Adam Smith's Economic Revolutions Analytical Essay by Top Papers

Adam Smith's Economic Revolutions
A discussion on the revolutionary aspects of Adam Smith's "The Wealth of Nations"
# 143166 | 3,000 words | 0 sources | MLA | 2009 | US
Published on Dec 01, 2009 in Economics (General)

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The paper relates that Adam Smith, the eighteenth-century Scottish teacher and intellectual, published his seminal "The Wealth of Nations" in 1776, changing the face of economics forever. The paper relates that Smith's work, while influenced by currents of economic thought in his era, was a fundamental departure from what had come before. The paper explains that "Wealth of Nations" was revolutionary in at least four ways: it put 'economic man' rather than 'moral man' at the center of its worldview, taking what is rather than what ought to be as its point of departure; it introduced scientific analysis and methods to what had been (and, through figures such as Marx, continued to be) an overly philosophical field of inquiry; it was unafraid to advocate the profit motive in a environment that associated such a motive only with Jews, and considered it depraved and sinful; and it planted the seed that would sprout into the marginal revolution of the nineteenth century.

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