Adam Smith (Classical Economics)

Adam Smith was an 18th-century economist best known for his work "The Wealth of Nations." He argued that free markets, driven by individual self-interest, tend to produce economic growth and efficiency. By pursuing personal gain, individuals inadvertently contribute to the overall economy through a process called the "invisible hand," guiding resources to where they are most needed. Smith believed that minimal government interference, fair competition, and freedom of choice foster prosperity. His ideas laid the foundation for classical economics, emphasizing the importance of supply and demand, specialization, and free enterprise as drivers of economic progress.