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Adam Smith
Adam Smith was born in Kirkcaldy, in Fife, Scotland. The date of his birth was unknown but to writers, his lifetime last in the 18th century. He was a father of Adam Smith a Scottish writer, advocate and prosecutor and a mother of Margaret Douglas. Adam Smith’s father died two months before he was born. He was parented by his mother. He gained his secondary education from Burgh school of Kirkcaldy, been the best secondary school in Scotland in the 18th century and studied mathematics, history and writing.
At age 14, he enrolled to University of Glasgow Scotland where he developed the spirit of economist, philosopher and author as well as a pioneer of political economy.
He was then known as “Father of Economics” and ” The Father of Capitalism” as he wrote two classic books , the theory of Moral Sentiment and An enquiry into the Nature and Causes of the Wealth of Nations. He also introduced the theory of absolute cost advantage. Adam Smith never married. He died on 17th July 1790at aged 67 in Edinburgh, Scotland.
Furthering on the impacts Adam Smith made in global existence by some of his work and theories.
The definition he made for economics, he defined economics as ” an enquiry into the Nature and Causes of Wealth of Nations”. He detailed why some Nations are rich while others are poor. If rich, where is the root of their richness. He stated among one of his classical works that, ” a country or nation may be rich not of possessing gold, silver and among other mineral resources but labour quantity”. For instance, country like United States of America had never exploit any of the wealthy resources but concentrating human resources or developing labour quantity, they have become wealthier than country like Ghana of the resources she possesses.
Adam Smith after the Moral Sentiment and enquiry into the Nature and Causes of Wealth of nations, he considered international trade by bringing out the theory of absolute cost advantage.Smith stated that ” if the actual cost of producing commodities are lower in one country than another country, the lower cost country has an absolute cost advantage over the other country”. To this, for a country to gain from international trade , she must specialized in producing commodities that may fetch low cost in producing than producing in other country when compared. The country incurring high cost in producing particular commodities is said to having absolute cost disadvantage.
Adam Smith also theorized to the industrial sector by propounding the theory of division of labour. He explained division of labour as ” the practice whereby production process is broken down into various units for each worker or group of workers to work on each of the production process”. He proceeded that if this is employ, it will increase workers expert, save time, balloon production and many more.
Alfred Marshall
Alfred Marshall was an English economist, who was one of most intellectual and influential economist during his lifetime. He was born on 26th July, 1842, in London, England. He grew up in Clapham and was educated at Merchant Taylor’s School and St John’s College, Cambridge. There that he showed an aptitude in Mathematics. Marshall experienced a mental problem during his studies, that he left the mathematical skills and switched to philosophy. He commenced with metaphysics which led him to ethics and eventually to economics.
Marshall became very powerful and impactful economist after school, he was recruited in 1865 to a fellowship at St John’s College at Cambridge and later became a lecture in the moral science in 1885. In 1885, he became professor of political economist at Cambridge, where he taught till his retirement in 1903. Alfred Marshall was died on 13th July, 1908 are aged 81 in Cambridge, England. The Library of the Department of Economic at Cambridge University ( The Marshall library of Economics), The Economics Society at Cambridge ( Marshall Society) as well as University of Bristol Economics Department were named after him. His wife was Mary Paley.
Since it was stated that he was influential then times, he propounded some theories of which some are outmoded while others are impacting global existence.
Below paragraphs explain some of his works;
The theory of demand and supply in relation to price adjustment. Marshall stated that,there is an inverse relationship between demand and price of a commodity, that is, as price rises, demand would definitely decrease and the opposite but there are exceptions. He also stated that, price and supply of commodities have a direct relationship. This means that, as price balloons, supply of the commodity in question would increase, all other things being equal, and the reverse.
The theory of diminishing marginal returns. Marshall stated that, “as more and more units of variable inputs are employ on a fixed input for example land an addition to total product also known as marginal product increases initially, attains maximum and there after diminished, all other things being equal,”. This theory is apply in many sector in an economy, like farming. As a farmer apply particular variable inputs on the land, initially he or she would reap high or output increases, experience constant returns some times and finally decreasing returns as the land loss its fertility (nutrients) gradually.
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