Adam Smith died on this day #shorts

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Scottish economist and philosopher Adam Smith died on this day in 1790. He was a pioneer of political economy and key figure during the Enlightenment. He is considered the Father of Economic Science. He wrote two classic works, The Theory of Moral Sentiments in1759 and An Inquiry into the Nature and Causes of the Wealth of Nations in 1776. The latter, often abbreviated as The Wealth of Nations, is considered his magnum opus and the first modern work of economics. In his work, Smith introduced his theory of absolute advantage.
Smith laid the foundations of classical free market economic theory. The Wealth of Nations was a precursor to the modern academic discipline of economics. In this and other works, he developed the concept of division of labour and expounded upon how rational self-interest and competition can lead to economic prosperity.

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Date of upload: Jul 17, 2022 ^^

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