adam smith is the person who actually organized american business as we know it today. This is a topic that many people are looking for. bluevelvetrestaurant.com is a channel providing useful information about learning, life, digital marketing and online courses …. it will help you have an overview and solid multi-faceted knowledge . Today, bluevelvetrestaurant.com would like to introduce to you Adam Smith: The Grandfather Of Economics. Following along are instructions in the video below:
Some families on the show do not seem as common as what were used used to but does your family not have the same little troubles as well we do and that is why we love modern family. So much the characters are so different. But yet they often remind us of ourselves let s dive inside the modern family and reveal what is going on in the real lives of the characters like her determined and family loving.
Character gloria. Sofia. Is always surrounded by her friends family and most of her cast mates and crew members she always had dozens of admirers.
But she chose to marry her high school boyfriend. Joe gonzalez. Right after graduation when she was only 18 with him.
Sofia became a mom for the first time. She gave birth to her son. Manolo.
Gonzalez ripoll apparently. Sofia. And joe were too young to start a family and things soon got too complicated.
Unlike. Her character who isnt afraid to use violence as a solution. Sofia is much more diplomatic and so the separation with her husband was a calculated and calm solution.
Sofia. Was left alone for years she struggled with the life of a working single mother. She was also fighting cancer and helping her brother quit drugs.
She did not have time for her personal life. But she needed support and wanted a father for her son and finally almost 10 years after divorce. She found the one they met at the white house correspondents dinner in dc.
It was the magic mike actor joe manganiello and he says he knew that sofia was his soulmate its coming to grips with the idea that someone who is not related to you could possibly love you that much the actress told us magazine. This extremely good looking pair got together in 2014. And were engaged just six months later when sofia is asked to comment on her personal life.
She replies. That shecouldnt be happier the two are frequently snapping photos of their romance. On social media.
And are even planning to star in a film together judging by their public love. The two seem to be perfect for each. Other first.
We knew ed o.neill. As the funny actor from married.
With children now we love him playing the patriarch of the dunphy family. Despite trading in his older. Wife for a much younger one on modern family.
Ed o.neill. Has been married to his wife.
Catherine for 32 years. But it took oneill. 13.
Years to give in to the idea of having kids.
With wife. Catherine was already 42 years old when she finally gave birth to her first child at the beginning. I sort of reluctantly went along with it he told.
The new york post as a favor to her i was thinking then when we had the first one. I was like oh. My god im in love.
Although it was not always sunny for the two of them the couple had been separated for some time. But they got back together and currently live in los angeles. Raising two wonderful daughters and doing just fine.
Its hard to picture julie bowen as claire married to anyone other than her hilarious on screen husband. Phil yet she was married to software developer and businessman. Scott phillips for 13 years.
In fact. In the pilot of modern family. Julie was heavily pregnant with twins and the production had to strategically place her behind objects to cover her stomach on what makes a marriage successful bowen joked.
Honestly i only remember up until we had the kids then youre like what twelve years. Weve had children for nine. So i remember the first three years.
The rest of it is like a blackout seems that the blackout was not pleasant. Though since after so many years julie filed for divorce. And the couple decided to go their separate ways in an interview.
Julie joked about her marriage to scott. Saying that the pair were simply too tired to do anything else. And that is why they did not break up earlier.
We hope julie will find someone who will make her feel as happy as her onscreen husband does. For claire phil considers himself a cool dad who often engaged in ridiculous activities with luke much to claires dismay in real life. Ty is less child like and more of a calm and steady husband.
He chose to marry the chef holly burrell together they managed to combine the best of both of their worlds. As in 2 years. The couple will celebrate 20 years of mutual love holly is a professional chef and a really great one according to ty my wife.
Holly is an amazing cook. So everything around what i make tastes great. He told us weekly looks like the chef found her way to her husband s heart through his stomach.
The couple had adopted a baby girl and two years later they decided to adopt a second daughter. Today. This modern family is living happily together with their daughters greta and frances in the city of angels.
Jesse. Tyler ferguson. As mitchell pritchett like many of the plot twists on the show.
