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Classical liberalism is built on ideas that had already arisen by the end of the 18th
century, including ideas of Adam Smith, John Locke, Jean-Baptiste Say, Thomas
Malthus, and David Ricardo.
Adam Smith
Adam Smith (5 June 1723 OS (16 June 1723 NS) 17 July 1790) was a
Scottish moral philosopher and a pioneer of political economy.
Smith has been celebrated by advocates of free market policies as the founder of
free market economics, a view reflected in the naming of bodies such as the Adam
Smith Institute in London, the Adam Smith Society and the Australian Adam Smith
Club, and in terms such as the Adam Smith necktie. P. J. O'Rourke describes
Smith as the "founder of free market economics".
Smith is cited as the "father of modern economics" and is still among the most
influential thinkers in the field of economics today.
One of the key figures of the Scottish Enlightenment, Smith is best known for two
classic works: The Theory of Moral Sentiments (1759), and An Inquiry into the
Nature and Causes of the Wealth of Nations(1776). The last one, usually
abbreviated as The Wealth of Nations, is considered to be his magnum opus and
the first modern work of economics.
In 1759, Smith published his first work, The Theory of Moral Sentiments. He
continued making extensive revisions to the book, up until his death.
In the work, Smith critically examines the moral thinking of his time, and suggests
that conscience arises from social relationships. His goal in writing the work was
to explain the source of mankind's ability to form moral judgements, in spite of
man's natural inclinations towards self-interest. Smith proposes a theory of
sympathy, in which the act of observing others makes people aware of themselves
and the morality of their own behavior.
First published in 1776, the book offers one of the world's first
collected descriptions of what builds nations' wealth and is today
a fundamental work in classical economics. Through reflection
over the economics at the beginning of the Industrial
Revolution the book touches upon such broad topics as the
division of labor, productivity and free markets.
Conclusions:
References:
http://en.wikipedia.org/wiki/Classical_liberalism
http://en.wikipedia.org/wiki/Adam_Smith
http://en.wikipedia.org/wiki/The_Wealth_of_Nations
http://en.wikipedia.org/wiki/The_Theory_of_Moral_Sentiments
http://en.wikipedia.org/wiki/Classical_liberalism#Adam_Smith
http://en.wikipedia.org/wiki/Paradox_of_value
http://www.investopedia.com/articles/economics/08/adam-smith-
economics.asp
http://www.adamsmith.org/adam-smith
http://conversableeconomist.blogspot.ro/2013/08/thoughts-on-
diamond-water-paradox.html