Adam Smith's main contributions to the field of economics were to lay the conceptual foundations for measuring a nation's wealth not by its gold or silver reserves but by its levels of production, and also to champion free-market capitalism as the most effective economic system. Smith was very much in favor of a laissez-faire approach to economies, wherein governments intervene as little as possible in business practices and trade.Know More
In other words, Smith was in opposition to government policies that impacted upon the freedom of business, and therefore upon a country's economic health.
Although he advocated self-interest as a driving force in capitalist economies, Smith was against the poor treatment of workers — despite many unscrupulous employers appealing to his work as justification of child labor, long hours and unsafe working conditions. In fact, according to one of his students, John Millar, Smith much preferred to lecture on ethics and theology than he did on economics.
Adam Smith's most important work was his 1776 book, "An Inquiry into the Nature and Causes of the Wealth of Nations." More commonly known as "The Wealth of Nations," this text has been hugely influential, not only during his own time but right up to present day studies of political economics.Learn more about Economics
Karl Marx's primary contribution to economics was a new framework that described economics as a struggle for power between different classes. His critiques of capitalism have been accepted by many economic theorists. His work has also spawned countless debates.Full Answer >
Globalization is good because it provides the world with more efficient markets, increases competition leading to better goods, generates wealth in all parts of the world and builds and stabilizes security. Globalization is steadily growing as technology allows individuals within each country to communicate with people previously out of reach.Full Answer >
According to the Business Insider, economics is like a science because economists use an empirical or scientific method to solve problems. In addition, theories in economics can be tested. The Business Insider adds that economists have access to big data, which allows them to isolate and establish the causal relationships of a scientific inquiry.Full Answer >
Investopedia explains that the origin of economic thought lies with a man named Adam Smith who was heavily influenced by French writers and philosophers. Smith developed the discipline of economics as an alternative to French mercantilism, which was an easily exploited system that benefited the wealthy at the expense of the common classes. Other important economic thinkers include Karl Marx, Milton Friedman and John Maynard Keynes.Full Answer >