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8 Pages • Essays / Projects • Year: Pre-2021 • Previously uploaded under: ECON1401 - Economic Analysis
Adam Smith, the father of political economy, is the most renowned and influential economists in 18th century. His work provides a systematic examination of the conceptual foundation of the capitalistic market economy. Adam Smith believes that society should depend on unregulated capitalism market rather than authoritarianism. Throughout the theories and thoughts by Adam Smith, he suggests the limited government intervention, free trade market and the labor division. In line with Adam Smith’s famous publish work, According to these factors and facts, they determine that the developed countries will not slow down the economic growth in the future. Therefore, many Smith’s theories and concepts are still having significant impact nowadays and guide a way to current economists.
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