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Modern economists call Smith’s insight the theory of compensating wage differentials. Smith used numerate economics not just to explain production of pins or differences in pay between butchers and hangmen, but to address some of the most pressing political issues of the day.
Adam Smith (1723-1790) was a Scottish philosopher and economist who is best known as the author of An Inquiry into the Nature and Causes of the Wealth Of Nations (1776), one of the most influential books ever written.
The Wealth of Nations. Adam Smith, drawing by John Kay, 1790. Despite its renown as the first great work in political economy, The Wealth of Nations is in fact a continuation of the philosophical theme begun in The Theory of Moral Sentiments.
