Adam Smith by Mikayla Godoy https://padlet.com/mikayla_godoy/1h4krw6j22es By Mikayla Godoy and Zach Bennett en-us 2016-08-18 17:47:03 UTC 2026-01-05 20:12:47 UTC hello@padlet.com https://ihb.io/wp-content/uploads/2014/02/Adam-Smith-IHB-News%E2%84%A2.jpg Adam Smith  mikayla_godoy https://padlet.com/mikayla_godoy/1h4krw6j22es/wish/118952665 "Father of Modern Capitalism"
June 16, 1723 - 
July 17, 1790]]> 2016-08-19 16:50:22 UTC https://padlet.com/mikayla_godoy/1h4krw6j22es/wish/118952665 Born in Kirkcaldy, United Kingdom mikayla_godoy https://padlet.com/mikayla_godoy/1h4krw6j22es/wish/118953264 2016-08-19 16:52:55 UTC https://padlet.com/mikayla_godoy/1h4krw6j22es/wish/118953264 Fields of study zachary_bennett https://padlet.com/mikayla_godoy/1h4krw6j22es/wish/118954064 Theology (study of the nature of religion), Jurisprudence (study of law), and Moral Philosophy (study of reality and existence concerned with ethics).]]> 2016-08-19 16:56:27 UTC https://padlet.com/mikayla_godoy/1h4krw6j22es/wish/118954064 Main ideas zachary_bennett https://padlet.com/mikayla_godoy/1h4krw6j22es/wish/118954621 1. Free Market -  a system where the prices for goods and services are determined by the open market and consumers, in which the laws and forces of supply and demand are free from any intervention by the government or other authority. 

2. Laissez Faire - Natural laws should be allowed to operate without interference. As part of this philosophy, the government should not interfere in the free operation in the economy. Adam Smith was the main proponent of laissez faire economics. 

3. Invisible hand theory- The idea that an invisible hand guides over the supply and demand market instead of the government. Basically saying that things will work out how they are supposed to.
]]> 2016-08-19 16:59:23 UTC https://padlet.com/mikayla_godoy/1h4krw6j22es/wish/118954621 Long term impacts zachary_bennett https://padlet.com/mikayla_godoy/1h4krw6j22es/wish/118958138 1. "Father of Modern capitalism."
Economist call him father of capitalism because he had the theory and process of it but couldn't think of a name for it at the time.
 
2. The book "The Wealth of the Nations"
 It was about how the nation's wealth is built up and how divisions of labor and a little bit about free markets. 

]]> 2016-08-19 17:18:19 UTC https://padlet.com/mikayla_godoy/1h4krw6j22es/wish/118958138 Quotes zachary_bennett https://padlet.com/mikayla_godoy/1h4krw6j22es/wish/118958705 1."It is not from the benevolence of the butcher, the brewer, or the baker that we expect our dinner, but from their regard to their own interest."  
People of their own self  interest works provide everyone with the things they want.

2."Science is the great antidote to the poison of enthusiasm and superstition".
He's saying that science kills the fun in life.

]]> 2016-08-19 17:20:40 UTC https://padlet.com/mikayla_godoy/1h4krw6j22es/wish/118958705 Karl Marx mikayla_godoy https://padlet.com/mikayla_godoy/1h4krw6j22es/wish/119087205 Karl Marx opposed Smith in many ways . Marx strongly believed the idea that capitalism leads to greed and inequality.

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