Why Is Adam Smith Called A Founding Father Of Economics?


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Dolphin Lee Profile
Dolphin Lee answered
Economy is a kind of life, is a necessary and useful for family and state the use value of the goods.
Tariq Habib Profile
Tariq Habib answered
"For what purpose is all the toil and bustle of this world? What is the end of avarice and ambition, of the pursuit of wealth, of power, of pre-eminence?" Thus wrote Adam Smith of Scotland, who glimpsed for the social world of economics what Isaac Newton recognized for the physical world of the heavens. Smith answered his questions in the "Wealth of the Nations" where he explained the self-regulating natural order by which the oil of self-interest lubricates the economic machinery in an almost miraculous fashion. Smith believed that the toil and bustle had the effect of improving the lot of the common man and woman. "Consumption is the sole end and purpose of all products."
Smith was the first apostle of economic growth. At the dawn of industrial revolution, he pointed to the great strides in productivity brought about by specialization and division of labour. In a famous example, he described the specialization manufacturing of a pin factory in which "one man draws out the wire, another straightens it, a third cuts it," and so it goes. This operation allowed 10 people to make 48000 pins a day, whereas if "all wrought separately, they could not each of them make twenty, perhaps not one pin a day."

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