The Wealth of Nations Essay -- essays research papers

In 1759 Adam Smith, indeed a thirty-six course of instruction old Professor of Moral Philosophy at Glasgow University, published his Theory of Moral Sentiments. This work attracted the attention of the guardians of the immensely wealthy Duke of Buccleuch towards retaining its author as a tutor to the youthful Duke whilst on a protracted, and hopefully educational, "Grand Tour" of continental Europe.     While tutoring from 1763 Adam Smith found some of the time exhausted in the French provinces hard to fill and seems to have begun his masterpiece An Inquiry into the Nature and Causes of the Wealth of Nations, as a way of taking up otherwise idle hours in the summer of 1764. Overall however he derived much personal philosophical benefit from these months of journeying on the continent. In Paris he met amongst others, the "Physiocrat" economical theorist (and court Physician) Quesnay and the French Ministers, Turgot and Necker.   &n bsp The French economic policy, during these times were conducted in accordance with the "Mercantilism"(the theory and system of political economy public in Europe after the decline of feudalism, based on national policies of accumulating bullion, establishing colonies and a merchant marine, and developing exertion and mining to attain a aureate balance of trade) that had held sway in the economic thinking of Europe for some three centuries. Mercantilism expected that governmental control would be exercised over industry and trade in accordance with the theory that national strength (i.e. the Royal states treasury) is increased by a preponderance of exports over imports.By nature, back then France was fitted to be a great agricultural country, a great producer and exporter of corn and wine but French legislators for several generations had wanted to counteract the ostensibly natural bias of French economic life towards agriculture, and had tried to make France an exp orter of manufactured goods.Like most legislators in those times, they had been prodigiously impressed by the would-be(prenominal) position which the maritime powers, as they were then called (the comparatively little powers of England and Holland), were able to take in the politics of Europe. They saw that this influence came from wealth, that this wealth was made in trade and manufacture, and therefore they dete... ...one constitutes the ultimate aim and end of economic life.     Although Economics has moved on in many was from the outlook and policies endorsed in the Wealth of Nations that important publication remains as perhaps the most famous economics book of all time. Governments in search of a strengthening of their states through economic policy, and many individuals in search of personal gain, have all drawn lessons from its pages. Powerful movements that led to the emergence of Modern Capitalism were substantially based on Smiths work and hence he deserves to be regarded as one of the most dramatically influential philosophers or philosophic writers of modern times. This book is a all-encompassing and systematic theory of an economy. It shows the connections and relationships among variables. The Wealth of Nations also talks about the division of labor. Smith states that the division of labor starts the process of economic growth. One growth is started, accrual keeps it going. There are three benefits of division of labor. First increase in skill and dexterity. Second save time in moving from job to job. And lastly, the intent of new machinery.