mР5/22/2018Р8Р2.Trade Based on Absolute AdvantageРAdam Smith, 1723--1790РAdam Smith was a Scottish moral philosopher and a pioneer of political economics. He entered the University of Glasgow and studied moral philosophy when he was fourteen. Three years later he entered the University of Oxford. Smith is the author of The Theory of Moral Sentiments and An Inquiry into the Nature and Causes of the Wealth of Nations. The latter, usually abbreviated as The Wealth of Nations, is considered as the first modern work of economics.Р5/22/2018Р9РIf a foreign country can supply us with modity cheaper than we ourselves can make it, better buy it from them with some part of the product of our own industry, employed in a way in which we have some advantage.Р --- The Wealth of Nations, 1776Р5/22/2018Р10
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