21. Adam Smith (1723-1790) Adam Smith (17231790), the Scottish Moral Philosopher and Political Economistis widely regarded as the founder of the modern profession of economics. http://capital2.capital.edu/faculty/rlawson/smith.htm

Adam Smith (1723-1790) , the Scottish Moral Philosopher and Political Economist is widely regarded as the founder of the modern profession of economics. His most influential works were The Theory of Moral Sentiments and An Inquiry Into the Nature and Causes of the Wealth of Nations . In the Wealth of Nations , Smith identifies specialization and trade as the source of much of our wealth. To foster an environment conducive to specialization and trade, Smith advocated a laissez-faire policy of free-trade, minimal taxation and regulation. The Theory of Moral Sentiments examines what causes humans to have sympathy with other humans. Today, Smith remains linked with classical liberals and libertarians, many of whom proudly wear Adam Smith ties, lapel pins, etc. To order an Adam Smith accessory visit the Leadership Institute Quotes from Adam Smith: On Self-Interest and the Public Interest (The Invisible Hand) On Self-Interest and Benevolence On Selfishness On Economic and Political Power ... On the Role of Government On Self-Interest and the Public Interest (The Invisible Hand) Every individual necessarily labors to render the annual revenue of society as great as he can. He generally neither intends to promote the public interest, nor knows how much he is promoting it...He intends only his own gain, and he is, in this, as in many other cases, led by an invisible hand to promote an end which was not part of his intention. Nor is it always the worse for the society that it was no part of it. By pursuing his own interest he frequently promotes that of the society more effectually than when he really intends to promote it. I have never known much good done by those who affected to trade for the public good. (From the Wealth of Nations)

22. Adam Smith Adam Smith, 17231790. Major Works of Adam SmithLectures on Rhetoric and Belles Lettres, 1748. http://cepa.newschool.edu/het/profiles/smith.htm

Adam Smith, 1723-1790 Major Works of Adam Smith Lectures on Rhetoric and Belles Lettres The Theory of Moral Sentiments , 1759. (copies Lectures on Rhetoric and Belles Lettres (delivered 1762-1763; publ. 1958) Lectures on Jurisprudence An Inquiry into the Nature and Causes of the Wealth of Nations , 1776. (Copy , French transl. - Vol. 1 Vol. 2 "Account of the Life and Writings of David Hume", 1777. "Thoughts on the State of the Contest with America", 1778. Essays on Philosophical Subjects , 1795 - which include:. "The Principles which Lead and Direct Philosophical Enquiries illustrated by the History of Astronomy" "The Principles which Lead and Direct Philosophical Enquiries illustrated by the History of the Ancient Physics" "The Principles which Lead and Direct Philosophical Enquiries illustrated by the History of the Ancient Logic and Metaphysics" "Of the External Senses" "Of the Nature of that Imitation which takes place in what are called the Imitative Arts" "Of the Affinity between certain English and Italian Verses"

23. SMITH, Adam 1723-1790), 1881 (Nachdr. 1977); - Robert S. Smith, TheWealth of Nations to Under-Developed Countries, 1967; - Adam Ferguson, Of http://www.bautz.de/bbkl/s/smith_a.shtml

Verlag Traugott Bautz www.bautz.de/bbkl Bestellmöglichkeiten des Biographisch-Bibliographischen Kirchenlexikons Zur Hauptseite des Biographisch-Bibliographischen Kirchenlexikons Abkürzungsverzeichnis des Biographisch-Bibliographischen Kirchenlexikons Bibliographische Angaben für das Zitieren ... NEU: Unser E-News Service Wir informieren Sie regelmäßig über Neuigkeiten und Änderungen per E-Mail. Helfen Sie uns, das BBKL aktuell zu halten! Band X (1995) Spalten 666-688 Autor: Kerstin Schall Werke: ; Der Wohlstand der Nationen. Eine Untersuchung seiner Natur und seiner Ursachen (aus dem Engl. übertragen und mit einer umfassenden Würdigung des Gesamtwerkes hrsg. v. Horst Claus Recktenwald, vollständige Ausgabe nach der 5. Aufl. letzter Hand 1789), 1988 ; The Works of A. S., With an Account of His Life and Writings by Dugald Stewart, 5 Bde., 1811-1812 (Nachdr. 1963); The Glasgow Edition of the Works and Correspondence of A. S., 6 Bde., 1976-1979 (Bd. I: The Theory of Moral Sentiments, hrsg. v. D. D. Raphael und A. L. Macfie, Bd. II: An Inquiry into the Nature and Causes of the Wealth of Nations, hrsg. v. R. H. Campbell, A. S. Skinner und W. B. Todd, Bd. III: Essays on Philosophical Subjects, hrsg. v. W. P. D. Wightman, Bd. IV: Lectures on Rhetoric and Belles Lettres, hrsg. v. J. C. Bryce, Bd. V: Lectures on Jurisprudence, hrsg. v. R. L. Meek, D. D. Raphael und P. G. Stein, Bd. VI: Correspondence of A. S., hrsg. v. E. C. Mossner und I. S. Ross); Bibliographie: James Bonar, A Catalogue of the Library of A. S., Author of the "Moral Sentiments" and the "Wealth of Nations", 1894 (1932

