Adam Smith Adam Smith Adam Smith, FRSE (Baptised June 5, 1723 – July 17, 1790) was a Scottish political economist and moral philosopher. His Inquiry into the Nature and Causes of the Wealth of Nations was one of the earliest attempts to study the historical development of industry and commerce in Europe. That work helped to create the modern academic discipline of economics and provided one of the best-known intellectual rationales for free trade and capitalism. ...more on Wikipedia about "Adam Smith"
The Adam Smith rule, named after Adam Smith, is a simplification of political behavior derived from a study of Oakland, California which was conducted by Frank Levy, Arnold Meltsner, and Aaron Wildavsky and briefly mentioned in Managing Urban America. ...more on Wikipedia about "Adam Smith rule"
The Invisible hand is a metaphor created by Adam Smith to illustrate the principle of "enlightened self interest." Today this principle is associated with psychological egoism. In The Wealth of Nations, Adam Smith makes the claim that, within the system of capitalism, an individual acting for his own good tends also to promote the good of his community. He attributed this principle to a social mechanism that he called the Invisible Hand. ...more on Wikipedia about "Invisible Hand"
An Inquiry into the Nature and Causes of the Wealth of Nations is the magnum opus of Adam Smith, published in 1776. It is a clearly written account of political economy at the dawn of the Industrial Revolution, and is widely (if perhaps incorrectly, see below) considered to be the first modern work in the field of economics. The work is also the first comprehensive defense of free market policies. It is broken down into five books between two volumes. ...more on Wikipedia about "The Wealth of Nations"
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