Scottish School of Economists

The Scottish School of Economists was a group of 19th-century thinkers centered in Scotland, known for emphasizing the importance of free markets, limited government, and individual economic freedoms. They believed that markets naturally regulate prices and resources efficiently without heavy government intervention. Influenced by classical economics, their ideas contributed to the development of laissez-faire policies and had a lasting impact on economic thought. Prominent figures include Adam Smith, often called the father of economics, whose work laid the foundation for understanding how economies function through self-interest and specialization.