Contributions of Adam Smith Term Paper by ResearchRiter

Contributions of Adam Smith
Discussion of Adam Smith's contributions to economics.
# 122362 | 500 words | 2 sources | APA | 2008 | US
Published on Dec 01, 2008 in Economics (General)


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Description:

This paper summarizes and analyzes the contributions of Adam Smith to the study of economics. The paper gives particular attention to the concepts of comparative and absolute advantage.

From the Paper:

"According to an essay published on Wikipedia online Adam Smith's book 'An Inquiry into the Nature and the Causes of the Wealth of Nations' is considered the starting point for most discussions, defenses and critiques of capitalism. Smith explained that the invisible hand results in the right products being produced in the correct quantities. For example, if a product shortage occurs its price rises. This creates an incentive to increase production, eventually eliminating the shortage. If a labor shortage occurs..."

Cite this Term Paper:

APA Format

Contributions of Adam Smith (2008, December 01) Retrieved March 03, 2024, from https://www.academon.com/term-paper/contributions-of-adam-smith-122362/

MLA Format

"Contributions of Adam Smith" 01 December 2008. Web. 03 March. 2024. <https://www.academon.com/term-paper/contributions-of-adam-smith-122362/>

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