`Modern economics claims lineage from Adam Smith. Show that Smith has however a very different view of the relation between economics and morality`

Adam Smith , Modern Economics and Morality

Introduction

Modern economic theory has been attributed to the contributions of Adam Smith , as expounded in the wealth of nations . According to Klein (1992 , Smith 's contributions on modern economics can be attributed more on the philosophical foundations hence , based on this , what is modern economics , and how is Adam Smith relevant to the definition of modern economic theory

Modern economics has been described as founded on human behaviour human behaviour was considered to be limited by ends and scarce means and eventually , how people

behave in to find alternative uses to make these things meet (Robbins , 1932 , as cited in Dasgupta , 1998 Based on this , what makes modern economics quite distinct from other economic thought is merely through its interjection of human behaviour in the entire economic concept . Economic thought can be said to be founded on the ideas on market economy and commodity , and eventually the definition of economics pertain to production , distribution and consumption

Economics , in general , can be observed to demonstrate the relationships between and among many factors concerning supply and demand which include the different forces involved especially as this involves the market consisting of producers , distributors and consumers . The injection of human character and behaviour which are the main factors that distinguish modern economics from other economic thought , does point to the philosophical underlying of economics

In this case , the lineage of modern economics from Adam Smith is indeed established however , this can be further assessed when...