Economic_Revolution_Mid-18th

Economic Revolution Mid-18th Adam smith ( 1732 – 90 ) , the kindly , brilliant founder of the classical school was born in the seaport and manufacturing town of Kirkaldy, Scotland . he studied moral and political science and languages at Balliol College , Oxford . Smith began delivering public lectures in 1748 at Edinburgh after that he was elected professor of logic at Glasgow College in 1751. His contribution to the development of economic since ( especially when we look at the influence which his views and work exerted upon the moulding of future economic thought and policy ) cannot be over-estimated. The seeds of later development are found in his theory the Moral Sentiments and his book Wealth of the Nations ,which was published in 1776. His moral philosophy is a part of the development of 18th-century British thought that arose as a reaction to Hobbes "selfish system". this in my point of view will rise a conflict between individuals , and in a way or another it will not preserve the society and save it from disruption, and the way to save it from disruption is intervention by the government the Moral Sentiments : The moral of sentiments went through 6 editions during smith , which represent his later ideas sympathy that overcomes selfishness .Smith critically examines the moral thinking of his time, and suggests that conscience arises from social relationships .He tried to explain the source of mankind's ability to form moral judgements , in spite of man's natural inclinations towards self-interest. Smith proposes a theory of sympathy, in which the act of observing others makes people aware of themselves and the morality of their own behavior. He discussed the ethical forces that bind people together in a workable society ; in Wealth of the nations he assumed the existence of a just society and showed how the individual is guided and limited by economic forces in the later book however Smith did sometimes overemphasize economic interests and motivations at the expense of morals and ethics . the theory of moral sentiments sympathy& benevolence overcame selfishness ; the natural order is guided by benevolent God in Wealth of the Nations competition curbs selfishness ; God is excluded leaving Smith to fined defects in the order of nature without casting reflections on the work-manship of it's Author. Smith believed that prudence in managing one's own affairs is relates to justice towards others-that is justice toward others is the best policy in one's effort to rise of the world. He agreed with his friend Benjamin Franklin that '' honesty is the best policy '' both books reconcile the individual with the social interests through the principal of the invisible hand or natural harmony and the principal of natural liberty of the individual all the right to justice . The Wealth of Nations Smith expounded how rational self-interest and competition can lead to economic prosperity . this led to later evolution of economic, It lies in the concept of economic growth. according to Smith, is rooted in the increasing division of labor. This idea relates primarily to the specialization of the labor force, essentially the breaking down of large jobs into many tiny components. Under this regime each worker becomes an expert in one isolated area of production, thus increasing his efficiency. He pointed out that forcing individuals to perform mundane and repetitious tasks would lead to an ignorant, dissatisfied work force. For this reason he advanced the revolutionary belief that governments had an obligation to provide education to workers This sprung from the hope that education could combat the deleterious effects of factory life. Productive labor, to Smith, fulfills two important requirements. First, it must "lead to the production of tangible objects." Second, labor must "create a surplus" which can be reinvested into production . He also identified two different kinds of value, "use value" and "exchange value."