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3 days ago · The conspicuous timing of the publication of Adam Smith’s The Wealth of Nations and America’s Declaration of Independence, separated by only a few months in 1776, has attracted a great deal of historical attention. America’s revolution was in large part motivated by the desire to break free from British mercantilism and engage the ...
2 days ago · The library of the great Scottish economist Adam Smith (1723-1790) is one of our landmark printed collections. There are about 850 works in 1,600 volumes, including some great treasures such as a fine copy of the first edition of Copernicus’ 'De revolutionibus' (1543). We hold about half the original library.
3 days ago · According to Smith, when individuals pursue their self-interest in a competitive market, they inadvertently contribute to the welfare of society as a whole. The invisible hand mechanism ensures that resources are allocated efficiently, leading to the maximization of overall economic welfare. This idea, though often misunderstood, laid the ...
2 days ago · Adam Smith Institute, 23 Great Smith Street, London SW1P 3DJ, United Kingdom 02072224995 info@adamsmith.org Media enquiries: 07584 778207 (Call, Text, WhatsApp 24 hour)
4 days ago · Production was at an all time peak, there was huge amounts of trade benefitting many and the “common good”, but, important businessmen everywhere were complaining about an economic downturn. As Smith says, these complaints were coming from “ an order of men whose interest is never exactly the same with that of the public, who have ...
2 days ago · Adam Smith’s Ideas on Growth and Distribution Reading: 1) Book 1: A history of economic thought (Chap. 2) Book 2: Competing Schools of Economic Thought (Chap. 3.7-3.10) Wealth of Nations -Wealth = annual produce of land and labour of the country (not a stock, but annual flow) -Wealth is increased by pursuit of self-interest by industrial capitalists.
5 days ago · Adam Smith, paste medallion by James Tassie, 1787; in the Scottish National Portrait Gallery, Edinburgh. Courtesy of the Scottish National Portrait Gallery, Edinburgh entrepreneurship , the state of being an entrepreneur, or a person who organizes, manages, and assumes the risk of a business with the goal of generating economic value.
