Adam Smith

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Adam Smith. 1 connected concept: Cost-of-production theory of value (related to).

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Community · Cost-of-production theory of value

Summary

Adam Smith was a Scottish economist and philosopher who was a pioneer in the field of political economy and key figure during the Scottish Enlightenment.

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Connections1

key proponent in classical economics
Smith utilized the cost-of-production framework in 'The Wealth of Nations' to explain the 'natural price' of commodities, which he distinguished from their fluctuating market prices.
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Facts