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Adam Smith: Works
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Adam Smith wrote this knowing full well that in early Roman society the law required that the land be divided equally among the population and all attempts to carry the law out ended in failure. Inter-generational changes nullified the equal distribution; marriage alliances, inheritance maldistribution, growing populations, territorial expansion, local politics, or, if you like, human nature worked against it.
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In the global trade debate, Adam Smith is usually heralded as perhaps history’s greatest proponent of capitalism. Against that backdrop, U.S. Congressman Sherrod Brown, author of "Myths of Free Trade," has a surprising finding. He argues that, contrary to the teachings of Smith's 20th- and 21st-century apostles, the Scottish philosopher more often than not sided with workers.
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Smith's theory of wages was a form of the Iron Law of Wages which held that wages are by and large equal to the subsistence level of wages. (If wages exceed the level that is just enough to keep the worker and his dependents alive, there will be an increase in population that will drive wages down to the subsistence level. If wages fall below what the workers need to stay alive, population will fall and wages will rise to the subsistence level.) This meant that any increase in total output went not to the workers but to capitalists who would save and invest in machinery that would make possible further division of labor and technological progress.
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Every school of political thought has found an Adam Smith to suit it. To Marx, Smith advanced the labour theory of value, making mistakes which it fell to Marx to correct. Marx ... accepted that Smith was right descriptively about the division of labour, but failed to understand the alienation to which it led. Defenders of laissez-faire have found a spiritual father in Smith, but their opponents have also found sustenance. Smith believed that defence, public works, and education ought not to be left to the market, and defenders of protectionism and of government intervention can quote Smith in their support.
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Smith was born June 15, 1965, in Tacoma, Washington and raised in the Sea-Tac area. His father, who worked for United Airlines and was active in the Machinists' Union, died when Smith was 17.
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Smith was a true polymath: he was master of several languages and their literatures, a historian of the ancient and modern worlds, a philosopher in his own right, and a brilliant observer of human society and behavior. Although he is known today principally as the father of the discipline now known as economics, given the scope and breadth of his work, he is probably better considered the father of sociology.
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