Adam Smith
Definition
Adam Smith was an 18th-century Scottish economist, philosopher, and author who is considered the father of modern economics. He wrote "The Wealth of Nations," where he introduced the concept of the 'invisible hand' guiding market economies.
Analogy
Think of Adam Smith as a chef who created a new recipe for economic success. His ingredients were self-interest, competition, and free markets. Just like how a chef's recipe can influence other chefs to create similar dishes, Smith's ideas have shaped many modern economic policies.
Related terms
Mercantilism: An economic theory that trade generates wealth and is stimulated by the accumulation of profitable balances.
Laissez-faire: A policy or attitude of letting things take their own course without interfering; in economics, it refers to an environment in which transactions between private parties are free from state intervention.
Invisible Hand: A metaphor used by Adam Smith to describe unintended social benefits resulting from individual actions.
"Adam Smith" appears in:
Subjects (2)
Study guides (3)
Practice Questions (20+)
What economic principle did Adam Smith and other economists advocate during this period?
What influenced Adam Smith’s perspective in “The Wealth of Nations”?
What ideology did Adam Smith argue for in his book, "The Wealth of Nations"?
What could be an implication if Adam Smith hadn't published "The Wealth of Nations" leading into the Industrial Revolution?
How did Adam Smith's "The Wealth of Nations" shape economic thought?
What book did Adam Smith write that laid the groundwork for classical economics during the enlightenment?
What was the underlying assumption in Adam Smith's "The Wealth of Nations"?
How did Adam Smith's "Wealth of Nations" shape economic theory in Europe during Enlightenment?
Who was primarily addressed by Adam Smith in his work "The Wealth of Nations" published in the late-18th century?
What long-term implication did Adam Smith's "Wealth of Nations" have on 18th-century European society?
Which book did Adam Smith publish that became foundational for classical economics?
How does Adam Smith's 'Wealth Of Nations' reflect its audience's shift towards laissez-faire economic principles?
What did Adam Smith advocate for in his book "The Wealth of Nations"?
What did Adam Smith write?
How did Adam Smith's ideas in "The Wealth of Nations" shape long-term economic policy?
Which economic system was promoted by Adam Smith in "The Wealth of Nations"?
What is one famous work attributed to Adam Smith?
How did Adam Smith's "Wealth of Nations" affect economic policy making during the Industrial Revolution?
Which economic system did Adam Smith advocate for in his book "The Wealth of Nations"?
Which work written by Adam Smith advocated for a free market economy during the period of Industrial Revolution?
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