Definition

Proper noun * Adam Smith: A Scottish philosopher and economist, widely considered the father of modern economics. He is best known for his seminal works, The Theory of Moral Sentiments (1759) and An Inquiry into the Nature and Causes of the Wealth of Nations (1776). His ideas on free markets, the division of labor, and the "invisible hand" are foundational to classical economic theory.

Usage Examples

• Proper noun:
  • Adam Smith argued that individuals pursuing their own self-interest can benefit society as a whole.
  • The concept of the "invisible hand" was introduced by Adam Smith.
  • Many modern economic policies are influenced by the writings of Adam Smith.

Advanced Usage

• "Smithian" (adjective): Pertaining to or characteristic of the economic theories of Adam Smith.
  • Smithian economics emphasizes the efficiency of free markets.
• "In the tradition of Adam Smith": Used to describe economic thought or policy that aligns with the principles of free trade and limited government intervention.
  • His advocacy for deregulation was in the tradition of Adam Smith.

Variants and Related Words

• The Wealth of Nations: The abbreviated title of Adam Smith's most famous book, .
• Classical Economics: The school of economic thought founded by Adam Smith, later developed by David Ricardo and others.

Synonyms

• The Father of Economics: A common epithet for Adam Smith.
• The Founder of Political Economy: Another title highlighting his foundational role.

Related Phrases

• The invisible hand: A central metaphor used by Adam Smith to describe the self-regulating nature of the marketplace, where individuals' efforts to maximize their own gain can lead to positive social benefits.
• Laissez-faire: A French term meaning "let do" or "leave alone," often associated with Smith's advocacy for minimal government interference in the economy.

Noun

1. Scottish economist who advocated private enterprise and free trade (1723-1790)