... became problems to the extent that government intervention was the only way out, his philosophy is still very relevant today as the first comprehensive analysis of the most successful economic system up-to-date, affecting the writing of all economic thinkers following him, most notably Marx and other socialist intellectuals. Smith's philosophy, as described in his book entitled Wealth of Nations (1776), is ... fairly straight forward to understand, yet has very powerful analyses of the capitalistic system of even today. His first premise was that increase in economic growth would only o...

• Word Count: 575
• Approx Pages: 2
• Grade Level: Graduate

... some restrictions to free trade, such as the Navigation Acts, as sometimes necessary national economic weapons in the existing state of the world. Smith identified self-interest as the basic economic force and, through his analysis of the division of labor and his comprehensive study of the development of economic institutions in the West, established economics as a major area of study. The Division of ... ...

• Word Count: 451
• Approx Pages: 2
• Grade Level: Graduate