Adam Smith by Jeremy Lorge

Adam Smith by Jeremy Lorge https://padlet.com/23lorge_j/ocyintsufwejip98 David and Jeremy en-us 2021-09-08 11:36:48 UTC 2023-07-31 16:22:51 UTC hello@padlet.com https://padlet.net/icons/png/1f4dc.png Adam Smith - The father of Economics 23lorge_j https://padlet.com/23lorge_j/ocyintsufwejip98/wish/1784103744
EARLY AND PERSONAL LIFE

I am Adam Smith, the “Father of Economics” and the author and creator of multiple publications and economic principles. I was born and baptized in June of 1723 in Kirkcaldy, Scotland, where I was raised. The most exciting event of my early childhood is likely how I was kidnapped at the age of 4 by gypsies that abducted me from my school but eventually let me go. At the age of 13, in 1737, I was accepted into the University of Glasgow. After I graduated, I earned a scholarship to study at the University of Oxford, where I graduated with extensive knowledge in European literature that helped me understand and form my ideas of economics. At the age of 27, I was appointed professor of logic at Glasgow, and the following year I transferred to become a professor of moral philosophy, where I focused on ethics, theology, political economics, and others. It was “by far the happiest and most honorable period of my life” in Glasgow, where I lectured every day. In 1776, after returning from tutoring the young duke of Buccleuch all across France and Switzerland, where I met many of my contemporary philosophers and economists, such as Jean-Jacques Rousseau, I published my most famous text, “The Wealth of Nations.” I never married, had no kids, and eventually died in Edinburgh on July 17, 1790.

]]> 2021-10-01 13:00:53 UTC https://padlet.com/23lorge_j/ocyintsufwejip98/wish/1784103744 Influence on the field of economics: 23lorge_j https://padlet.com/23lorge_j/ocyintsufwejip98/wish/1784112365 I am the father of economics, and therefore have had an immeasurable influence on modern economics, mainly through my major publications. One example of a concept that I came up with is gross domestic product, or GDP, the most common term used to describe the size of a country or region’s economy. Alongside this, I came up with the theory of compensating wage differentials, in which jobs that have a higher risk, should be paid higher wages to attract employees. Part of my philosophy was the idea of free markets, with the least amount of government intervention and the belief that prices and quantity will naturally find equilibrium. However, I still believe that the government did have its role in our society. One of the most significant concepts that I contributed to the field of economics was the idea of the assembly line production method and specialization. This is the idea that the division of labor would allow for greater efficiency in producing goods created in factories. Another popular concept that I came up with was the idea of the invisible hand. In a free market, the idea of the invisible hand is one where everyone acts in their self-interest and creates competition that leads to long-term economic growth. Many of the ideas and concepts that I have contributed to the field of economics are now known as part of classical economics.

]]> 2021-10-01 13:04:29 UTC https://padlet.com/23lorge_j/ocyintsufwejip98/wish/1784112365 INFLUENCE ON VIEWS: 23lorge_j https://padlet.com/23lorge_j/ocyintsufwejip98/wish/1784130781 Today, not much is known about the influences on my early childhood, but I attended university at 13. At the University of Glasgow, I met the famous moral philosopher, professor Francis Hutcheson, who helped shape my economic and philosophical development views. During the period known as the Scottish Enlightenment, we formed a group of philosophers known as the Literati. We would meet regularly to discuss and critique each other's work on the topics of philosophy, politics, and economics (although it wasn't known as economics at the time). In this group, I met one of my closest friends, David Hume, whose work I read while studying at Oxford University. David Hume, a philosopher at the time, was deeply interested in the core beliefs of moral philosophy and how they affected and impacted our society. I never directly argued in favor of his ideas, although I agreed with many, while my views on others were apparent in my works. At the University of Oxford, I spent most of my time teaching myself classical and contemporary philosophy. Eventually, through my mother's connections and the help of the philosopher Lord Henry Home Kames, I was able to give my first lectures in Edinburgh after returning home from Oxford. As mentioned before, I met many other economists and philosophers during my journey through France and Switzerland, where I learned new ideas. After returning home, In 1778, I was appointed commissioner of customs. This job allowed me to enforce the views of laws against smuggling that I wrote about in my most famous publication, the "Wealth of Nations."

