Adam Smith Influence On Economic Theory
Why is the work of Adam Smith considered so crucial in the development of economic thought?
Adam Smith is widely regarded as the father of economics as a social science, and is perhaps best known for his work The Wealth of Nations. Throughout this work Smith states and informs towards his belief that society is not at its most productive when ruled over by rules and limitations with regards to trade, and that in order for markets to maximise prosperity, a free trade environment should be made accessible. In this essay I intend to asses the way in which many of Smiths theories taken directly form his works can be applied to past and current situations, first from an economic then social, and then a political point of view. I will also outline some of Smiths major theories on market determining factors, such as supply and demand, and the labour theory of value, with focus on how these theories can be applied to current day situations, demonstrating the strength of his works.
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Approximate Word Count: 1654
Approximate Pages: 7 (250 words per double-spaced page)
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