Sunday, January 11, 2009

Economics by Adam Smith

Adam smith was a professor at university of Glasgow. He wrote his book, "An enquiry into the Nature and Causes of Wealth of Nations" in 1776. Adam Smith argued that if producer were free to seek profits by providing goods and services then the "invisible hand" of market forces would ensure that right goods and services were produced. He explained concept of Price system.

According to Adam Smith rights of private property and wealth are natural and moral rights. Adam Smith was in favor of accumulation of wealth and free trade policy. According to him "Economics is a study of causes of Wealth of Nations." He believed that trade in unregulated markets would maximize wealth of nations.

No comments:

Post a Comment