Adam Smith Bogactwo Narodów Animacja

Adam Smith was an 18th-century Scottish economist, philosopher, writer, lecturer, and traveler. He is often called the Father of Economics or the father of modern capitalism. He wrote a book called the economics bible, The Wealth of Nations. 👉🏻 More information about Adam Smith: https://prostyzysk.pl/adam-smith-ojciec-ek... 00:00 Introduction 00:07 Ideology 00:41 Works 00:50 Theory of Moral Feelings 01:01 The Wealth of Nations 01:29 Free Market Theory 02:02 Theory of the Invisible Hand of the Market 02:39 The concept of Gross National Product Adam Smith emphasized the importance of individual freedom and the related concept of private property, which enables individuals to pursue their goals and improves the efficiency of the economy. He noted that competition in a free market regulates prices and encourages entrepreneurs to improve product quality and innovation, which in turn leads to increased wealth and social well-being. In his theory, Smith also emphasized the importance of specialization and division of labor as key factors influencing the growth of production and efficiency. He is the author of many books, but two of them have had a particular impact on today's economics: He wrote one of them together with David Hume in 1759 under the title "The Theory of Moral Sentiments", where they attempted to describe the natural principles governing human morality. This book became the foundation for Smith to independently write the work "An Inquiry into the Nature and Causes of the Wealth of Nations", which is considered one of the most important publications in the field of economics. This work not only introduced new economic concepts such as the concept of the free market, the invisible hand of the market, and gross national product, but also became one of the basic texts of the classical school of economics. Some of Smith's most important economic concepts are the "free market theory" and the concept of the "invisible hand" Free market theory To this day, it is the State that distributes cash on the market. For example, by collecting taxes and providing social assistance. However, the Free Market Theory emphasizes minimizing the role of the state and taxes in the free market. Smith denied state interference in the market, but believed that the government should be responsible for sectors such as education, national defense and control of the banking sector. Then who would care for the balance in the market? According to Smith, the answer to this question is the theory or concept of the invisible hand of the market. (The concept of the invisible hand of the market) According to this theory, the actions of individuals pursuing their own interests in a competitive market environment lead to market balance, which has a positive impact on the entire society. That is, as a result of self-regulation, the market ensures optimal allocation of resources, production of goods and services and sets the appropriate price level. The concept of the invisible hand of the market has become a key element of classical economics and one of the main arguments of free market supporters by minimizing the role of the state in the economy. Adam Smith is also the Concept of Gross National Product Smith also pioneered the concept of gross national product, a measure that is used in almost every country to estimate a country's wealth. Before the concept of GDP was created, countries declared their wealth based on the value of their gold and silver deposits. The change in counting the wealth of nations from the gold and silver they possess to counting wealth through the level of production and trade resulted in a change in the negative attitude of countries towards international trade. And therefore, an increase in imports and exports. #adamsmith #microeconomics #wealthofnations