Adam Smith | Scottish | Oxford University
Founder of modern classical economics ("invisible hand") (jan 1, 1723 – jan 1, 1790)
Description:
• Father of modern economics
• Published The Wealth of Nations in 1776
• Coined ‘the invisible hand’ to note that individuals in a society acting out of self-interest will create the most efficient mechanism for production and consumption
• Founded “classical economics” (free market economy)
• Capitalist
• Pro economic growth by the “invisible hand”
• Pro division of labor
Added to timeline:
History of economic theory
Date:
