Adam Smith
A Scottish economist and philosopher known as 'The Father of Economics'
Real World Example
Adam Smith was a Scottish economist and philosopher known for his influential book, "The Wealth of Nations," written during the Enlightenment period. In this work, he introduced the idea of the free market and the concept of the "invisible hand," suggesting that individuals pursuing their self-interests can benefit society as a whole. His ideas were important during the American Revolution, as they influenced the economic principles of the newly formed United States, promoting free trade and capitalism. Today, Adam Smith's legacy can be seen in modern economic systems worldwide, where free markets and competition drive innovation and efficiency. For example, when you buy products online, companies compete to offer better prices and services, a concept rooted in Smith's economic theories.
