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This is an accepted version of this page This is the latest accepted revision, reviewed on 24 January 2025. Scottish economist and philosopher (1723–1790) This article is about the Scottish economist and philosopher. For other people named Adam Smith, see Adam Smith (disambiguation). Adam Smith FRS FRSE FRSA Posthumous Muir portrait, c. 1800 Born c. 16 June [O.S. c. 5 June] 1723 Kirkcaldy ...
Bust of Smith in the Adam Smith Theatre, Kirkcaldy. Five editions of The Wealth of Nations were published during Smith's lifetime: in 1776, 1778, [11] 1784, 1786 and 1789. [12] Numerous editions appeared after Smith's death in 1790.
Adam Smith held that, in a primitive society, the amount of labor put into producing a good determined its exchange value, with exchange value meaning, in this case, the amount of labor a good can purchase. However, according to Smith, in a more advanced society the market price is no longer proportional to labor cost since the value of the ...
Adam Smith focused on the role of enlightened self-interest (the "invisible hand") and the role of specialization in promoting the efficiency of capital accumulation. Ayn Rand defined capitalism as a social system based on the recognition of individual rights, including property rights, in which all property is privately owned, and called it ...
Smith also stated that the wealth of nations depends upon the goods and services available to their citizens, rather than their gold reserves. [ 5 ] Because Smith only focused on comparing labor productivities to determine absolute advantage, he did not develop the concept of comparative advantage . [ 3 ]
Smith believed that deviating from free trade costs society in a similar manner as to how monopolies negatively affect competition in a market. During the classical era and after Adam Smith, David Ricardo became a prominent economist with thoughts on international trade.
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Adam Smith was a proponent of less government intervention in his own time, and of the possible benefits of a future with more free trade both domestically and internationally. However, in a context of discussing science more generally, Smith himself once described "invisible hand" explanations as a style suitable for unscientific discussion ...