Some points on Capitalism.
Adam Smith is the father of Economics. He wrote a book The Wealth of Nations in 1776, since then Economics is recognised as a different subject of study. The main focus of The Wealth of Nations is economic growth which is possible by the specialization of labour force/human resource. According to Smith the wealth of nations is labour force and education accelerates productivity of labour where division of labour increase individual productivity and personal work satisfaction . Smith believes on laissez fair i.e. free market economy. Today, I have taken his thoughts for the Sunday’s quotes.
♦ Our merchants and masters complain much of the bad effects of high wages in raising the price and lessening the sale of goods. They say nothing concerning the bad effects of high profits. They are silent with regard to the pernicious effects of their own gains. They complain only of those of other people.
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