1. Adam Smith (1723 - 1790)
Adam Smith is pronounced as the "Father of Economics" and the "Father of Capitalism". He gave the idea of capitalism to the world by suggesting that the wealth of nations is not measured by its stores of gold and silver. It must be measured by the total production of goods and services in a nation and by flourishing the commerce activities. Capitalism generally increases the overall wealth of a nation but it badly creates the acute distribution of wealth leading to inequality in a society. Moreover, capitalism has been the main source of unrest in many developing countries where globalization has led to the exploitation of resources and manpower. Although, capitalism has been declared dead by many researchers and Economists, we cannot deny the fact that economists have failed to provide an alternative to capitalism. Socialism is widely considered an alternative to capitalism. Many governments have been made by promising to bridle the capitalism and ensure the equal distribution of wealth. But, all of them failed to control capitalism.Adam Smith also proposed the concept of division of labor that is applied in every field today to increase the efficiency and production on a mass scale. He also proposed that an economy can only prosper if it is based on the self-interested free-market economy (laissez-fair economic system).
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