Adam Smith

Definition

Adam Smith was a Scottish economist, philosopher, and author who is considered the father of modern economics. His most famous works are "The Wealth of Nations," where he introduced concepts like division of labor, free market economy, and laissez-faire economics.

Related terms

Division of Labor: The assignment of different parts of a manufacturing process or task to different people in order to improve efficiency.

Free Market Economy: An economic system where prices for goods and services are determined by open competition between businesses, without government regulation or fear of monopolies.

Laissez-faire: A policy or attitude of letting things take their own course, without interfering.