Essay: Father of Modern Economics

Essay: Father of Modern Economics
08/06/2011 Comments Off on Essay: Father of Modern Economics Academic Papers on Business Studies,Sample Academic Papers admin

Sample Essay

Proceeding to the history of economics, the person who is known as the father of modern economics was Adam Smith. The concept of the well being of the society and the economy by the description made upon rational self-interests.

Smith addressed upon bringing nation’s prosperity through the means of improvement in the methods of production in his book. He claimed that the surplus in production could be in general and not only in the agricultural sector. And to conceive higher profits it is required by the industries to gain surplus as profit is to be considered as the second component of it. For which achieving surplus would result in recovering cost effectively (Kurz & Salvadori, 1997).

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