The term "Enlightened Economy" most prominently refers to the economic history of Britain during the period of roughly 1700 to 1850, as argued by economic historian Joel Mokyr.
Posts tagged as “Adam Smith”
"The Lever of Riches" is a powerful metaphor for the most fundamental source of long-term economic growth: technological creativity and innovation.
The phrase "Economy of Machinery and Manufacture" most notably refers to the book "On the Economy of Machinery and Manufactures" published in 1832 by the English polymath Charles Babbage.
Capital accumulation is the process of increasing the total stock of capital assets in an economy, such as machinery, equipment, buildings, and infrastructure.
An Inquiry into the Nature and Causes of the Wealth of Nations, universally known as The Wealth of Nations, is the foundational work of modern economics, written by Scottish economist and philosopher Adam Smith and published in 1776.
The emergence of modern economies is a complex process with roots in various historical developments that transformed human society from agrarian and handicraft-based systems to a globalized, industrial, and technology-driven one.
The Labor Theory of Value (LTV) is an economic theory that states the value of a commodity is determined by the total amount of "socially necessary labor time" required for its production.
Welcome to the Paradox of Value—also known as the Diamond-Water Paradox—one of the most thought-provoking puzzles in economics.
In the history of economic theory, few conceptual figures have had as enduring an influence—or have attracted as much criticism—as Economic Man, or Homo Economicus.
Long before macroeconomic charts filled PowerPoint slides, one man created the first economic model in history — a bold attempt to map how wealth flows through an economy.
The relationship between markets and morality is a long-standing and complex topic in philosophy and economics.
You've grasped the core difference perfectly: division of labor is the process of breaking down work, and specialization of labor is the outcome of that process.
Invisible hand remains a central concept in free-market economics and is often used to justify policies that promote competition and limit government intervention.
This article describes canons of TAXation and describes characteristics of a ‘good TAX’. It also explains three different TAX systems.
This article talks about three main functions of price and explains how these functions of price influence the market system.