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he must exchange what he owns or produces with others who sufficiently value what he has to offer; in this way, by division of labour and a free market, public interest is advanced
His most famous concept was that markets guide economic activity and act like an "invisible hand" - allocating resources through prices, which rise when there is a shortage of a commodity and fall when it is plentiful.
His most famous concept was that markets guide economic activity and act like an "invisible hand" - allocating resources through prices, which rise when there is a shortage of a commodity and fall when it is plentiful.
*Each individual strives to become wealthy "intending only his own gain" but to this end he must exchange what he owns or produces with others who sufficiently value what he has to offer; in this way, by division of labour and a free market, public interest is advanced. [http://plus.maths.org/issue14/features/smith/]
One of the key figures of the intellectual movement known as the Scottish Enlightenment, he is known primarily as the author of two treatises: ''The Theory of Moral Sentiments'' (1759), and ''An Inquiry into the Nature and Causes of the Wealth of Nations'' (1776).
One of the key figures of the intellectual movement known as the Scottish Enlightenment, he is known primarily as the author of two treatises: ''The Theory of Moral Sentiments'' (1759), and ''An Inquiry into the Nature and Causes of the Wealth of Nations'' (1776).