Concept
Adam Smith
Related concepts (30)
Edinburgh
Edinburgh (ˈɛdᵻnbərə , ˈɛdɪnbʌrə; Dùn Èideann ˌt̪un ˈeːtjən̪ɣ) is the capital city of Scotland and one of its 32 council areas. The city was historically part of the county of Midlothian (formally called the "county of Edinburgh" or Edinburghshire until 1947), but was administered separately from the surrounding county from 1482. It is located in Lothian on the southern shore of the Firth of Forth. Edinburgh is Scotland's second-most populous city, after Glasgow, and the seventh-most populous city in the United Kingdom.
Comparative advantage
In an economic model, agents have a comparative advantage over others in producing a particular good if they can produce that good at a lower relative opportunity cost or autarky price, i.e. at a lower relative marginal cost prior to trade. Comparative advantage describes the economic reality of the work gains from trade for individuals, firms, or nations, which arise from differences in their factor endowments or technological progress.
Economist
An economist is a professional and practitioner in the social science discipline of economics. The individual may also study, develop, and apply theories and concepts from economics and write about economic policy. Within this field there are many sub-fields, ranging from the broad philosophical theories to the focused study of minutiae within specific markets, macroeconomic analysis, microeconomic analysis or financial statement analysis, involving analytical methods and tools such as econometrics, statistics, economics computational models, financial economics, mathematical finance and mathematical economics.
Invisible hand
The invisible hand is a metaphor used by the Scottish moral philosopher Adam Smith that describes the inducement a merchant has to keep his capital, thereby increasing the domestic capital stock and enhancing military power, both of which are in the public interest and neither of which he intended. Some later authors have broadened this to imply the unintended greater social impacts brought about by individuals acting in their own self-interests.
Critique of political economy
Critique of political economy or simply the first critique of economy is a form of social critique that rejects the conventional ways of distributing resources. The critique also rejects what its advocates believe are unrealistic axioms, faulty historical assumptions, and taking conventional economic mechanisms as a given or as transhistorical (true for all human societies for all time). The critique asserts the conventional economy is merely one of many types of historically specific ways to distribute resources, which emerged along with modernity (post-Renaissance Western society).
Manchester Liberalism
Manchester Liberalism (also called the Manchester School, Manchester Capitalism and Manchesterism) comprises the political, economic and social movements of the 19th century that originated in Manchester, England. Led by Richard Cobden and John Bright, it won a wide hearing for its argument that free trade would lead to a more equitable society, making essential products available to all. Its most famous activity was the Anti-Corn Law League that called for repeal of the Corn Laws that kept food prices high.
Economic nationalism
Economic nationalism is an ideology that prioritizes state intervention in the economy, including policies like domestic control and the use of tariffs and restrictions on labor, goods, and capital movement. The core belief of economic nationalism is that the economy should serve nationalist goals. Economic nationalists oppose globalization and some question the benefits of unrestricted free trade. They favor protectionism and advocate for self-sufficiency.
Absolute advantage
In economics, the principle of absolute advantage is the ability of a party (an individual, or firm, or country) to produce a good or service more efficiently than its competitors. The Scottish economist Adam Smith first described the principle of absolute advantage in the context of international trade in 1776, using labor as the only input. Since absolute advantage is determined by a simple comparison of labor productiveness, it is possible for a party to have no absolute advantage in anything.
James Boswell
James Boswell, 9th Laird of Auchinleck (ˈbɒzwɛl,_-wəl; 29 October 1740 (N.S.) – 19 May 1795), was a Scottish biographer, diarist, and lawyer, born in Edinburgh. He is best known for his biography of his friend and older contemporary, the English writer Samuel Johnson, which is commonly said to be the greatest biography written in the English language. A great mass of Boswell's diaries, letters, and private papers were recovered from the 1920s to the 1950s, and their ongoing publication by Yale University has transformed his reputation.
Goods and services
Goods are items that are usually (but not always) tangible, such as pens, physical books, salt, apples, and hats. Services are activities provided by other people, who include architects, suppliers, contractors, technologists, teachers, doctors, lawn care workers, dentists, barbers, waiters, online servers, a digital book, a digital video game or a digital movie. Taken together, it is the production, distribution, and consumption of goods and services which underpins all economic activity and trade.