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Economic Revolution Mid 18th Essay

654 words - 3 pages

Economic Revolution Mid-18th

Adam smith ( 1732 – 90 ) , the kindly , brilliant founder of the classical school was born in the
seaport and manufacturing town of Kirkaldy, Scotland . he studied moral and political
science and languages at Balliol College , Oxford . Smith began delivering public lectures in
1748 at Edinburgh after that he was elected professor of logic at Glasgow College in 1751.

His contribution to the development of economic since ( especially when we look at the
influence which his views and work exerted upon the moulding of future economic thought
and policy ) cannot be over-estimated. The seeds of later development are found in his theory
the Moral ...view middle of the document...

the theory of moral sentiments sympathy& benevolence overcame selfishness ; the natural order is guided by benevolent God in Wealth of the Nations competition curbs selfishness ; God is excluded leaving Smith to fined defects in the order of nature without casting reflections on the work-manship of it's Author. Smith believed that prudence in managing one's own affairs is relates to justice towards others-that is justice toward others is the best policy in one's effort to rise of the world. He agreed with his friend Benjamin Franklin that '' honesty is the best policy '' both books reconcile the individual with the social interests through the principal of the invisible hand or natural harmony and the principal of natural liberty of the individual all the right to justice .

The Wealth of Nations
Smith expounded how rational self-interest and competition can lead to economic prosperity . this led to later evolution of economic, It lies in the concept of economic growth....

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