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Apr 23, 2024 · Adam Smith, Scottish social philosopher and political economist who is a towering figure in the history of economic thought, best known for his book An Inquiry into the Nature and Causes of the Wealth of Nations (1776), the first comprehensive system of political economy.
Adam Smith’s thesis two centuries ago was that the presence of many buyers and many sellers competing with one another in the marketplace would weed out wasteful resource allocations “as if by an invisible hand.” (So, in equilibrium conditions, one person’s earnings could not be further increased except at the expense of another’s.)
Adam Smith Adam Smith is considered the first theorist of what we commonly refer to as capitalism. His 1776 work, An Inquiry into the Nature and Causes of the Wealth of Nations , theorized that within a given stable system of commerce and evaluation, individuals would respond to the incentive of earning more by specializing their production.
Adam Smith is often identified as the father of modern capitalism. While accurate to some extent, this description is both overly simplistic and dangerously misleading. On the one hand, it is true that very few individual books have had as much impact as his An Inquiry into the Nature and Causes of the Wealth of Nations.
t. e. Adam Smith FRS FRSE FRSA (baptised 16 June [ O.S. 5 June] 1723 [1] – 17 July 1790) was a Scottish [a] economist and philosopher who was a pioneer in the thinking of political economy and key figure during the Scottish Enlightenment. [3] Seen by some as "The Father of Economics" [4] or "The Father of Capitalism", [5] he wrote two classic ...
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