Adam Smith (jun 16, 1723 – jul 17, 1790)

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Adam Smith was an economist. He started out with the physiocrats and had many similar beliefs, but eventually split off from them because he believed that labor is the source of wealth whereas the physiocrats believed that land is the source of wealth.

Adam Smith promoted laissez-faire economics, i.e., the invisible hand of the marketplace. Like the physiocrats, he believed that the economy as a whole would benefit if people pursued their own economic self-interest.

This was seen as radical because there was no safety net for the lower classes.

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