]]> 2021-10-01 13:12:00 UTC https://padlet.com/23lorge_j/ocyintsufwejip98/wish/1784130781 23lorge_j https://padlet.com/23lorge_j/ocyintsufwejip98/wish/1784162895 2021-10-01 13:23:58 UTC https://padlet.com/23lorge_j/ocyintsufwejip98/wish/1784162895 This is me: 23lorge_j https://padlet.com/23lorge_j/ocyintsufwejip98/wish/1784172860 2021-10-01 13:27:32 UTC https://padlet.com/23lorge_j/ocyintsufwejip98/wish/1784172860 23lorge_j https://padlet.com/23lorge_j/ocyintsufwejip98/wish/1784180830 2021-10-01 13:30:12 UTC https://padlet.com/23lorge_j/ocyintsufwejip98/wish/1784180830 The Invisible Hand 23lorge_j https://padlet.com/23lorge_j/ocyintsufwejip98/wish/1784232308 The most prominent theory I presented in The Wealth of Nations was my analysis of self-correcting markets driven by the invisible hand. I defend the idea of “laissez-faire” that governments should not intervene with markets, as they will naturally diverge onto efficiency, driven by human nature of self-benefit. This desire for self-betterment that humans are naturally born with, although counterintuitive, is what causes markets to be at a healthy competition that incentivizes growth and optimal allocation of a nation’s resources. A collective effort to yield as much personal gain from a commodity causes the invisible hand to allocate labor and capital to its most effective use, breaking down prices of goods and services to reach their “natural levels,” which corresponds to their production cost. And although prices may be subject to brief aberrations and changes, the invisible hand, again, driven by human nature for self-betterment, restores them to their equilibrium price that yields the most social profit. Thus I propose governments not to intervene with markets to allow for their supplies and demands to meet at a level where input resources are used as efficiently as possible. Moreover, the idea that “wealth follows capital, and individuals own capital” creates a natural order to the flow of wealth, where the distribution of income to workers is through their wages; their wages which are the profits of manufacturers; their profits whose are the landlord’s rent. This idea of allocation of wealth eventually allowed my work to lie at the core of what is now capitalism.

]]> 2021-10-01 13:48:54 UTC https://padlet.com/23lorge_j/ocyintsufwejip98/wish/1784232308 Major Publications 23lorge_j https://padlet.com/23lorge_j/ocyintsufwejip98/wish/1784234994 The Theory of Moral Sentiments (1759)

My first major publication serves to lay the groundwork of human thinking for my following works. It discusses and evaluates the formation and importance of human morals which in a major part speaks on the role that sympathy plays in one’s morals and virtues which ultimately drive decision-making, in and outside of economics.

An Inquiry into the Nature and Causes of the Wealth of Nations (Wealth of Nations) (1776)

My second and arguably most notable work was what is commonly referred to as The Wealth of Nations is which laid the foundation of what has evolved into what is now called capitalism. This publication of mine presents a more efficient and innovative approach to the flawed mercantilist economic system, which would introduce nations to a productive, free economic system. In doing so, I present a plethora of economic ideas that persist until today, including but not limited to the invisible hand, division of labor/assembly-line production of goods, free markets, gross domestic product, taxation, international trade, and how they work in harmony to drive economies to Pareto efficiency.

