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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The first economist, this Adam Smith was an actual person, not some contemporary telejournalist’s pseudonym. His historic book, an Inquiry into the Nature and Causes of the Wealth of Nations (1776), propounded the idea that competition acted as the “invisible hand,” serving to regulate the marke...
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