Adam Smith Paragraph

Adam Smith, the founder of modern economics, proposed a theory in the eighteenth century that has made him controversial ever since. This British economist, who-was- born in Scotland and educated In England, wrote the first complete study of political economy. The Wealth of Nations was published in the same year that Americans declared their independence from England — that was in 1776. Smith's book pointed out and directed attention to the interdependence of freedom and order, economic processes, and free trade laws. Although his thinking did not really affect economic policies significantly during his lifetime, its influence in the next century was considerable. Among economists, "the invisible hand" and "laissez-faire" are synonymous with Smith's name. History has only made Smith's ideas more controversial. Say "Adam Smith" to conservative businesspeople and those same people will smile and make a response with words like "He was a good man—really understood how business works!" Say "Adam Smith" to liberal reformers, and they will grimace and mutter something along the lines of "He was an evil man —really sold the average citizen down the river." Both, of these reactions are extreme, but such responses indicate that the controversy aroused by Smith's ideas is still alive.

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Adam Smith, the modern economics founder, proposed a controversial theory in the eighteenth century. This Scotish economist, who was educated In England, wrote the first complete political economy study, The Wealth of Nations, published in 1776, when Americans declared their independence. Smith's book directed the attention to the interdependence of freedom, economic processes, and free trade laws. Although he did not affect economic policies during his lifetime, its influence in the next century was considerable. Adam was called "the invisible hand" and "laissez-faire" among economist. Smith's ideas have become more controversial due to history. Say "Adam Smith" to conservative businesspeople and those same people will smile and make a response with words like "He was a good man—really understood how business works!" Say "Adam Smith" to liberal reformers, and they will grimace and mutter something along the lines of "He was an evil man — sold the average citizen down the river". These reactions are extreme but they indicate the controversy aroused by Smith's ideas is alive