]]> 2021-10-01 13:49:50 UTC https://padlet.com/23lorge_j/ocyintsufwejip98/wish/1784234994 Sympathy 23lorge_j https://padlet.com/23lorge_j/ocyintsufwejip98/wish/1784241138 The Theory of Moral Sentiments explored the cognition of natural human behavior to trace its role in moral thinking. In doing so, it presents the theory of an impartial spectator that lies within the subconscious from whom every person seeks approval, mirroring human desire for sympathy twoards their sentiments. Said impartial spectator is developed through cumulative observation of one’s surroundings that evolves into an immutable voice that condemns and praises others’ and one’s own decisions. This ability to sympathize is the driving force that allows people to override their self-seeking ration to serve themselves best. Thus morals that drive the economy are not solely built on a rationale to gain profit but are instead a product of the sentimental experiences that make us human. ]]> 2021-10-01 13:51:51 UTC https://padlet.com/23lorge_j/ocyintsufwejip98/wish/1784241138 Division of Labor 23lorge_j https://padlet.com/23lorge_j/ocyintsufwejip98/wish/1784246779 The Wealth of Nations also speaks on the power of specialization. With workers being able to hone their skills into a singular part of the “assembly line”/production, manufacturers can produce at a more efficient rate as they serve as a cog in a larger machine that can produce goods and services. Workers no longer need to be educated on the overall production of a good; they can be taught how to efficiently receive a half-finished product and apply their aspect of production to it and pass it on. Thus, no time is wasted walking around factories, changing tools, and having arbitrary strengths and weaknesses in a wide range of required skillsets that are needed to create a singular product.

]]> 2021-10-01 13:53:46 UTC https://padlet.com/23lorge_j/ocyintsufwejip98/wish/1784246779 GDP 23lorge_j https://padlet.com/23lorge_j/ocyintsufwejip98/wish/1784256067 In my time of mercantilism-oriented mindsets, a nation’s wealth was valued on their storage of precious raw materials, such as gold and silver, but I proposed that any given nation’s wealth and growth is reflected by their gross production of goods and services within their borders. ]]> 2021-10-01 13:56:51 UTC https://padlet.com/23lorge_j/ocyintsufwejip98/wish/1784256067 23lorge_j https://padlet.com/23lorge_j/ocyintsufwejip98/wish/1784454330 2021-10-01 15:08:05 UTC https://padlet.com/23lorge_j/ocyintsufwejip98/wish/1784454330 International trade 23lorge_j https://padlet.com/23lorge_j/ocyintsufwejip98/wish/1784472080 My international trade theory intertwines itself with my primary theory of the invisible hand. I, again, vouch for governments to alleviate tariffs, and I argue for their adverse effects on the efficiency and economy of the world. Imposing restrictive regulations on international trade serve no purpose besides diminishing the global output of products and decreasing the efficiency at which capital can move. The said rules inhibit the invisible hand from allocating capital and labor from serving their best purpose. I give a prime example of such adverse effects with wine in Scotland. Although good grapes grow in Scotland, France has an unavoidable absolute advantage in producing wine due to their decreased heating costs. Imposing tariffs on French wine to protect local producers would only create a Scottish wine industry that wastes resources by allocating public money into a market that produces at 30 times higher cost than France. Instead of wine production, the resources could be targeted towards Scotland's abundance of wool and devoting their efforts to trade wine and wool between Scotland and France to maximize the net production of goods and increase the social benefit by driving down production costs. ]]> 2021-10-01 15:14:53 UTC https://padlet.com/23lorge_j/ocyintsufwejip98/wish/1784472080 Works Cited 23lam_m https://padlet.com/23lorge_j/ocyintsufwejip98/wish/1788765613

"Adam Smith 1723-1790." Econlib, www.econlib.org/library/Enc/bios/Smith.html. Accessed 1 Oct. 2021.

Adam Smith Statue beside the Mercat Cross, following the unveiling. Edinphoto.org, www.edinphoto.org.uk/0_buildings_s/0_buildings_-_statue_adam_smith_037745.htm. Accessed 1 Oct. 2021.

Adam Smith Telling Truths. Reddit, www.reddit.com/r/JordanPeterson/comments/e27bud/adam_smith_telling_truths/. Accessed 1 Oct. 2021.

Adam_Smith_The_Muir_portrait. Wikipedia Commons, commons.wikimedia.org/wiki/File:Adam_Smith_The_Muir_portrait_(cropped).jpg. Accessed 1 Oct. 2021.

Boyle, Michael J. "Adam Smith and 'The Wealth of Nations.'" Investopedia, DotDash, 28 Apr. 2021, www.investopedia.com/updates/adam-smith-wealth-of-nations/. Accessed 1 Oct. 2021.

