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Adam smith

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ECON 3

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Adam smith Adam smith Presentation Transcript

  • “The Father of Economics”
  • Adam Smith is often touted as the worlds first free-market capitalist. Smiths place in history as the father of modern economics and a major proponent of Laissez-faire economic policies is quite secure.
  •  Laissez-faire philosophies, such as minimizing the role of government intervention and taxation in the free markets, and the idea that an "invisible hand” guides supply and demand are among the key ideas Smiths writing is responsible for promoting.
  •  These ideas reflect the concept that each person, by looking out for him- or herself, inadvertently helps to create the best outcome for all. "It is not from the benevolence of the butcher, the brewer, or the baker, that we can expect our dinner, but from their regard to their own interest," Smith wrote.
  •  He is responsible for popularizing many of the ideas that underpin the school of thought that became known as classical economics.