24. Artigos > Adam Smith (1723-1790) Translate this page Adam Smith (1723-1790) O Formulador da Teoria Econômica. Adam Smith, consideradoo formulador da teoria econômica, nasceu em 1723, em Kirkcaldy, na Escócia. http://www.10emtudo.com.br/artigos_1.asp?CodigoArtigo=34

25. Artigos > Adam Smith (1723-1790) - Página 3 Translate this page Adam Smith (1723-1790) O Formulador da Teoria Econômica. Adam Smithexplica que a “mão invisível” não funcionaria adequAdamente http://www.10emtudo.com.br/artigos_1.asp?CodigoArtigo=34&Pagina=3

26. Adam Smith(1723-1790) First Previous Next Last Index Home Text. Slide 12 of 39. http://faculty.uca.edu/~benw/biol4415/lecture3a/sld012.htm

27. Adam Smith(1723-1790) Adam Smith (17231790). Author of Wealth of Nations (1776). Arguedthat free, unregulated economic competition would maximize profits http://faculty.uca.edu/~benw/biol4415/lecture3a/tsld012.htm

Adam Smith Author of Wealth of Nations (1776) Argued that free, unregulated economic competition would maximize profits, boost quality and innovation, create division of labor, and make prices reasonable. Referred to competition as ìan invisible hand,î which kept the economy stable and orderly, without the need for any external ìdesignersî. . . Previous slide Next slide Back to first slide View graphic version

28. Enciclopédia Digital Master On-Line -Adam Smith (1723-1790) Translate this page Menu Principal, Procure pelo verbete Ex diamante AND áfrica. Adam Smith (1723-1790),MÍDIAS, Adam Smith (1723-1790). Retrato de um Professor Distraído. http://www.enciclopedia.com.br/MED2000/pedia98a/a179050.htm

Procure pelo verbete: Adam Smith (1723-1790) Adam Smith (1723-1790) Retrato de um Professor Distraído. "A única beleza que tenho se encontra nos meus livros", esta foi a forma pela qual Adam Smith descreveu a si mesmo. Certamente, o famoso perfil de sua fotografia nos mostra um rosto simples. Além do mais, Smith tinha uma curiosa forma de lento caminhar, cambaleando-se, que um amigo apelidou de "Vermicular" e era propenso a notórios acessos de distração. Esse professor distraído nasceu em 1723 na cidade de Kirkcaldy, na Escócia. Kirkcaldy orgulhava-se de uma população de mil e quinhentas pessoas e, na época em que Smith nasceu, pregos ainda eram usados como dinheiro por alguns habitantes. Desde os primeiros anos, Smith foi um aluno capaz e com futuro promissor. Era evidente que sua carreira tinha de ser o magistério e, por isso, aos dezessete anos, foi para Oxford graças a uma bolsa de estudos, fazendo uma viagem a cavalo e ali permaneceu por seis anos. Mas Oxford não era, ainda naquela época, a cidadela do saber que mais tarde se tornou. Havia pouco ou nenhum ensino sistemático e os estudantes ficavam em liberdade para educar-se por si mesmos, contanto que não lessem livros perigosos. Smith quase foi expulso por possuir uma cópia do Tratado da Natureza Humana, de David Hume, um livro que hoje conceituamos como uma das obras de arte filosóficas do século XVIII. Depois de Oxford, Smith regressou à Escócia, onde obteve o título de professor de filosofia moral na Universidade de Glasgow. A Filosofia Moral cobria um amplo território na época de Smith. Temos apontamentos de suas conferências nas quais falava de direito, organização, impostos e "política". Nesta última palavra referia-se à administração de assuntos domésticos, o que hoje denominamos Política Econômica. Em 1750 Smith publicou

