Welcome back to the blog! Today, we’re diving into the life and legacy of Adam Smith , often called the father of modern economics . His ideas laid the groundwork for how we understand markets, trade, and wealth even today. Who Was Adam Smith? Adam Smith was a Scottish philosopher and economist born in 1723. Though trained as a moral philosopher, he became famous for his groundbreaking work in economics, especially through his 1776 masterpiece, “The Wealth of Nations.” Key Ideas and Contributions 1. The Invisible Hand One of Smith’s most famous concepts is the “invisible hand.” He argued that individuals pursuing their own self-interest unintentionally contribute to the economic well-being of society. For example, when a baker bakes bread to earn money, they are not primarily aiming to feed their community — yet the community benefits because of this activity. 2. Division of Labor Smith explained how dividing work into specialized tasks increases productivity. His examp...
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