Adam Smith (Economist)
Adam Smith was an 18th-century Scottish economist and philosopher, often regarded as the father of modern economics. His seminal work, "The Wealth of Nations," introduced concepts like the division of labor and the "invisible hand," which suggests that individuals pursuing their own self-interest can benefit society as a whole. Smith advocated for free markets and limited government intervention, emphasizing that competition leads to innovation and wealth creation. His ideas laid the groundwork for classical economics and have greatly influenced economic thought and policy throughout history.
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Adam Smith, an 18th-century Scottish economist and philosopher, is often called the "father of modern economics." His most famous work, "The Wealth of Nations," introduced the idea that individuals pursuing their own interests can lead to economic prosperity for society as a whole. He emphasized the importance of free markets, competition, and the division of labor. Smith argued that when people are free to make their own economic choices, it can result in innovation and growth, benefiting everyone. His ideas laid the groundwork for classical economics and significantly influenced capitalist theory and policy.