Heilbroner, Robert L.. "Adam Smith." Encyclopedia Britannica, 13 Jul. 2021, https://www.britannica.com/biography/Adam-Smith. Accessed 1 October 2021.

Pettinger, Tejvan. "Division of Labor." Economics.Help, © - Economicshelp.org 2021, www.economicshelp.org/blog/glossary/division-of-labour/. Accessed 1 Oct. 2021.

Science is the Great Antidote to the Poison of Enthusiasm and Superstition. The Quotes, thequotes.in/science-is-the-great-antidote-to-the-poison-of-enthusiasm-and-superstition-adam-smith/. Accessed 1 Oct. 2021.

Sharma, Rakesh. "Adam Smith: The Father of Economics." Investopedia, DotDash, 16 Feb. 2020, www.investopedia.com/updates/adam-smith-economics/. Accessed 1 Oct. 2021.

"The Theory of Moral Sentiments." AdamSmith.org, www.adamsmith.org/the-theory-of-moral-sentiments. Accessed 1 Oct. 2021.

Weinstein, Jack Russell. "Adam Smith (1723—1790)." Internet Encyclopedia of Philosophy, iep.utm.edu/smith/#SH1a. Accessed 1 Oct. 2021.

]]> 2021-10-04 07:08:48 UTC https://padlet.com/23lorge_j/ocyintsufwejip98/wish/1788765613 Joseph Schumpeter 23kersten_p https://padlet.com/23lorge_j/ocyintsufwejip98/wish/1792604318 Good afternoon Adam,

You aren't an economist let alone even an intellectual. You can't even put two and two together without somehow making it a riddle and confusing the reader. Your works are all jokes and it's impossible to derive any enjoyment, let alone information, from your works. Stay out of this field and stop posing as an economist. It's not for everyone, especially you.

Regards, Joseph Schumpeter]]> 2021-10-05 11:12:23 UTC https://padlet.com/23lorge_j/ocyintsufwejip98/wish/1792604318 Adam Smith https://padlet.com/23lorge_j/ocyintsufwejip98/wish/1792606687 2021-10-05 11:13:34 UTC https://padlet.com/23lorge_j/ocyintsufwejip98/wish/1792606687 No hard feelings 23maj_j https://padlet.com/23lorge_j/ocyintsufwejip98/wish/1792645205 I don't have to comment your work, because in my work I evaluated most of the stuff you did and got a lot of credit for it. Just a reminder without me you would be nobody...

Yours Truly,

Karl. ]]> 2021-10-05 11:32:21 UTC https://padlet.com/23lorge_j/ocyintsufwejip98/wish/1792645205 Arthur Pigou 23gao_p https://padlet.com/23lorge_j/ocyintsufwejip98/wish/1792682584 Dear the great Adam Smith,
It is a pleasure to finally speak with you in person. I am moved by your theory of the invisible hand and how markets will "naturally diverge into efficiency". I too believe that markets are extremely self-stabilizing and that as long as there is a healthy amount of competition, governments should not intervene. However, I have to point out that you have failed to take into consideration a crucial factor called externalities. I would argue that governments should intervene sometimes to push a market towards disequilibrium by putting my Pigouvian tax or subsidy since externalities need to be taken into consideration when trying to maximize total welfare.
Sincerely,
Arthur Pigou]]> 2021-10-05 11:49:14 UTC https://padlet.com/23lorge_j/ocyintsufwejip98/wish/1792682584 Thomas Malthus 23roefler_w https://padlet.com/23lorge_j/ocyintsufwejip98/wish/1796440301 Dear Mr. Smith,
I Thomas Malthus agree with your statements since I highly disagree with the Criticised Poor laws. Poor people should not be receiving money from the government, as they get lazy and do not contribute to the community surplus. The constant funding of the poor, without expecting a return is only prolonging their suffering and poverty, therefore their labor should be promoted. Your ideas of the division of Labor perfectly represent that every worker should work in their own field. Furthermore, specialization creates more job opportunities.
Sincerely,
Thomas Malthus]]> 2021-10-06 13:23:00 UTC https://padlet.com/23lorge_j/ocyintsufwejip98/wish/1796440301