Adam Smith
Adam Smith was born in Kirkcaldy, Fife, Scotland. His exact date of his birth is unknown but he was baptized on June 5, 1723. At the age of fifteen, Smith began attending Glasgow University where he studied moral philosophy. In 1748 he began giving lectures in Edinburgh where he discussed rhetoric and later he began to discuss the economic philosophy of the "simple system of natural liberty" which he later proclaimed in his Inquiry into Nature and Causes of the Wealth of Nations. In 1751, Smith was appointed professor of logic at Glasgow university, transferring in 1752 to the chair of moral philosophy. His lectures covered the field of ethics, rhetoric, jurisprudence and political economy. In 1759 he published his Theory of Moral Sentiments, embodying some of his Glasgow lectures. This work was about those standards of ethical conduct that hold society together, with emphasis on the general harmony of human motives. Smith moved to London in 1776, where he published An Inquiry into the Nature and Causes of the Wealth of Nations, 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 int
The Wealth of Nations established economics as an autonomous subject and, launched the economic doctrine of free enterprise. Sure, Smith would say some mediation is necessary to keep too much money from pouring in so inflation doesn't occur. Either Greenspan lets more money enter the economy while overseeing it as too prevent inflation or America simply needs to find a new Chairman of the Federal Reserve. After his death it was discovered that Smith had devoted a considerable part of his income to numerous secret acts of charity. In the piece entitled Four Percent Follies from The Accidental Theorist Krugman discusses how some people think Alan Greenspan should let the economy grow faster. This new feeling had been born out of the economic hardships and poverty caused by the war but the British public and parliament still clung to mercantilism for many years to come. As the article illustrates, inserting more money into the economy will certainly cause the economy to grow and also help fix the unemployment rate. If more money is put into the economy then nit will grow faster but if too much is put in, inflation will occur. My view on this matter is quite similar to that of Adam Smith's view on the matter. Adam Smith would surely understand the Four Percenter's plea. His job is to keep the economy prosperous and safe. He would want the economy to be free from too much government control. Smith believes that the economy should be free from the government yet the government should still silently oversee it to prevent any problems. That is why his job is difficult, however, as the man placed in that position he must be able to handle this.
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