The Smithian Tradition

The Smithian Tradition refers to the ideas inspired by economist Adam Smith, emphasizing the importance of free markets and individual self-interest in promoting economic growth and social benefit. It highlights how voluntary exchanges and competition lead to innovation, efficiency, and prosperity, with minimal government interference. This perspective views self-interest as a driving force that, when balanced with ethical considerations, benefits society as a whole. The tradition has shaped modern economic thought by advocating for open markets and limited regulation as mechanisms for achieving economic well-being.