ADAM SMIT

Adam Smith

Ковалева Анастасия

Adam Smith: The Father of Economics
Image: Portrait of Adam Smith or The Wealth of Nations cover.
Key Points: - Scottish philosopher & economist (1723–1790).
Pioneer of modern economics and free-market theory.
Famous works: The Wealth of Nations (1776) & The Theory of Moral Sentiments. 

Core Ideas
1. Invisible Hand: - Self-interest in free markets benefits society.
2. Division of Labor: - Specialization increases productivity (e.g., pin factory example).
3. Laissez-Faire: - Governments should minimize intervention in markets. –
Quote: "It is not from the benevolence of the butcher… but from their regard to their own interest."

: Legacy & Impact - Influence:
Foundation of capitalism and classical economics.
Inspired thinkers like Ricardo, Keynes, and Friedman.
Debates: - Criticisms: Inequality, over-reliance on self-interest.
Defense: Moral balance (Moral Sentiments)

Why He Matters Today
Relevance:
Globalization, trade policies, and deregulation debates.
Final Thought: "Smith’s ideas shape how we understand markets, trade, and human behavior."
Q&A / Discussion: "Can the ‘invisible hand’ solve modern economic problems?"