29. WIEM Smith Adam (encyklopedia.pl)Category World Polska Leksykon Encyklopedia encyklopedia.pl S......wersja dla drukarki. Ekonomia, Wielka Brytania Smith Adam (17231790),widok strony znajdz podobne pokaz powiazane. Smith Adam (1723 http://wiem.onet.pl/wiem/0015a7.html

30. Adam Smith (1723-1790) - Fundador De La Economia Política Translate this page URL http//www.geocities.com/WallStreet/Floor/9680/Smith.htm. Adam Smith (1723-1790).Economista y filósofo escocés. Es el fundador de la economía política. http://www.edu365.com/aulanet/comsoc/Lab_economia/economistes/Adam_Smith.htm

E L P E Enlaces latinoamericanos para economistas URL: http://www.geocities.com/WallStreet/Floor/9680/smith.htm ADAM SMITH (1723-1790) Economista y filósofo escocés. Es el fundador de la economía política. Analiza la ley del valor y enuncia la problemática de la división de clases. Adam Smith considera el capitalismo como el estadio natural de las relaciones sociales. De hecho, fundó el liberalismo económico. En su obra principal " Investigaciones sobre la naturaleza y causa de la riqueza de las naciones " el laissez faire aparece como el motor del progreso económico. EL PADRE DE LA ECONOMIA POLITICA Adam Smith nació en 1723 en Escocia. Su padre, juez y oficial de aduanas, murió al nacer él. Su madre lo educó en Kilcardy. A los catorce años entró en la Universidad de Glasgow, donde tomó contacto con Francis Hutcheson, que también había sido profesor de David Hume. Hutcheson tuvo mucha influencia sobre Smith y le debe en gran parte sus ideas sobre la libertad política. En 1740, Adam

31. Home Page Karta Publikacji. Tytul Adam Smith (17231790). Zycie i dzielo autora Badannad natura i przyczynami bogactwa narodów . Autorstwo Jerzy Chodorowski. http://www.wuwr.com.pl/szczeg.asp?num_id=1439

32. Adam Smith (1723-1790) The summary for this Korean page contains characters that cannot be correctly displayed in this language/character set. http://armdabge.hihome.com/economy/dead_economists/Smith.htm

