Business, Legal & Accounting Glossary
Scottish economist who advocated less government intervention and more market influence in economic related matters amongst people. Adam Smith wrote a number of influential books during his life that has been credited with providing the foundation of modern economics, including “The Wealth of Nations.”
Adam Smith (1723-1790) is the Scottish-born “father of economics.”
Smith deals with the free market system and the resulting system of goods, services, and prices. His magnum opus was The Wealth of Nations, wherein is found Smith’s theory of the invisible hand that guides individuals working in their own interest to improve society as a whole, even though that is not their intention.
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This glossary post was last updated: 19th November, 2021 | 0 Views.