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๐
๐ค Notable Economists
Adam Smith โ Father of Economics
Wealth of Nations (1776) โ founded modern economics; free market, division of labour, invisible hand
Scotland ๐ฌ๐ง 1776 Notable Economists
Key Facts
- 1
The Wealth of Nations (1776): first systematic work on economics; founded the discipline of economics
- 2
"Invisible hand": self-interested behaviour in free markets promotes social welfare without central planning
- 3
Division of labour: specialisation increases productivity dramatically โ pin factory example with 18 steps
๐ Did you know? Adam Smith predicted that the real source of national wealth was not gold (mercantilism) but productive labour โ a revolutionary idea in 1776
Quick Reference
Category
Notable Economists
Country
๐ฌ๐ง Scotland
Year / Era
1776
About
Wealth of Nations (1776) โ founded modern economics