Business, Legal & Accounting Glossary
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: 4th August, 2021 | 0 Views.