Adam Smith 2

Adam Smith The economist Adam Smith was born in kirkcaldy, Scotland. He was educated at the universities of Glasgow and Oxford. Adam Smith wrote The Wealth of Nations in 1776. It was the first complete work on political economy. The book discusses the relationship between freedom and order, analyzes economic processes, and attacks the British mercantile system’s limits on free trade. All three aspects are woven together to create a single social theory. He was …

…as if by an invisible hand.” Although his views have undergone a lot of changes by economists because of knowledge since Smith’s time, many sections of The wealth of Nations, mainly those relating to the sources of income and the nature of capital, have continued to form the basis for theoretical study in the field of economics. The Wealth of Nations has also served as a guide to the making of governmental economic policies.