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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 ...
Adam Smith is often described as the "father of capitalism" (and the "father of economics"). He described his own preferred economic system as "the system of natural liberty ." Smith defined "capital" as stock, and "profit" as the just expectation of retaining the revenue from improvements made to that stock.
John Locke's (England, 1632–1704) notion that a "government with the consent of the governed" and man's natural rights—life, liberty, and estate as well on tolerance, as laid down in A letter concerning toleration and Two treatises of government—had an enormous influence on the development of liberalism. Locke developed a theory of ...
In a similar vein, Adam Smith [when?] viewed the economy as a natural system and the market as an organic part of that system. Smith saw laissez-faire as a moral program and the market its instrument to ensure men the rights of natural law. [1] By extension, free markets become a reflection of the natural system of liberty. [1]
When instead we discuss human purpose and the meaning of life, Adam Smith and John Maynard Keynes are on the same side. Both of them possessed an expansive sense of what we are put on this earth to accomplish. ... For Smith, mercantilism was the enemy of human liberty. For Keynes, monopolies were.
Smith argued for a "system of natural liberty" [56] where individual effort was the producer of social good. Smith believed even the selfish within society were kept under restraint and worked for the good of all when acting in a competitive market. Prices are often unrepresentative of the true value of goods and services.
Adam Smith's magnum opus on The Wealth of Nations, published in 1776, ... thereby leading to an 'obvious and simple system of natural liberty'. ...
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 ...