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Criticisms of Adam Smith: The Wealth of Nations

Adam Smith, known as the father of modern economics, integrated various disciplines in his economic theories, emphasizing concepts like free competition and political economy. His notable works include 'Theory of Moral Sentiments,' which discusses human empathy and the 'invisible hand,' and 'The Wealth of Nations,' which laid the foundation for classical and liberal political economy. Despite criticisms regarding his belief in market-driven social welfare, Smith acknowledged the imperfections of markets and advocated for a regulated trading environment.

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48 views2 pages

Criticisms of Adam Smith: The Wealth of Nations

Adam Smith, known as the father of modern economics, integrated various disciplines in his economic theories, emphasizing concepts like free competition and political economy. His notable works include 'Theory of Moral Sentiments,' which discusses human empathy and the 'invisible hand,' and 'The Wealth of Nations,' which laid the foundation for classical and liberal political economy. Despite criticisms regarding his belief in market-driven social welfare, Smith acknowledged the imperfections of markets and advocated for a regulated trading environment.

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leidy
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Adam Smith is one of the most famous economists in

history and is considered the father of modern economics.


In his economic theories he combines history, philosophy,
economic development, psychology, and ethics.
Adam Smith is one of the greatest exponents of classical
economics. His studies on economic growth, free
competition, liberalism and political economy stand out.
Criticisms of Adam Smith
Criticisms of Adam Smith have come mainly for his idea
that the market economy is the tool to achieve social
welfare, while each one seeks his own interest (reflected in
the invisible hand). However, he never believed that the
market was perfect or that it worked automatically by magic.
What's more, he admitted that a totally free trading market
was a utopia. Smith also did not support an anarchic
system, without rules or laws, but a market economy where
free trade was allowed.
Works of Philosophy and Economics of Adam Smith
The book "Theory of Moral Sentiments", his masterpiece
from a philosophical perspective, was published in 1759. In
it he exposed the principles of human nature that guided the
social behavior of man and spoke for the first time of "the
invisible hand" that, unknowingly and unintentionally, he
directed his own personal interest towards the good of
society. The book begins by exploring human behaviors, in
which egoism does not appear in a leading role anywhere.
Instead, it narrates the human being's process of feeling
empathy and putting himself in the place of the other as his
greatest virtue, since he feels it naturally even when he has
no benefit from it.
The Wealth of Nations
Three years later, in 1767, he began writing his "Essay on
the Wealth of Nations" which was finally published in
London six years later. This work represented the first great
work of classical and liberal political economy; that is to say,
in it the principles of scientific research were applied to
economics - for the first time - in an attempt to build an
independent science.. 

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