Smith's theories overthrow mercantilism
The Wealth of Nations is an influential book that started free-market economics but has some weaknesses. For example,
- it is lacking proper explanations for pricing or a theory of value
- Smith failed to notice the importance of the entrepreneur in breaking up inefficiencies and creating new markets
However, both opponents and beliers in Adam Smith's free-market capitalism have added to the framework. The theory gets stronger with each reformulation and continues to be a powerful force today.
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Adam Smith's ideas
- In his first book, "The Theory of Moral Sentiments", Smith proposed the idea of an invisible hand - the tendency of free markets to regulate themselves through competition, supply and demand, and self-interest.
- He is known for creating the gross domestic product (GDP) concept and h...
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