The father of economics, Adam Smith, was a Scottish economist, philosopher and author who lived in the 18th century. He was against mercantilism, supported free trade, and advocated for liberalism. Smith introduced the invisible hand theory in his original work, “The Theory of Moral Sentiments.” In free markets, competition, supply, demand, and self-interest act on themselves to naturally regulate the market.
It includes the creation of the phrase gross domestic product (GDP) and the development of the idea of compensating wage differentials. The concept states that undesirable or hazardous jobs are compensated highly to induce people to take up these jobs. The main work of Adam Smith in economics can be viewed in his ‘An Inquiry into the Nature and Causes of the Wealth of Nations’ published in 1776.Looking for the Best Commerce Coaching?
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