Window Seat | Mrinal
Chatterjee | 18.6.23
Adam
Smith: A Pioneer of Modern Economics
The world this year is celebrating the 300th
birthday of Adam Smith, widely considered as ‘father of economics’. In a way
Adam Smith laid the foundation for modern economics through his seminal work,
"The Wealth of Nations."
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| Adam Smith |
Born in Kirkcaldy on the east coast of
Scotland Adam Smith's intellectual journey began at the University of Glasgow,
where he studied moral philosophy. Smith's exposure to the Scottish Enlightenment,
with its emphasis on reason and inquiry, profoundly influenced his thinking and
set the stage for his groundbreaking contributions.
He launched his economic revolution, even as
the Americal revolution got underway. In 1776, Smith published his magnum opus,
"An Inquiry into the Nature and Causes of the Wealth of Nations,"
commonly known as "The Wealth of Nations", which became one of the
most influential books on market economics. In it, Smith examined the economic
forces that shape society, emphasizing the importance of free markets, division
of labor, and self-interest as driving factors behind economic growth.
One of Smith's most influential concepts is
the notion of the "invisible hand." According to Smith, when
individuals pursue their self-interest in a competitive market, they
inadvertently contribute to the welfare of society as a whole. The invisible
hand mechanism ensures that resources are allocated efficiently, leading to the
maximization of overall economic welfare. This idea, though often misunderstood,
laid the foundation for modern free-market capitalism and remains a cornerstone
of economic theory.
Smith recognized the transformative power of
the division of labor in driving economic progress. He observed that when tasks
are broken down into specialized components and assigned to different
individuals, productivity increases significantly. Smith's analysis of the pin
factory, where he illustrated how specialization and the division of labor lead
to increased efficiency, remains a classic example in economic literature.
While Smith championed the idea of free
markets, he also acknowledged the need for limited government intervention. He
advocated for the state to provide essential public goods, maintain the rule of
law, and enforce property rights. Smith believed that a well-regulated market,
coupled with a legal framework, promotes competition, enhances economic growth,
and ensures social welfare.
Adam Smith's ideas have left an indelible mark
on economics and continue to shape economic thought. His principles of free
trade, specialization, and the invisible hand have guided policymakers and
economists alike. However, Smith's work is not without its critics. Some argue
that his ideas do not adequately account for externalities, income inequality,
and the limitations of markets. Nonetheless, his work remains a starting point
for many economic discussions and continues to inspire debates on the role of
government and the market.
Three hundred years after his birth, Adam
Smith's intellectual legacy endures as a beacon of economic thought.
Curry-King
Recently popular food-guide
‘Taste Atlas’ published a list of the best curries in the world. Shahi Paneer,
Malai Kofta, Butter Chicken were amid top 10 curries in the world. Several
other Indian foods including Korma, Vindaloo, Keema, Saag Paneer, Madras Curry,
Rogan Josh, Matter Paneer, Jalfrezi, Aloo Mattar, Punjabi Kadhi, Chicken
Rezala, Goan Fish curry, Prawn mallei curry, Handi Paneer and Bengali Chicken
curry also featured in the top 50.
No wonder, as India
has always been Curry-King. The word 'Curry', stems from the Tamil word 'kari'
and denotes a variety of dishes prepared in a thin, soup like spiced sauce.
However, two
traditional Thai dishes topped the list: Phanaeng Curry and Khao Sai followed
by Japanese dish Kare.
Women
in Space
June 16, 2023 marked
the 60th anniversary of the first woman in space.
On this day in 1963
Soviet Cosmonaut Valentina Tereshkova was launched into orbit aboard spacecraft
Vostok 6, which completed 48 orbits in 71 hours.
Valentina was born in Maslennikovo, near
Yaroslavl, in Russia on 6 March 1937. Her father was a tractor driver and her
mother worked in a textile factory.
After the first human spaceflight by Yuri Gagarin on 12 April
1961, the selection of female cosmonaut trainees was authorised by the Soviet
government, with the aim of ensuring the first woman in space was a Soviet
citizen.
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| Valentina Tereshkova |
On 16 February 1962, out of more than 400 applicants, five
women were selected to join the cosmonaut corps. Four candidates passed the
final examinations in November 1962. On the morning of 16 June, Tereshkova and
her backup Solovyova both dressed in spacesuits and were taken to the launch
pad by bus. After completing checks of communication and life support systems,
she was sealed inside her spacecraft. Two hours later, as Vostok 6 took off,
Tereshkova became the first woman in space. She was 26. Tereshkova still holds the title as the youngest
woman to fly in space.
Tereshkova is 87
now.
Media turning into a
Circus
First attested in English 14th century, the word circus
derives from Latin circus, which is the romanization of the Greek word,
meaning "circle" or
"ring". Over time it meant a show performed in a large tent
by a company of people and animals.
For nearly a century and a half, the Circus has been an
essential part of Indian cultural legacy. India has given birth to some of the
most well-known and outstanding circus artists in the world, and over time, a
number of circuses have distinguished themselves as the best in the nation. A
circus training academy was set up in Kerala, which has now been closed.
Meanwhile, the work circus has accrued other meanings as
well. If you describe a group of people
or an event as a circus, you disapprove
of them because they attract a lot of attention but do not achieve anything
useful.
Cartoon by Alankar Goswami
Now media, especially visual media is gradually becoming a
circus and providing entertainment in the name of news. The recent example is
the almost bizarre news presentation of impending Gujarat cyclone by a female
anchor with an oversized umbrella in front of a screen playing the cyclone
scenes of USA. This will always be remembered as the low-point of media in
India.
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This column is published every Sundaqy in Sikkim Express and www.prameyanews.com
https://www.prameyanews.com/window-seat-adam-smith-a-pioneer-of-modern-economics
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