Adam Smith

The purpose of this report is to educate the reader on a great man, the "Father of Economics", Adam Smith. His two unequal works, Theory of moral Sentiments and An Inquiry into the Nature and Causes of the Wealth of Nations laid the groundwork for several economists today. His concepts, such as the "invisible hand" and opinions are widely respected and integral to economic theory three centuries later. Adam Smith was born the son of …

…the vital elements of the economy, seeing the consumer as more important as they presented the need and controls the prices by deciding how much he or she is willing to spend. Smith is a historical legacy who was both brilliant and congenial. For people who believe in free markets, property rights, and individual enterprise, Adam Smith laid the framework three centuries prior, and we owe him a lot, namely our capitalistic economy to him.