Smithian economics

Smithian economics, based on the ideas of economist Adam Smith, emphasizes the importance of individual self-interest in driving economic growth and innovation. Smith argued that when individuals pursue their own economic goals, they unintentionally contribute to the overall welfare of society through the "invisible hand" of the market. He believed that free markets, competition, and trade lead to efficient resource allocation, ultimately benefiting everyone. Smith also highlighted the division of labor, which enhances productivity. In essence, Smithian economics champions the idea that personal ambition can lead to collective prosperity in a market economy.