Smith and Marx
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- Category: Politics: Philosophy
- Date Submitted: 03/07/2010 12:49 PM
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Adam Smith
Adam smith was in Scotland in 1723, he went the University of Glasgow when he was only 14 years old. Graduating when he was 17, he moved to England to go to school at Oxford University . Where he studied for the next 6 years.That's when Adam Smith started to develop his ideas for economics. That's when he started to teach moral philosophy at the University of Glasgow.
Then the start of economics started from his book he write called Wealth of Nations. Published in 1776. Which examined in detail the consequences of economic freedom. It covered such concepts as the role of self-interest, the division of labor, the function of markets, and the international implications of a laissez-faire economy. Wealth of Nations established economics as an autonomous subject and launched the economic doctrine of free enterprise.Smith laid the intellectual framework that explained the free market and still holds true today. He is most often recognized for the expression “the invisible hand,” which he used to demonstrate how self-interest guides the most efficient use of resources in a nation's economy, with public welfare coming as a by-product. To underscore his laissez-faire convictions, Smith argued that state and personal efforts, to promote social good are ineffectual compared to unbridled market forces.
Karl Marx
Karl Heinrich Marx was born into a comfortable middle-class home in Trier on the river Moselle in Germany on May 5, 1818. He came from a long line of rabbis on both sides of his family and his father, a man who knew Voltaire and Lessing by heart, had agreed to baptism as a Protestant so that he would not lose his job as one of the most respected lawyers in Trier. At the age of seventeen, Marx enrolled in the Faculty of Law at the University of Bonn. Man responsible for interesting Marx in Romantic literature and Saint-Simonian politics. The following year Marx's father sent him to the more serious University of Berlin where he...
Adam smith was in Scotland in 1723, he went the University of Glasgow when he was only 14 years old. Graduating when he was 17, he moved to England to go to school at Oxford University . Where he studied for the next 6 years.That's when Adam Smith started to develop his ideas for economics. That's when he started to teach moral philosophy at the University of Glasgow.
Then the start of economics started from his book he write called Wealth of Nations. Published in 1776. Which examined in detail the consequences of economic freedom. It covered such concepts as the role of self-interest, the division of labor, the function of markets, and the international implications of a laissez-faire economy. Wealth of Nations established economics as an autonomous subject and launched the economic doctrine of free enterprise.Smith laid the intellectual framework that explained the free market and still holds true today. He is most often recognized for the expression “the invisible hand,” which he used to demonstrate how self-interest guides the most efficient use of resources in a nation's economy, with public welfare coming as a by-product. To underscore his laissez-faire convictions, Smith argued that state and personal efforts, to promote social good are ineffectual compared to unbridled market forces.
Karl Marx
Karl Heinrich Marx was born into a comfortable middle-class home in Trier on the river Moselle in Germany on May 5, 1818. He came from a long line of rabbis on both sides of his family and his father, a man who knew Voltaire and Lessing by heart, had agreed to baptism as a Protestant so that he would not lose his job as one of the most respected lawyers in Trier. At the age of seventeen, Marx enrolled in the Faculty of Law at the University of Bonn. Man responsible for interesting Marx in Romantic literature and Saint-Simonian politics. The following year Marx's father sent him to the more serious University of Berlin where he...