Adam Smith: The Foundations of Classical Economics
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Adam Smith and the Foundations of Modern Economics
Adam Smith was a pioneer of political economy. His seminal works include The Theory of Moral Sentiments (1759) and An Inquiry into the Nature and Causes of the Wealth of Nations (1776), which marks the beginning of economics as a science. His theories are based on the coincidence between private and public interest in acting freely.
The Invisible Hand and State Intervention
Smith famously proposed that an "invisible hand" leads man to a purpose alien to his intentions, benefiting society through individual self-interest. Consequently, he condemned the intervention of the State in the economic life of individuals, although he admitted certain exceptions to absolute freedom, such as the gradual... Continue reading "Adam Smith: The Foundations of Classical Economics" »