Lesson 3: Adam Smith popularized a famous theory that is as relevant today as it was in 1776. - Deepstash

Lesson 3: Adam Smith popularized a famous theory that is as relevant today as it was in 1776.

Many consider Adam Smith as the father of modern economics. That’s because he popularized a highly relevant piece of writing in 1776 titled “The Wealth of Nations”. This paper created a theory that provides a simple answer for how markets are highly efficient. And they regulate themselves through supply and demand.

The theory advocates for the Invisible Hand Mechanism, a concept that popularized the idea of a market determined by supply and demand in which states must not interfere. But only regulate what needs to be regulated, legally speaking.

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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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