Task: biographies 1°

Juanita Villalobos Lupercio

MAY 26, 2020

Adam Smith (1723-1790) was a philosopher and economist considered the

ideologist of the principles of capitalism. He was not only a great exponent of
classical economics, but also contributed with its own contributions to
the development of social theories based on an economic system
proposed. He based his life on developing an understanding of the phenomenon.

known asIndustrial Revolution.

The works of this Scottish economist and author marked a before and an after.
later in the economic and labor notions of the time. Its
thought was applied in such a way that it forged the foundations of systems
Economic issues that persist globally.
The thought of Adam Smith is popularly considered as a
opposition to another economic and social thinker that would appear
laterKarl MarxHowever, today there is evidence
enough to demonstrate that Smith's proposals have endured with
time, in theory and practice.

Smith left a short but complete body of written work, in which he presented almost,
but all, their ideas. The Wealth of Nations, published in 1776, is
considerada su obra de mayor valor teórico e histórico.

Biography
Adam Smith was born in Scotland on June 5, 1723. The city from where
Smith comes from Kirkcaldy, known for being a fishing area.

When he was three months old, Smith became an orphan, since his father
passed away. His mother was Margaret Douglas, and she was the second wife of the father

of Adam Smith. When he died, Adam was left under the care of only
his mother, of whom it is said he was always very close.

When I was 4 years old, an important event occurred in my life, as it was

kidnapped by a group of gypsies. As soon as they noticed his disappearance, his
the family began to search for him until they finally found him in a
forest, where he had been abandoned.

Apparently, this experience did not leave any aftereffects in the field.
psychological, as according to the records found in history it is known that
he was a boy just as studious and affectionate, only he was always weak and
I fell ill easily.
Estudios universitarios

The Smith family was wealthy, as Margaret was the daughter of an owner.
from the region of abundant economic solvency. Due to this, Adam
he could study at the University of Glasgow. He entered this institution
in the year 1737, when I was 14 years old.

There, she felt a very strong attraction to mathematics; also, in this.

the enclosure came into contact for the first time with Francis Autcheson, who
taught moral philosophy, and whose influence is widely recognized.
considerable in Smith's later thinking.

Three years later he finished his studies in Glasgow and was deserving of
a scholarship thanks to which he had the opportunity to study at Balliol
College, located in the United Kingdom.

Several historians agree that the fact of having received a

Training in these two educational institutions significantly influenced the
thought that would later be presented by Adam Smith.

Smith completed his studies in 1746, when he was 23 years old, and that
same year returned to Kirkcaldy. He began to look for work and his beginnings
they were speakers, giving presentations in Edinburgh.

University professor
Little by little, he was gaining some fame in the academic field, given that
his lectures used to cover topics as diverse as the economy,
history or even rhetoric. In addition, he managed to publish some writings in
the Edinburgh Review, thanks to which it also became more known.
Luego de esta labor como conferencista, en 1751 Adam Smith fue tomado
for a position as a Logic professor at the University of
Glasgow. Smith spent 1 year teaching materials, and then decided
start teaching moral philosophy classes, since this was an area
that always interested him quite a bit.

All this experience allowed him to be part of a group of teachers,

academics, intellectuals, and businessmen. Especially, there was
men specialists in colonial trade, and the interactions they had
with these men in said circles allowed him to learn a lot about
the economic dynamics of the moment.

In the midst of this context, Adam Smith published his first book in
The theory of moral sentiment(The theory of
moral feelings.

Preceptor

En 1763 Adam Smith obtuvo una propuesta laboral, que iba a significar una
much greater economic remuneration. The assigned task was to be
preceptor of the Duke of Buccleuch.

Smith accepted the proposal and traveled to different areas of the world along with

the Duke of Buccleuch. On these trips he had the opportunity to meet

prominent personalities in the academic world and in forging bonds
circles of importance.

First he traveled to Toulouse, France, in 1764; they were there for 18 months. Then
they were in Geneva for two months and then traveled to Paris.

During his stay in Geneva, he sought a way to meet Voltaire; and

then in Paris he was put in touch with personalities such as François
Quesnay, who at the time spoke specifically about the origin
of wealth.

