Essay about Biography of Adam Smith

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Biography of Adam Smith

Smith was one of those 18th century Scottish moral philosophers whose impulses led to our modern day theories; his work marks the breakthrough of an evolutionary approach which has progressively displaced the stationary Aristotelian view
Invisible Hand:-
§ "Every individual necessarily labors to render the annual revenue of the society as great as he can. He generally indeed neither intends to promote the public interest, nor knows how much he is promoting it. He intends only his own gain, and he is in this, as in many other cases, led by an invisible hand to promote an end which was no part of his intention. By pursuing his own interest he frequently promotes that of the society more effectually than when he
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They are themselves always, and without any exception, the greatest spendthrifts in the society. Let them look well after their own expense, and they may safely trust private people with theirs." (vol. I, bk. II, ch. 3.)
Science:-
§ "Science is the great antidote to the poison of enthusiasm and superstition." (The Wealth of Nations.)
§ "A system of natural philosophy [this is how they described science in those days] may appear very plausible, and be for a long time very generally received in the world, and yet have no foundation in nature, nor any sort of resemblance to the truth." (Theory of Moral Sentiments.)
Introduction:-
Malthus, in his less famous work, Definitions in Political Economy, set down four rules for formulating definitions. Lawyers will readily recognize these as authorless rules which they and the courts have used in statutory interpretation. The first is that when people use words we should expect others to interpret them in their ordinary sense, or dictionary meaning. The second rule -- given that some distinction is required -- is to adopt the meaning as used by the "most celebrated writers."
"In adverting to the terms and
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