...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.
Moreover, Ginzberg says that Smith disagree with the idea of high wages, because Smith believes that lower wage rates is much better to the economy of the country. In addition, Adam Smith talked about the profit. He defines as "type of return which accrues to undertakers as the reward for the trouble taken, and the risks incurred, in combining the factors of production". What Smith was trying to point out and high light is that profit is a compensation given to workers because of the risks they encounter themselves in. Moreover, Smith argues that commodities prices and production cost affects profit, because it changes according to the demand of people. Finally, smith talked about the savings, and he classifies its presence in to three areas...
...Adam Smith is considered as the founder of the term political economy. His theories gave great aid to the world, whether on the economic or the political level. However, the reasons why Adam Smith founded these theories were to help the world, and to try to improve people's conditions. Therefore, I think if these theories are applied properly, they will not improve the countries economic condition, but it will help the country to shift from a developing to a developed country. Moreover, what if these theories are applied to a developing country like Sudan. Sudan as a developing country, all its hopes are mainly concentrated on developing. Therefore, if we put the political matters aside, we are going to deduce that what Sudan economic problem is concentrated on absence of organization. Therefore, if Adam Smith theory of Division of labor is applied in a decent way, no doubt this will help Sudan so much in order to improve its conditions. The theory of the Division of Labor has so many positive aspects; therefore, if it is applied in Sudan, Sudan will be on the right track of development To sum up, Adam Smith, the father of economics, is considered as the most remarkable economist through all over history. He gave to the world two books that are considered as the infrastructure for the term "Economics".
According to my opinion, the Invisible Hand, the Division of Labor, the Laissez-Faire, Rent, Wages, Profit, Monopoly taxation, and Savings are considered the most important areas that Adam Smith talked about on the economic level. Although that these theories were stated clearly by Adam Smith, many scientists, politicians, and economists interpreted them and criticized them, each according to the school he follows, or according to his way of thinking. However, I think that if the theories of Adam Smith are applied in developing nations, this for sure will help to develop on the economic level. Although perfection is unattainable, no one can deny that the presence of Adam Smith in our lives, gave it more essence...

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