Adam Smith and Classical Economics

Adam Smith grew up in Scotland, which is home to David Hume, who is perhaps one of England’s greatest philosophers. Smith had a good childhood, he was raised with some money at hand, but he was certainly not rich. As far as his family goes, his father was a lawyer and held a public office in Scotland and his mother was a member of the Scottish Gentry. There is no doubt that Smith began …

…goods that society wants, in the quantities that society desires, and that society wants, in the quantities that society is prepared to pay. Adam Smith died in 1790. His theories continue to be widely read. Karl Marks even followed his teachings. He was the first person to really understand and describe how a free market functioned. He educated England and Western Europe in the importance of a free market and how the market kept society together.