Adam Smith's ideas - Deepstash

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 his theory of compensating wage differentials.
  • In 1776, Smith published "An inquiry into the nature and causes of the wealth of nations" shortened to "The wealth of nations."
  • In "The Wealth of Nations", Smith popularised many ideas that form the basis for classical economics.

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