only six months. The term "economics" was popularised by such neoclassical economists as Alfred Marshall as a concise synonym for "economic science" and a substitute for the earlier, broader term " political economy " used by Smith. 43 Winch, Donald (September 2004). 6 In 1720, he married Margaret Douglas, daughter of the landed Robert Douglas of Strathendry, also in Fife. Milgate, Murray Stimson, Shannon. The Encyclopedia of Libertarianism. Smith's argument predicted Britain's evolution as the workshop of the world, underselling and outproducing all its competitors.
Smith, Adam (2002) 1759. 49, edited. . The acquisition of valuable and extensive property, therefore, necessarily requires the establishment of civil government. Therefore, those outputs of Period 1 which are not used or usable as inputs of Period 2 are regarded as unproductive labour, as they do not contribute to passage from The Rainbow by D.H. Lawrence growth. 2, smith is best known for two classic works: An Inquiry into the Nature and Causes of the Wealth of Nations (1776) and, the Theory of Moral Sentiments (1759). Adam Smith, Radical and Egalitarian: An Interpretation for the 21st Century. 123 Alan Greenspan argues that, while Smith did not coin the term laissez-faire, "it was left to Adam Smith to identify the more-general set of principles that brought conceptual clarity to the seeming chaos of market transactions". During the Industrial Revolution, Britain embraced free trade and Smith's laissez-faire economics, and via the British Empire, used its power to spread a broadly liberal economic model around the world, characterised by open markets, and relatively barrier-free domestic and international trade. 54 He also had occasional spells of imaginary illness, 46 and he is reported to have had books and papers placed in tall stacks in his study. Emphasised also are Smith's statements of the need for high wages for the poor, and the efforts to keep wages low. He never moved above the heads of even the dullest readers. Mandeville,., 1724, The Fable of the Bees, London: Tonson.