Adam smith

Adam smith

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  1723-1790
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  Adam Smith wasa Scottish economist and thinker. He was born in Kirkcaldy on 5 June 1723 in Scotland. When he was fourteen year he entered the University of Glasgow where he studied the moral philosophy and develop the passion for liberty and free speech. In 1748 he started teaching. Smith lectures topic based on the economic and natural liberty. His lectures gave his success and popularity.
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  Famous Adam Smith wasfamous for his two books namely 1 ) The Theory of Moral Sentiments published in 1759 based on the social relationship and explain the sources of mankind and ability of moral Judgments. 2) The Wealth of Nations published in 1776 regarded as Smith most famous work.
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  The Wealth ofNations In his book he emphasis on 1) Free Trade : it is the Principle of liberalism. Its mean straightforward flow of products and minimum help of Government. 2) limited Government influence between business and individuals.
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  3) Invisible Hand (Self-interest) Oneof the greatest contributions of Adam Smith was the invisible hand theory 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 . According to Adam Smith, self-interest should not be denied. In the ‘Wealth of Nations’, he asserts that self-interest in the market is to encourage the growth of society through the division of labor and the maximization of wealth. For him, self-interest is enough to motivate the exchange of goods.
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  4) Division ofLabor The division of labor mean the division of work refers to the division of a large task. It mean the specialization of cooperation Individuals who perform specific tasks and roles.
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