Search results
Results From The WOW.Com Content Network
International trade theory. International trade theory is a sub-field of economics which analyzes the patterns of international trade, its origins, and its welfare implications. International trade policy has been highly controversial since the 18th century. International trade theory and economics itself have developed as means to evaluate the ...
History. The Wealth of Nations was published in two volumes on 9 March 1776 (with books I–III included in the first volume and books IV and V included in the second), [3] during the Scottish Enlightenment and the Scottish Agricultural Revolution. [4] It influenced several authors and economists, such as Karl Marx, as well as governments and ...
Economics. Adam Smith FRS FRSE FRSA (baptised 16 June [O.S. 5 June] 1723 [1] – 17 July 1790) was a Scottish [a] economist and philosopher who was a pioneer in the thinking of political economy and key figure during the Scottish Enlightenment. [3] Seen by some as "The Father of Economics" [4] or "The Father of Capitalism", [5] he wrote two ...
Comparative advantage in an economic model is the advantage over others in producing a particular good. A good can be produced at a lower relative opportunity cost or autarky price, i.e. at a lower relative marginal cost prior to trade. [1] Comparative advantage describes the economic reality of the gains from trade for individuals, firms, or ...
Capitalism. Classical economics, classical political economy, or Smithian economics is a school of thought in political economy that flourished, primarily in Britain, in the late 18th and early-to-mid-19th century. Its main thinkers are held to be Adam Smith, Jean-Baptiste Say, David Ricardo, Thomas Robert Malthus, and John Stuart Mill.
t. e. In economics, the principle of absolute advantage is the ability of a party (an individual, or firm, or country) to produce a good or service more efficiently than its competitors. [1][2] The Scottish economist Adam Smith first described the principle of absolute advantage in the context of international trade in 1776, using labor as the ...
t. e. The invisible hand is a metaphor inspired by the Scottish economist and moral philosopher Adam Smith that describes the incentives which free markets sometimes create for self-interested people to act unintentionally in the public interest. Smith originally mentioned the term in two specific, but different, economic examples.
Manchester Liberalism has a theoretical basis in the writings of Adam Smith, David Hume and Jean-Baptiste Say. The great champions of the Manchester School were Richard Cobden and John Bright . As well as being advocates of free trade, [ 2 ] they were radical opponents of war and imperialism, and proponents of peaceful relations between peoples.