Adam Smith-Microeconomics - Widmer 1 Emma Widmer Adam Smith...

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Widmer 1Emma Widmer Adam Smith PaperECO2020 0022/1/2020Who was Adam Smith?Adam Smith was a Scottish philosopher in the mid to late 1700s with a focus on economic principles in the political and social realms. Although the exact date of his birth is unknown, he was baptized June 5, 1723, in Kirkcaldy, Scotland. Later in his childhood, he attended Burgh School in Scotland where he received his elementary education and studied the core subjects of Latin, mathematics, history and writing. It was said that Adam Smith was kidnapped by gypsies at the age of four, but later rescued by his uncle. After his return, he attended the University of Glasgow during the rise of the Scottish Enlightenment in 1737, at the age of 14. Following his graduation in 1740, Smith continued his education at Oxford. Smith continued his personal studies of philosophy, economics, and government and went on to write the highly influential works: The Theory of Moral Sentiments (1759) and An Inquiry into the Nature and Causes of the Wealth of Nations (1776). These works proposed the idea that the wealth of a nation should not be measured by the amount of gold and silver stored, but rather the total of its production and commerce, also known as the gross domestic product. This changed the idea that imports were an economic bad, to an economic good. These principles went on to influence the economic blueprint for every president of the United States of America, in some fashion. Smith died in 1790 after living a life devoted to learning, leaving his legacy to inspire and influence economists to this day.

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