05 June 2023
Adam Smith
Adam Smith was born in Kirkcaldy, Scotland, 300 years ago, on 5 June 1723, and died in Edinburgh on 17 July 1790. Smith was one of the first ...
+
05 June 2023
Adam Smith
Adam Smith was born in Kirkcaldy, Scotland, 300 years ago, on 5 June 1723, and died in Edinburgh on 17 July 1790. Smith was one of the first classical economists who created the basis for the development of modern economy, overcoming the previous mercantilism and physiocratic schools of thought. His most significant work was An inquiry into the nature and causes of the wealth of nations, in which he explains his laissez-faire theory using the metaphor of the ‘invisible hand’.