Jesse tyler fergusons real life coming out story is equally embarrassing and hilarious. When the actor was a freshman in high school. He got caught by security at a bookstore attempting to shoplift some adult gay videos.
My mom and dad saw the nature of the material. I was stealing and thats how i came out he says today he finds it a funny story. But back then it was incredibly traumatizing thankfully.
All this did not affect.
Jesse s. Personal life 6 years ago. Jesse got engaged to a lawyer.
Justin mikita. After dating for almost two years when we first meet fergusons character. He is just embarking on fatherhood for the first time in last year s.
Interviews. The actor expressed an eagerness to become a father in real life justin and i are very excited to become dads in the near future. He told e news.
There has been no announcement yet but we are expecting it any time soon. Eric stonestreet portrays the funny and adorable teddy bear. Cameron tucker.
Despite playing such an emotional gay character on modern family. Eric has a rather different personal life. Despite the fact that everyone thinks he is openly gay in real life after being in a long term relationship with actress katherine tokarz last year.
Eric admitted that he had found love again stonestreet started to date a pediatric nurse. Lindsay schweitzer and is madly in love with her she calms my nerves. Im a very high strung person.
He told ellen degeneres on her show. We dont know if wedding bells will ring. But for now.
The couple is enjoying getting to know each other more seems that eric chose to shun the high profile hollywood lifestyle and date. Someone a bit more down to earth. Haley.
Was always the pretty ditzy and rebellious. One who cared a lot more about her appearance rather than her studies and the one who always had these endless problems in her personal life. The real hyland doesnt deal with as many boyfriend issues.
She is currently dating. The reality star wells adams. He has appeared as a contestant on both the bachelorette and bachelor in paradise.
Sarah admitted. The two started exchanging messages on social media and she said. I thought he was funny and he was a fan of my show after their first date.
The two became inseparable and they are often seen. Posting. Romantic pictures on their social media.
Profiles. As she told. Jimmy kimmel.
About her relationship with wells. This is really awesome we hope it will stay this way winter who plays the brainiac dunphy daughter. Alex was just 11 years old when she was cast on modern family during the early years of the show ariel had to deal with family issues and was growing from a girl into a woman no easy task especially in the spotlight ariel said her mother sexualized her starting from the age of seven and would dress herin the smallest miniskirts sailor suits low cut things the shortest dresses ever people thought i was 24 when i was 12 ariel said.
I went through a really rough period. A really bad chapter winter revealed and admitted. She hasnt spoken to her estranged mother in five years.
Luckily with the support of her on set friends and loved ones.
She managed to overcome the hard times ariel might play a grounded nerd on tv. But her real life is quite. The contrary.
She has had lots of light affairs. But 2 years ago ariel began dating actor levi meaden with whom she truly fell lly a better idea was to actually use that land you already had more efficiently by developing industry. You see a factory that produces.
Oh. I dont know lets say textiles take up much much less land than a farm. But are able to produce the same amount of profit.
But they take much much more of an investment. So they are not going to be the first choice of a nation to produce until they have absolutely exhausted the well that they can harvest from their soil. Once a nation does start building.
These factories. Though they will get very very wealthy because you can pack a lot more wealth generation into a smaller space to see this in action take the economies of china and the united kingdom. During the 1700s china was a vast lush and plentiful nation with a large population and extremely arable land.
It had absolutely no incentive whatsoever to build factories at this point. In time because it could easily support its population with the farmland had available if someone went to get richer. They would just work more farmland england on the other hand was a tiny desolate rock that had farmland sure.
But it was pretty lackluster in comparison and almost every square mile of the nation. That was usable had been used so factories were the next logical step on getting wealthier. Its not necessarily that a nation like china wasnt able to embrace this technology.
Its more they had no real incentive to do so most people that hear this theory for the first time. It seems pretty silly in the 21st century. We see nations that transition from agriculture to industry.
Becoming very very. Wealthy in a short space of time so it almost seems like this theory is wrong. But it isnt nations and individuals will naturally take the path of least resistance.
Which means adam smiths theory holds true even until this day. Nations start off farming because it is easy once they exhaust the potential of that they move on to industry. And once they have finished with that they then begin to move on to a service based economy this whole path of least resistance thing has also had a lot to do with the other major takeaway from adam smiths work.