Adam Smith took advantage of this time of travel to write, but in 1767 he died of
unexpectedly the brother of the Duke of Buccleuch, so that Smith and the
the dukes quickly returned to London.

Summit essay
The year 1767 was for Adam Smith the beginning of the creation of what would be
his next job. This book was titled An inquiry into the nature and
causes of the wealth of nations, and it turned out to be
his most important work. He finished writing it in 1776, six years later
having started it.

Two years later, in 1778, after the great reception that his last one had.
publication, Smith decided to retire. He moved to Edinburgh and there continued
with his life, in a quiet manner and fully dedicated to reviewing and improving
his two most important publications.

1784 was a tough year for Adam Smith, as his mother passed away. Although
she was already 90 years old, her death meant a very great loss
for him.

Smith was in such poor health that in 1787 he was appointed rector of the
University of Glasgow and its weakness did not allow it to address the
assistants. When he was 77 years old, he died on July 17, 1790 in
Edinburgh, the place where he spent his last years of life.

Economic theory
Adam Smith has been considered the father of economic liberalism.
The main issue that troubled him during his lectures was the origin.
of wealth, located in the context of the Industrial Revolution,
time when England significantly increased production of
different goods.

Smith considered that mainly there are two factors that have
influence: the market and increased productivity thanks to division
of the work.

Divided work

According to Smith, to increase productivity, which is the goal

primordial, it is necessary to carry out a division of tasks; that is to say, that
a specific task will be done more efficiently if it is handled by
several people specialized in that task, and if each one is in charge of
a specific area.

This concept is easily observable in a factory or establishment, and

Smith's bet was that if that model works correctly in
a specific establishment would also function efficiently if it
extrapolate to the economy of a country. In this case, the appropriate term to
using would be that of the social division of labor

Within the dissertation on the division of labor. Smith was also

able to conceive of aspects that would not be so positive, perhaps as
consequence of their philosophical training.

Among these unfavorable elements, Smith recognized the danger of a

such a marked specialization that would make the workers become
in automata carried out monotonous activities, which could have an impact on
negative manner in the intellectual abilities of people
Theodore William Schultz
(Arlington, South Dakota, 1902 - Evanston, Illinois, 1998) Economist
American who received the Nobel Prize in Economics in 1979, along
William Arthur Lewis, for his studies on human capital and his
theoretical contribution to economic development, especially in countries
of the Third World.

Theodore Schultz

He began higher studies in 1921 at Dakota State University

from the South, where he graduated in 1927, and then completed them with the
Doctorate from the University of Wisconsin (1930). His training in
this last center was marked by the influence received from
economists like Perlman and Commons, of unorthodox thinking, and
due to the beginnings of the Great Depression, which introduced new problems and
theoretical approaches to the development of capitalism.

From 1930 to 1943, he was a professor at the College State of Iowa, and starting from
that year at the University of Chicago, where he remained until 1972.
He also played an important role in the Department of
Economic Research between 1949 and 1967, first as an advisor and
later vice president, and as trustee of the Institute of Current World
Affairs (1935-1958), from The Population Council (1957-1978) and the Service
International Fund for Agricultural Development (1975).

His works were framed within the theory of development, with the
explanation of the factors that make economic growth possible
a country; starting from the situation of poverty that affects the countries in
development paths, concluded that only the progress of agriculture
would lead to a subsequent process of industrialization on solid foundations and,
therefore, to a balanced and rational development, contrary to the type of
process experienced by these countries in the second half of the 20th century, of which
he has been one of its greatest critics. In this regard, he highlighted the
decisive role played by
In the same way that financial capital is vital for development
classic industrial.

He was elected president of the American Economic Association (1960),

organization that awarded him in 1972 with the Francis A. Walker Medal. Among
his numerous works highlight Agriculture in an economy
unstable (1945), Global Agricultural Economic Crisis (1945), The
economic value of education (1963), economic growth and
{"agriculture":1968,"investment in human capital":1971}
Gary Stanley Becker

(Pottsville, 1930) American economist. Affiliated with the School of

Chicago is well known for its work on human capital, in the
that developed the foundations for some human decisions such as the
investment, education, or health. He received the Nobel Prize in Economics in
1992 for its microeconomic contributions regarding behavior and
human relationships.