Daum - Ä«Æä ¡º°æÁ¦ÇÐ ÇغÎÇϱâ(http://cafe.daum.net/economist/)¡» Adam Smith (1723-1790) ¾Æ´ã ½º¹Ì½º(Adam Smith,1723¡­1790)´Â 1923³â ¿µ±¹ÀÇ ½ºÄÚƲ·£µå Áö¹æ¿¡¼­ ¼¼°ü¿øÀÇ ¾Æµé·Î ž´Ù. ±Û·¡½º°í¿ì ´ëÇаú ¿Á½ºÆ÷µå ´ëÇп¡¼­ ½ÅÇаú ¶ÇÐÀ» °øºÎÇÏ¿´À¸¸ç, ¿¡µò¹ö·¯ ´ëÇаú ±Û·¡½º°í¿ì ´ëÇп¡¼­ ¹®ÇÐ, ÀÚ¿¬½ÅÇÐ, À±¸®ÇÐ, ¹ýÇÐ, Á¤Ä¡°æÁ¦ÇÐ µîÀ» °­ÀÇÇß´Ù. 1763³âºÎÅÍ 3³â µ¿¾È ÇÁ¶û½º¸¦ ¿©ÇàÇϸ鼭 ´ç½ ÄÉ³× µî Áß³óÇÐÆÄ(³ó¾÷À» °æÁ¦ÀÇ Áß½ÉÀ¸·Î Áß½ÇÔ.) °æÁ¦ÇÐÀÚµé°ú ±³·ù¸¦ °¡Á³À¸¸ç, ¸¹Àº ¿µÇâÀ» ¹Þ¾Ò´Ù. , ¿ø·¡ÀÇ ¸íĪÀº " ±¹ºÎÀÇ ¿øÀΰú ¼ºÁú¿¡ °üÇÑ ¿¬±¸(An Inquiry into the Nature and Causes of the Wealth of Nations) "ÀÌ´Ù. ÀÌ ¥Àº ÀÚÀ¯¹æÀÓÁÖÀÇÀû °æÁ¦ÀÌ·ÐÀÇ È¿½ÀÌÀÚ, °íÀüÆÄ °æÁ¦ÇÐÀÇ ±âʸ¦ Çü¼ºÇÏ´Â °æÁ¦Çлç»ó °¡Àå Áß¿äÇÑ ÀúÀÛÀÇ Çϳª·Î¼­, 1776³â¿¡ âÆǵǾú´Ù. ÀÌ ¥¿¡¼­ ±×°¡ ÁÖÀåÇÏ´Â ³»¿ëÀ¸·Î ±¹°¡ÀÇ ºÎ¸¦ Áõ´ë½Å°´Â ¹æ¹ýÀº ¹Â°, ºÐ¾÷ÀÇ ÀÌÁ¡À» »ì¸®´Â °Í°ú µÑ°, º¸ÀÌÁö ¾Ê´Â ¼Õ¿¡ ÀÇÇÑ ÀÚÀ¯¹æÀÓÀÇ È¿°ú¸¦ Ö´ëÇÑ »ì¸®´Â °ÍÀÌ°í, ¸¶Áö¸·À¸·Î, ÀÚÀ¯¹«¿ªÀ» ÅëÇÑ °¢±¹ÀÇ ÀÌÀÍ ÁõÁøÀÌ´Ù. ¾Æ´ã ½º¹Ì½º(Adam Smith:1723¡­1790)´Â ¸ðµç »ç¶÷µéÀÌ ÀÚ±âÀÇ ³Áö¸¦ °³¼±ÇÏ·Á°í ÇÏ´Â ÀÚ¿¬ÀûÀÎ ³ë·ÂÀÎ À̱â½É¿¡ µû¶ó ÇൿÇϸé À̸¥¹Ù º¸ÀÌÁö ¾Ê´Â ¼Õ(invisible hand)¿¡ ÀÇÇÏ¿© ¸ðµç °æÁ¦È°µ¿ÀÌ Á¶Á¤µÇ°í °³Àΰú »çȸÀÇ ¿¹Á¤Á¶È­°¡ ½ÇÇöµÈ´Ù°í ÇÏ´Â ³«°ü·ÐÀ» Æñ´Ù. Áï, °¡°ÝÀÇ ´Éµ¿ÀûÀÎ ÀÚµ¿Á¶Àý±â´É¿¡ ÀÇÇØ °æÀï½Àå¿¡¼­ ¼ö¿ä, °ø±ÞÀÇ ±ÕÇüÀÌ ºÎÁöºÒ½Ä°£¿¡ ÀÌ·ç¾îÁø´Ù´Â °ÍÀÌ´Ù. "¿ì¸®°¡ Àú³á½Ä»ç¸¦ ±â´ëÇÒ ¼ö ÀÖ´Â °ÍÀº Á¤À°¾÷ÀÚ, ¾çÁ¶¾÷ÀÚ, Á¦»§¾÷ÀÚµéÀÇ ÀÚºñ½É ¶§¹®ÀÌ ¾Æ´Ï¶ó ±×µéÀÇ °³ÀÎÀÌÀÍß±¸ ¶§¹®ÀÌ´Ù. »ç¶÷Àº ´©±¸³ª »ý»ê¹°ÀÇ °¡Ä¡°¡ ±Ø´ëÈ­µÇ´Â ¹æÇâÀ¸·Î ÀÚ½ÅÀÇ ÀÚ¿øÀ» È°¿ëÇÏ·Á°í ³ë·ÂÇÑ´Ù. ±×´Â °øÀÍÀ» ÁõÁøÇÏ·Á°í ÀǵµÇÏÁö ¾ÊÀ¸¸ç ¶Ç ¾ó¸¶³ª Áõ´ë½Å³ ¼ö ÀÖ´ÂÁöµµ ¾ËÁö ¸øÇÑ´Ù. ±×´Â ´ÜÁö ÀÚ½ÅÀÇ ¾ÈÀü°ú ÀÌÀÍÀ» À§ÇÏ¿© ÇൿÇÒ »ÓÀÌ´Ù. ±×·¯³ª ÀÌ·¸°Ô ÇൿÇÏ´Â °¡¿îµ¥ 'º¸ÀÌÁö ¾Ê´Â ¼Õ'ÀÇ Àεµ¸¦ ¹Þ¾Æ¼­ ¿ø·¡ ÀǵµÇÏÁö ¾Ê¾Ò´ø ¸ñÇ¥¸¦ ´Þ¼ºÇÒ ¼ö ÀÖ°Ô µÈ´Ù. ÀÌ¿Í °°ÀÌ »ç¶÷µéÀº ÀÚ½ÅÀÇ ÀÌÀÍÀ» ¿­½ÉÈ÷ ß±¸ÇÏ´Â °¡¿îµ¥¼­ »çÈ­³ª ±¹°¡Àü¼ÀÇ ÀÌÀÍÀ» Áõ´ë½Å²´Ù."