The wealth of nations. Highlighted above all else trade as a key driver that will increase wealth in any market and on any level. Adam smith.
Used the example of a worker in a pin factory and postulated that if a worker. Woke up one day and committed his entire working day to producing a pin from scratch. It is extremely unlikely that he would even be able to produce one pin.
He would have to dig up the ore and fire the furnace refine. The metal and then machine. It into a pin and this would take a long long time it would also take a lot of expertise.
What adam smith. Suggested instead was that one worker specialized in digging up the ore and other specialized in refining. It another specialize in machining.
It and then even beyond that another worker specialized in going out and actually selling these pins to you and i this sounds like the most obvious thing ever. But it was a pretty new idea for the ages on a local level people tended to be a jack of all trade peasants could toil fields. But also build homes and do minor repairs as needed and the idea that someone would focus their entire work towards one specific task was pretty scary to a lot of people.
But it worked as industrial centers grew so too did specialized roles now with specialized roles came the need to trade if i worked in a newly created factory as a loom oiler or whatever well i cant eat well.
Oiled looming machines. So i need to make money from my job as a loom oiler and then use that money to buy everything else that i need as opposed to just doing it all myself. Now because everybody else will be specialized in other roles.
They will also need to trade their expertise to facilitate all their needs in life and that is ok because people are becoming so specialized that they will get really really good at what they are doing meaning that we will have more stuff over all the active trading also has its inherent benefits you see people need certain things you need food and water and shelter and clothing. And if a whole lot of people are getting really good at building homes. Lets say.
But nobody is making clothes well then the supply of clothing will be lower than the demand for clothing and the price will rise savvy and logical participants in the economy will see this and decide that it is a good idea to specialize in making clothes. Because it is a very profitable industry and as more people move into that industry and produce more clothes. The price will fall back into line once.
Again. Now. The same is true on a larger level between nations smith.
Said that certain nations are inherently better at producing certain goods and rather than nations trying to make everything themselves. They should instead. Specialize and trade with each other this took a little bit longer to catch on though because well nations were still obsessed with the zero sum ideology of mccampbell ism.
Where every trade had a winner and a loser and realistically it took a while for nations to realize that hey actually trades that are a win win do exist. This also sounds pretty logical to us today this whole idea was really highlighted by adam smith. And was dubbed the guiding hand of the free market smith.
Loved this idea so much that he theorized that the best way to improve wealth was just to accommodate this market savvy individuals will logically. Do. What is going to be most profitable for them and the aggregate result of very profitable individuals is a very wealthy nation to smith the role of government was only to make sure that markets were maintained.
You know both jailing scammers and enforcing contracts and making sure people were safe to actually conduct this business. But otherwise they should stay out of it which again was a very big deal feudal monarchies were basically command economies. People got what they were given.
And most people leave to produce grains for the state and were housed and protected by their representative lords suddenly everybody having the ability to pick and choose what they wanted was starting to look a lot like some of the political movements at the time at the same time. The american constitution was being penned outlining. How men had the right to pick and choose their leaders.
Adam smith was out lying how men had the right to pick and choose their own products capitalism was democracy with dollars popular items. Got voted for with money and unpopular products faded into obscurity. So as hard as smith tried to avoid getting political.
He may have helped lay the foundation for the democratic movement that was taking over the modern world at this time smiths ideas sound so logical to us today. Because we live in a wealthy society. That was afforded to us by these policies.
We dont think twice about using a phone imported from overseas that was made of hundreds of components produced by thousands of people from dozens of countries because we know this is the cheapest and most effective way to produce these kinds of products. Thanks to smith that was not to say that smiths ideas were perfect oh no smith basically invented economics. But he also put a lot of faith in people you see the guiding hand of the free market and perfectly logical trades and rational participants they are all nice theories.
But sharknado. 5. The global swarming would not exist in adam smiths reality from this a new brand of economics was created that accounted for people being dumb so in the next video in this series.
We will be looking at behavioral economics. And how it addresses and explains the shortcomings of our silly. Silly.
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