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Adam Smith

Scottish moral philosopher at the University of Glasgow who founded modern economics with The Wealth of Nations in 1776.

The Wealth of Nations set out how division of labour, self-interest and competitive prices coordinate production without central direction, and it supplies the vocabulary economics still argues in: specialisation, capital accumulation, natural and market price. The Theory of Moral Sentiments supplies the other half, placing exchange inside a system of sympathy and judgement.

7 books of their own

Books they wrote 7

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  1. The Wealth of NationsAdam Smith, 1776
  2. The Theory of Moral SentimentsAdam Smith, 1759
Adam Smith · 1968 · The classic on markets as a game of psychology and identity

Tags

division-of-labourfree-tradeclassical-economicsmoral-philosophyprice-formation