33. Adam Smith (1723-1790) gesellschaftliches Menschenbild Selbsterhaltungstrieb, Altruismus; http://home.t-online.de/home/eraabe/smith.htm

Download im rtf-Format (kann von jeder Textverarbeitung bearbeitet werden) Adam Smith (1723-1790) schottischer Moralphilosoph individuelles und gesellschaftliches Menschenbild Selbsterhaltungstrieb, Altruismus Ziel: Wohlstand der Mehrheit der Gesellschaft Quellen des Wohlstandes: produktive Arbeit Arbeitsteilung Kapital investitionen Koordination der Produktion durch den Markt Konkurrenz Angebot und Nachfrage Verwandlung des Eigennutzes in Gemeinwohl Gewinnstreben Rolle des Staat es Schädlichkeit staatlicher Eingriffe in das Wirtschaftsleben (Ablehnung des Merkantilismus) Durchsetzung der Regeln der Marktwirtschaft (Justiz, Militär) Bereitstellung öffentlicher Güter Verteidigung Verkehrswege Bildung

34. Liberalismo.org: Adam Smith (1723-1790), Liberalismo.org: Adam Smith (1723-1790) Translate this page Adam Smith (1723-1790). Julio H. Cole Dos siglos después de su muerte,Adam Smith es aún considerado por muchos como la figura http://www.liberalismo.org/articulo/59/42/

Mapa del sitio Login Nosotros Liberalismo ... Citas Normal Google Pensadores F. A. Hayek Robert Nozick Adam Smith Frederic Bastiat ... Lysander Spooner Economistas P. T. Bauer Adam Smith (1723-1790) Por Julio H. Cole Dos siglos después de su muerte, Adam Smith es aún considerado por muchos como la figura más importante en la historia del pensamiento económico. Su célebre obra Investigación sobre la Naturaleza y causa de la Riqueza de las Naciones dio a luz el espíritu del capitalismo moderno, y presentó su justificación teórica en una forma que dominó el pensamiento de los más influyentes economistas del siglo XIX y que sigue inspirando a los defensores del mercado libre, e incluso hoy en día. Primeros Años e Iniciación Profesional Adam Smith nació en 1723 en Kirkcaldy, Escocia, hijo póstumo de Adam Smith, oficial de aduanas, y Margaret Douglas. Se desconoce la fecha exacta de su nacimiento, pero fue bautizado el 5 de Junio, 1723. Poco se sabe de su infancia, excepto que a la edad de 4 años fue raptado por una banda de gitanos, siendo rescatado gracias a la acción de su tío.«Me temo que no hubiera sido un buen gitano», comentó John Rae, su principal biógrafo. Aparte de este incidente, la vida de Smith fue singularmente tranquila, y su historia es esencialmente la de sus estudios y sus libros. En 1737, a la edad de 14 años, habiendo concluido su curso en la escuela local de Kirkcaldy, Smith ingresó en la Universidad de Glasgow, donde fue influido por «el nunca olvidado» Francis Hutcheson, el famoso profesor de filosofía moral. Luego de su graduación en 1740, Smith obtuvo una importante beca para Oxford, donde estudió por seis años en Balliol College. Sin embargo, el ambiente intelectual en Oxford en esa época era pobre y decepcionante («. . .hace mucho tiempo que la mayor parte de los profesores oficiales (en Oxford) abandonaron las obligaciones de la enseñanza», y ¿. . .será por propia culpa si en Oxford alguien llega a poner en peligro su salud por exceso de estudio. . .»). Smith dedicó estos años a un programa de lectura intensiva en filosofía y literatura, tanto modernas como clásicas.

