Adam Smith is widely considered the “father of economics”. It is his ideas that helped us build the economy we have today. What is interesting is that he lived in the 18th century, but his ideas were way more modern and futuristic.
Smith wrote what many consider the bible of capitalism. His book “The Wealth of Nations” explains deeply and in details how the first system of political economy should look like.
The fun thing is that his ideas were actually more socialistic than capitalism if you think about it. For example, Smith believed that the economy would benefit more if more wealth was distributed to the common people.
What we have today is totally the opposite, with 1% of the population owning more than 90% of the wealth.
This documentary takes a look at all of his economy ideas, including his theory of compensating wage differentials. He saw no role for government in economic life, but what happened is governments used his ideas and twisted them to suit the government.
When you look at his ideas, you need to understand that he was first and foremost a moral philosopher, and than everything else.
Commodities are basic goods used in commerce that are interchangeable with other commodities of the same type. In economics, commodities are an economic good or service that ...