Son of a Canadian immigrant, when he was still a child his family moved
to New York, the city where he received his pre-university education. After being
admitted to Princeton University, he opted for studies in
mathematics, although he has already begun to show interest in economics,
area on which he later expanded studies at the University of
Chicago.

After graduating in 1951 and collaborating with the economics department of

the University, in 1954 he was offered a position as an assistant professor, in
the one that lasted for three years and allowed him to obtain his doctorate in 1955
at the same institution. In 1957 he obtained a position as a professor at the
Columbia University, an activity that was combined with research in
the National Bureau of Economic Research. Until the end of the decade of the
In the sixties, he developed research around human capital, which led him
They provided great prestige as an economist.

Annoyed with the student protests on university campuses

Columbians of New York moved during the 1968-1969 academic year as
visiting professor at the University of Chicago, an institution that for another year
Later, he was hired as a teacher. The main research on the
that focused its attention since then related to the role of the
pressure groups within the decision-making and the structure
familiar. These areas brought him closer to sociology, whose department
offered to carry out teaching activities on this subject. In 1992 he
he was awarded the Nobel Prize in Economics for having extended the field of
microeconomic analysis of new domains of behavior and of the
human relationships.
 Jacob Mincer

Jacob Mincer (July 15, 1922 to August 20)

2006), he was a father of modern labor economics. He was Joseph L. Buttenwiser.
Professor of Economics and Social Relations at Columbia University for the majority
part of his active life

Born in Tomaszów Lubelski, Poland, the grinder survived World War II.
prisoner camps in Czechoslovakia and Germany as a teenager. After
graduating from Emory University in 1950, picadora received her Ph.D. from the University of
Columbia in 1957.
After periods of teaching at City College of New York, University
Hebrew, Stockholm School of Economics and the University of Chicago, grinder joined
the Columbia faculty, where he remained until his retirement in 1991.
Picadora was also a member of the National Economic Research Office since
1960 until his death.
The grinder died in her Manhattan home on August 20, 2006, due to complications of the.
Parkinson's disease, according to his wife, Dr. Flora Picadora, and his daughters.
Deborah Chopper (Sussman) and Carolyn Chopper
Ricardo was considered by many as the father of modern labor economics.
As a prominent member of a group of economists known as the School of
Chicago economics, grinder and Nobel Prize Gary Becker helped to develop the
empirical foundations of human capital theory, consequently revolutionizing the field of
the economy of labor.
During his academic career, the author of four books and hundreds of articles.
magazines, newspapers, and essays. Innovative work of the grinder: Schooling, the
experience and earnings, published in 1974, uses data from the censuses of 1950 and
1960 to relate income distribution in America to the varying amounts of
education and training in the workplace among workers. "It is estimated, for example,
that annual earnings increased by 5 to 10 percent in the 1950s and 1960s due to
each additional year of education. There was a similar, although smaller, performance of
investment in job training and age play a role.
The work of the grinder continues to have a profound impact in the field of economics.
work. Papers in the field frequently use Mincer equations, which relate to wages
model based on human capital in statistical estimation. And as a result of a
pioneering work of Mincer, variables such as education and work experience are
now the most commonly used measures of human capital.

Recognitions and awards

In 1967, Picadora was elected as a member of the American Statistical Association.
In 1991, he received an honorary Doctor of Law degree from the University of Chicago.
who recognized his seminal work in the economic analysis of income and inequality,
the workforce the decisions of women and the work of mobility. The citation for
the degree also recognized the work of cutting meat in this area that has helped to guide
a generation of economists who study these important social issues.
In recognition of his entire career in economics, Picadora was awarded with the
First IZA Prize in Labor Economics from the Institute for the Study of Labor (Bonn,
Germany). The $50,000 prize was awarded for meat chopping in more than 100 of its former
students at a conference at Columbia University in 2002.
In 2004, Picadora received a Lifetime Achievement Award from the Society University.
Chicago's Labor Economists; the annual award has subsequently become
known as the Meat Chopping Award.
Despite chopping meat, he was never awarded a Nobel Prize, because he was
considered one of the greatest economists in the world of the 20th century, who was nominated
for the award on numerous occasions by admiring colleagues.