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Adam Smith
Adam Smith
...Adam Smith will always be called the father of economics, and no one can take his place. This is due to the great efforts he exerted in order to enrich the field of economics. He was trying his best to talk about most of the aspects that is controlling the economic land. Wages, profits, and savings are three areas that Adam Smith gave great attention to. It is stated in "Adam Smith" which was written by Campbell and Skinner that Adam smith Defined wages "as a form of return which accrued to those who must earn subsistence through the scale of their labor power arguing that this is a particular type of monetary reward is payable by those who require the factor" in other words, wages is what is paid by the owner to those who work, and this payment is through money.
full text »
see also:
▪
Division of Labor
▪
Economic Growth
▪
Economics and Natural Resources
▪
Economy of Learning and Motion
▪
Foundations of Economics
▪
Freedom of Competition
▪
Geographic Specialization of Economic Activities
▪
Governmental Monopoly
▪
Japanese Economics
▪
Keynesian Economics
▪
Marxist Economics
▪
Money, Gold and Inflation
▪
Monopolism
▪
Political Economy and State Security
▪
Procapitalist Economics
▪
The Role of Wealth
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