An Inquiry to the Nature and Causes of the Influence of Adam Smith

some people, when asked what pops into their mind with the word economics, they mostly say capitalism. Indeed the issue deals a lot with capitalism. In fact, the three great names mentioned in Heilbroner and Thurow (1982, 17) tour metalworker, Karl Marx, and John Maynard Keynes beget capitalism as the base of their various ideologies and it is in how they view capitalism that within economics, several school of view sprouted, enabling the only development of the field.The influence that Smith, Marx, and Keynes are incalculable separately inducing their own set of followers that continue polishing up their works recollective after they are gone, each idea go on on as legacies, influencing political decisions all throughout the world. But for now, permit us content ourselves with examining the influence of Adam Smith, the father of economics himself.In the opening statement of Adam Smiths celebrated work, An interrogation into the Nature and Causes of the Wealth of Nations (S mith, Skinner, 1986), he wroteHow selfish soever man may be supposed, there are evidently some principles in his temper, which interest him in the fortunes of others, and render their happiness necessary to him, though he derives nothing from it, shut the pleasure of seeing it (Smith, 1986).Back in Smiths day, this statement, along with the ideas contained in the Wealth of Nations, raised m whatsoever eyebrows. The book, a first-of-its-kind defense for the free-market and a direct attack to mercantilism, argues that the selfish motives of individuals does not necessarily lead to detriments in fact it could actually benefit the society.It is based from this belief that he further postulated that the free market, though looking like unrestrained and chaotic, will be eventually guided to the right direction by the Invisible strain, which in turn is guided by individual human motives that are most commonly selfishness and greed. It being termed as a free-market, Smith abhorred any ki nd of intervention coming from the government, believing that for the market to function efficiently, it should be left to work on its ownthus, the idea of laissez-faire (www.econlib.org). Smith also was a firm believer that it is labor, and not land that is all-important(a) in increasing production and thus highlights the importance (but also warns against the peril) of parting of labor.Just how influential Smiths ideas are can be readily seen in the field of Economics through the years and curiously in this day and age free markets have been made the last-ditch goal of many a government of straightaway specialization has never been more stressed as a major strategy in production capitalism is fast becoming the only model for economies today and mercantilism have long disappeared in favor of Smiths proposed free trade (although the degree of freedom in trade in some countries is a matter worth questioning).Selfishness and greed, although still contested by some groups, are st ill viewed in a much more positive light, and is justified in the field of economics so long as they serve the societys over-all benefit. Several followers have also polished on the economists basic ideas, extending them to jar against the different quirks that come up through time.Smith has been a fellowship name for any person with at least average companionship on economics in fact he is ranked thirtieth in Michael Harts list of the most influential persons in history (1992). Also his portrait appears on the twenty pound cite in UK. (Talk about influence that you cannot buy)Greed that fosters growth and course of instruction that promotes efficiency. Once taken aside but now are lived and take a breath and experienced worldwide. And as long as there are supporters who bent grass on to the basic tenets of the famous Adam Smith, the great economists legacy shall forever live on and endure.ReferencesHart, M. (1992). The 100 A be of the most influential persons in history. Ca rol PublishingGroup.Henderson, D. (2002). Biography of Adam Smith. Retrieved March 3, 2008, fromHeilbroner, RL., Thurow, LC. (1982). Three Great Economists. Economics explained.Prentice-Hall. p.17.Smith, A., Skinner, A (Ed). (1986). An inquiry to the nature and causes of the wealth of nations.Penguin Classics.