Free Flashcard From Scientific Revolution and Enlightenment
Smith, Adam: The Wealth of Nations
Adam Smith was a Scottish philosopher who was mainly concerned with "political economy" as a professor of logic at Glasgow University and in 1776, he wrote "The Wealth of Nations." In "The Wealth of Nations," Smith suggests that a "lassiez faire" or free market economy, not a mercantilist economy, is more beneficial for the people as a whole. The book itself was intended for a more well learned audience at the time of its publication, and it is still considered to be part of the foundation for modern economic theory. "The Wealth of Nations" had a profound effect on economists of the day, and its influence on economic theory is likened to Newton's influence on Physics.