ADAM SMITH.

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Presentation transcript:

ADAM SMITH

Adam Smith Scotttish Economist Called “Father of Economics”

Wrote Wealth of Nations Published 1776 Explained how a market economy based on capitalism worked

“Invisible Hand” Theory Competing self-interests benefit the common good The market basically regulates itself

Adam Smith favored Laissez-faire economics (to let alone) Government should only be involved to ensure free competition in the marketplace. Otherwise, hands off. Smith believed that competition in free markets (interaction of supply and demand) would ensure good quality products at fair prices

Why is competition beneficial? Increases quality 2) Increases choices 3) Lowers prices

The 1st Scotsman to appear on a Bank of England note Adam Smith The 1st Scotsman to appear on a Bank of England note

Marker leading to Adam Smith’s grave at Canongate Kirkyard Edinburgh, Scotland

"Here are deposited the remains of ADAM SMITH "Here are deposited the remains of ADAM SMITH. Author of the Theory of Moral Sentiments and Wealth of Nations: He was born 5th June, 1725, and died 17th July, 1790."