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Select > Who • What • When • Where • Which |
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Adam Smith, Economist > 
Smith moved to London in 1776, where he published "An Inquiry into the Nature and Causes of the Wealth of Nations," which examined in detail the consequences of economic freedom. It covered such concepts as the role of self-interest, the division of labor, the function of markets, and the international implications of a laissez-faire economy. "Wealth of Nations" established economics as an autonomous subject and launched the economic doctrine of free enterprise. Smith laid the intellectual framework that explained the free market and still holds true today. He is most often recognized for the expression "the invisible hand," which he used to demonstrate how self-interest guides the most efficient use of resources in a nation's economy, with public welfare coming as a by-product. To underscore his laissez-faire convictions, Smith argued that state and personal efforts, to promote social good are ineffectual compared to unbridled market forces.
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More on this Website >
• http://www.lucidcafe.com/library/96jun/smith.html
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Wealth of Nations, Adam Smith
Adam Smith's masterpiece, first published in 1776, is the foundation of modern economic thought and remains the single most important account of the rise of, and the prin... |
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John Maynard Keynes, Economist
John Maynard Keynes is doubtlessly one the most important figures in the entire history of economics. He revolutionized economics with his classic book, The General Theor... |
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