Adam Smith (Noun)
Meaning
Scottish economist who advocated private enterprise and free trade (1723-1790).
Classification
Nouns denoting people.
Examples
- Adam Smith is widely regarded as the father of modern capitalism and one of the most influential thinkers in the history of economics.
- Adam Smith published his groundbreaking book 'The Wealth of Nations' in 1776, where he argued in favor of a laissez-faire economy.
- His work, particularly 'The Wealth of Nations', revolutionized economic thought and laid the foundation for classical economics, heavily influencing later economists like David Ricardo and Karl Marx.
- Adam Smith was a key figure in the Scottish Enlightenment and a close friend of fellow philosopher David Hume.
- The ideas of Adam Smith continue to shape modern economic policy and debate, with his concepts of the 'invisible hand' and division of labor remaining central to discussions around globalization and trade.