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Beginning of Paper
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Often called the founder of modern economics, Adam Smith, born in Kirkcaldy, Scotland, June 5, 1723, was a wide-ranging social philosopher and economist whose masterwork, "An Inquiry into the Nature and Causes of the Wealth of Nations" (1776), is one of the most influential studies of Western civilization.
Smith's intellectual interests were extensive. He wrote an important philosophical treatise, "The The ....
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Middle of Paper
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.... and develop over time. Smith sought to show how competition in the market- place would lead businessmen to supply the goods consumers want, to produce these goods efficiently, and to charge only what they are worth. He saw monopoly, whether private or state-imposed, as the evil to be combated, and competition as promoting the best interests of society. He further argued that economic growth, which depends upon capital accumulation and an increased division of labor, would be prom ....
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