History of Economic Thought

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Issue:

Business

 

Written by:

Penny R

 

Date added:

July 22, 2014

 

Level:

University

 

Grade:

A

 

No of pages / words:

13 / 3609

 

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2160 times

 

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Essay content:

233-4) teaches us that Adam Smith resigned from his professorship at the University of Glasgow in 1763. Serving as tutor to the Duke of Buccleuch, Smith visited France where he is noted to have come into contact with Quesnay and other Physiocrats. There exists little if any evidence that Smith was indeed influenced by Quesnay's school...
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In his notable contribution An Inquiry into the Nature and Causes of the Wealth of Nations (1776), Smith clearly departs from Physiocratic principles by noting the importance of a "division of labour." Rather than noting the importance of agriculture, Smith's purports that the division of labour serves as the way for greatly increasing material output...
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