Until recently do I have the chance to read this 18AD master piece. And I finally
realized what's all the fuss about...
It's really an amazing paper written by THE famous Economist as well as Philosopher,
Adam Smith. His viewpoint about economics, welfare, society, and workers were so over his time
and some of them are still shining bright nowadays. He argues that the wealth should not be built on mercantilism's profit maximization, namely, exploitation of the labor by cutting the wage. We should
view their welfare based on per capita income as well as their living standard. Moreover, he has this
great example about achieving wealth by specialization. Smith also observed two engines of Economic development: technology change and capital accumulation.
This is a typical early Economic paper before Samuelson's age. Most of thme are descriptive and
insightful. I was really amazed by his sharp analysis of the economy. Being a PhD student in
Economics, I feel shameful when all I can do is derivative and recursive calculation.....
Smith is worth being called the prophet of Economics!
Charles
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