Profile of a Reknown Economist Adam Smith (Essay Sample)
Instructions
Profile of an Economist
Write a brief profile of a major economist of your choice. Do the ideas of the individual selected have implications from a policy standpoint? If so, what
The successful submission will clearly and concisely describe the economic philosophies of a major figure in the field as well as the degree to which these ideas may shape policy decisions
THIS ESSAY IS ABOUT A PROFILE OF A REKNOWN ECONOMIST-ADAM SMITH. THE PAPER IS WRITTEN IN APA FORMAT, DOUBLE SPACED. THE PAPER WAS RUN THROUGH TURNITIN TO CHECK FOR PLAGIARSIM AND IT PASSED WITH 0% PLAGIARISM. GRAMMARLY WAS ALSO USED TO CHECK AND CORRECT FOR GRAMMAR.
Adam Smith
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Introduction
Adam Smith, born in the 18th Century in Scotland, is considered the brains behind modern economics. Besides being an economist, he was also an author and a philosopher. Adam Smith's main idea was the invisible hand theory, which shaped the modern-day economy (Schumacher, 2020). His ideas revolved around capitalism, demand, supply, and the free market. He was honored by the Bank of England in 2007 by including his image on the £20 note.
Free Markets
The free-market policy of economics proposed by Adam Smith aimed to limit the governments' involvement in regulating the market. Smith argued that demand and supply are regulated by an 'invisible hand' created by the personal interests of the market players (Schumacher, 2020). According to the theory, by striving to satisfy
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