Adam Smith
???
Adam Smith (1723-1790) was a Scottish philosopher and economist who is considered the father of modern economics. He is best known for his book, The Wealth of Nations, which is widely regarded as the first modern work of economics.
In his first book, The Theory of Moral Sentiments, Smith proposed the idea of an invisible hand—the tendency of free markets to regulate themselves using competition, supply and demand, and self-interest.
Smith was an advocate of free markets and argued that self-interest was an important motivator for economic growth and development. He also believed in a system of laissez-faire capitalism, which he argued would lead to economic growth and prosperity. #flashcards/economics #anki #review
^1672652547707
Smith's writings have had a major influence on economic thought and policy throughout the world.