1152 - philosophy. In the first of his two major works...

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www.thinkwell.com info@thinkwell.com Copyright 2000, Thinkwell Corp. All Rights Reserved. 1152 –rev 10/26/2000 Case Study: The Work of Adam Smith ! Adam Smith (b. 1723–d. 1790) is called the father of modern economics. ! The Theory of Moral Sentiments (1759) and An Inquiry into the Nature and Causes of the Wealth of Nations (1776) are two of Smith’s most important works. ! Smith believed that the pursuit of self-interest leads to common wealth. Adam Smith was born in Kirkcaldy, Scotland in 1723. He attended Oxford University where he studied moral philosophy , the study of the right way for people to live. He became a professor of moral philosophy at Glasgow University and one year later was appointed chair of moral
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Unformatted text preview: philosophy. In the first of his two major works (1759), Smith wrote that human nature is inherently compassionate and cooperative. Because of this nature, Smith believed that we are capable of producing great wealth. Smith published his second major work in 1776, . In it he proclaimed that individuals are led by an invisible hand to pursue self-interests and create a wealthy, productive economy. The list on the left addresses some of Smiths concerns. These scenarios are certainly possible in the real world, but Smith believed that human nature without government intervention is capable of producing great wealth....
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This note was uploaded on 06/18/2011 for the course ECON 101 taught by Professor Vicek during the Spring '11 term at Parkland.

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