35. Adam Smith Philosophy Adam Smith (17231790) Smith was one of those 18th century Scottish moral philosopherswhose impulses led to our modern day theories; his work Adam Smith. http://www.at-peace.com/kid-gift-idea.htm

36. Adam Smith - Britannia Biographies Adam Smith (17231790) One of the most influential social philosophers and politicaleconomists in all history is Adam Smith, from Kirkcaldy, Fife, whose http://www.britannia.com/bios/asmith.html

Search Britannia Departments Travel History British Life Shopping Biographies British Monarchs Prime Ministers Great Scotsmen Biographies A - Z Adam Smith (1723-1790) One of the most influential social philosophers and political economists in all history is Adam Smith, from Kirkcaldy, Fife, whose master work An Inquiry into the nature of causes of the Wealth of Nations was first published in 1776 but has continued its appeal (and enormous influence) ever since. First studying mathematics, natural philosophy and moral philosophy at Glasgow University, Smith entered Balliol College, Oxford in 1740. When he returned to Edinburgh to lecture, he met philosopher and skeptic David Hume as well as other leading intellectuals and trendsetters. In 1751, he became Chair of Logic at Glasgow and later of Moral Philosophy. On a visit to Paris in 1764-5, Smith became acquainted with the ideas of many of the leading French thinkers of the day and was able to experience first-hand the closely controlled economy of France. His Wealth of Nations consequently reflected much of the ideas he had so readily absorbed in that country. It can be said to have marked the transition from a more-or-less late medieval to a modern economy. Smith was able to grasp intuitively what it was that constituted the real wealth of a nation; he advocated the then-revolutionary idea of free trade as a means of increasing that wealth. The publication of Smith's work greatly influenced the thinking and policies of British Prime Minister William Pitt. For Smith, it was the "invisible hand" of competition that acted as the guiding light for en economic system based on individual self-interests. The idea of free trade dominated British economic policy right up until the 20th century when Smith's ideas were abandoned in favor of the old controls and restrictions that he had rightly condemned as being counterproductive to the acquisition of a country's wealth.

37. RateItAll - The Opinion Network Adam Smith (17231790). Current Rating (4.19), of Ratings 21, RateItClick HERE to share your opinion. About Adam Smith (1723-1790). http://www.rateitall.com/item.asp?i=9592FDD8-894A-4A06-A742-CDC74A6F17C4

38. Adam Smith - Wikipedia Adam Smith (17231790) was a Scottish economist and philosopher. He hasbecome famous by his influential book The Wealth of Nations (1776). http://www.wikipedia.org/wiki/Adam_Smith

39. Adam Smith University .. Adam Smith (17231790) Smith was one of those 18th century Scottish moralphilosophers whose impulses led to our modern day theories; his work http://www.hudahyd.com/payroll-time-clock-software.htm

40. Glossary Of People: Sm the 1919 Coalition government. MP for Morpeth 192329. Smith, Adam(1723-1790). Scottish economist. Regarded as founder of classical http://www.marxists.org/glossary/people/s/m.htm

MIA Encyclopedia of Marxism : Glossary of People Sm Smeral, Bohumir (1880-1941) Czech Social Democrat who initially supported World War I, was a right-wing leader of the Czechoslovak Communist Party. In 1926 he became a member of the ECCI and remained in Moscow for several years, a faithful deputy of Stalin. After the Munich Pact (1938), he returned to the Soviet Union. Smillie, Robert (1857-1940) Born in Belfast; a miner in Lanarkshire, Scotland from 1874. Secretary of the Larkhill Miners' Association, 1885; President of the Scottish Miners' Federation, 1894-1918. Vice-President of the Miners' Federation of Great Britain, 1909-1912; President 1912-21. On the TUC Parliamentary Committee 1918-19; member of the General Council, 1921-27. Stood several times for parliament from 1899 but refused the post of Food Controller in the 1919 Coalition government. MP for Morpeth 1923-29. Smith, Adam (1723-1790) Scottish economist. Regarded as founder of classical economics, Smith was the first to complete a comprehensive theory of political economy. Smith saw labour as the sole source and measure of value: Labour is the real measure of the exchangeable value of all commodities. The real price of everything, what everything costs to the man who wants to acquire it, is the toil and trouble of acquiring it. What everything is really worth to the man who has acquired it, and who want to dispose of it or exchange it for something else, is the toil and trouble which it can save to himself, and which it can impose upon other people. ... Labour alone, therefore, never varying its own value, is alone the ultimate and real standard by which the value of all commodities can at all time and places be estimated and compared. It is their real price; money is their nominal price only.

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