famous work, The Wealth of Nations (1776), in her handbag . Smith’s main thematic concerns, for example incentives to work, efficiency, liberty and competition, have been vital in forming the building blocks of our contemporary understanding of economics. Therefore, it is important to critique and evaluate some of Smith’s prevalent theories that have affect policy setting and discuss their meaning, relevancy, issues and how they can be implemented by a leading authorities. Although Smith’s main objec tives involving the state is for there to be as little involvement as possible, we will see that his attitudes face dilemmas, especially over the discussion of public goods, education, national defence and monopolies. Adam Smith’s economic universe was largely based around the idea of a capitalist free market system. Smith argued that the free market would be efficient in deciding what to produce how much of it and at what price. He used the metaphor of ‘The Invisible Hand’ to use a symbol for the natural settlement of how goods wouldShow MoreRelatedAdam Smith : The Father Of Modern Economics And Capitalism2619 Words   |  11 Pagesphilosopher who many consider to be the â€Å"father of modern economics and capitalism.† Born in 1723 in Scotland, he was one of the greatest classical liberal thinkers of all time. He is best known for his works The Wealth of Nations and The Theory of Moral Sentiments. His ideas were developed during the mid-1700s, during the Industrial Revolution. The Industrial Revolution was one of the largest social, political, and economic shifts in human history. Economic systems during the Industrial RevolutionRead MoreEssay about Compare and Contra st Traditional and Modern Families850 Words   |  4 Pages071807 Compare and contrast traditional and modern families Since the nineteenth century, in the western societies, family patterns changed under the forces of industrialisation and urbanisation. Another factor which has been involved in those changes is the growing intervention of the state, by legislative action, in the domestic affairs of the family. As a result of these trends, the modern â€Å"nuclear† family has been substituted for the traditional extended familyRead MoreClaude Levi Strauss s Structuralism And Structural Anthropology893 Words   |  4 Pagesethnologist whom was known for his structuralism and structural anthropology. He was also known as the â€Å"father of modern anthropology.† Là ©vi-Strauss was born November 28, 1908 in Brussels, Belgium. On October 31, 2009 in Paris, he died at the age of 100. Coming from a Jewish family, his father was Raymond and mother was Emma Là ©vi-Strauss. Most of his childhood years he lived in Paris, where his father became a portrait painter that eventually filed ba nkruptcy. Là ©vi-Strauss was not the only personRead MoreThe Role Of Women And Their Dependence On Men966 Words   |  4 Pagesproductive and developing. Rather than viewing women as only mothers and wives, Gilman’s writing came from a far more contemporary approach than both Parson and my father, where the progression and productivity of society is dependent on women’s financial and emotional emancipation from gender roles and men According to Gilman (1898), economic arrangements is to blame for women’s dependence on men both economically, and for self-worth. Moreover, this division of labor has led to the exploitation of womenRead MoreThe Status Of The Ideal American Family1182 Words   |  5 Pagesand we see many different practices that have had successes and failures amongst families in the United States. Over the last six decades, the image of the ideal American family has changed, as well as the political and economic status of women. The development of relative economic power for women has led to a change in family structure. The evolution of families can be seen in the media and television shows, and the contrast between shows in the mid 20th century and now, is shell shocking. As newRead MoreThe Era for Stay-at-home Dads Essay1640 Words   |  7 Pageswithin the family has been the same: the father is a deserved pillar of family, and he has responsibility to be a breadwinner by going out to w ork to make money rather than staying at home as a homemaker. However, over the past few decades, the conventional gender role stereotypes of family has been largely changed to the point that an increasing number of men choose to be stay-at-home dads instead of being bread-earners. The at-home dad trend is that the father both takes on the role of primary caregiverRead MoreThe Tiwi Peoples Of Australia875 Words   |  4 Pagesrather by comparing each individual piece to another and the whole. This writing will discuss the Tiwi peoples of Australia, on how their traditional beliefs and economy influence the marriage system and politics, and vice versa. In addition, how the modern life of the Tiwi has undergone changes in relation to these matters will be provided as evidence to support the discussion. The Tiwi with population of about 2000 are located on Melville and Bathurst islands of Australia. Their environment is heavilyRead MoreThe Taming Of The Shrew And Gil Junger s Film, Nineteen Things I Hate About You1193 Words   |  5 Pagesreflects on the idea of marriage being an economic agreement as well as the structured roles played by men and women that were prevalent in the 16th century and how gender affected the way a person can be viewed and courted in the same time period. This is contrasted by Gil Junger’s 1999 appropriation, Ten Things I Hate About You, in which modern teenage life and relationships are explored, touching on these same issues in relation to gender roles in a modern context. In this essay I will compare theRead MoreClueless: Social Class and Harriet Smith1179 Words   |  5 Pagesâ€Å"make-over†/transformation of Harriet Smith (Emma) and Tai (Clueless) †¢ Both Emma and Cher desire to create a being in their own image †¢ Harriet Smith and Tai are both of a low socio-economic status and are lacking in cultural knowledge and intelligence †¢ The main difference between them shows an element of the transformation of Emma in to a modern day film: this is the fact that Harriet’s downfall is her lack of cultural knowledge, social status due to her lack of family ties and low intelligence. However, in CluelessRead MoreFoucault s Theory Of Power1498 Words   |  6 Pagestransfers with you to the next position due to the nature of the institutions. Then Foucault takes a big swing into showing how modern western men are basically trapped by the institutions they created and therefore have lost a tremendous amount of freedom in the process. Then â€Å"Foucault turns the usually celebratory narrative of the rise of the individual in modern Western societies on its head by connecting that rise with a tremendous decrease in freedom.† (Foucault 1471) When Foucault states