The Invisible Hand of the Market (eBook)

Adam Smith (1723-1790) remains a towering figure in the field of economics and moral philosophy. Born in Kirkcaldy, Scotland, he laid the foundations of classical free market economic theory with his landmark works. Smith enrolled in Glasgow University at the age of fourteen and later attended Balliol College, Oxford. His most acclaimed work, 'An Inquiry into the Nature and Causes of the Wealth of Nations' (commonly referred to as 'The Wealth of Nations'), published in 1776, is considered the first modern work of economics. Notably, it introduced the concept of the 'invisible hand,' a term that later became synonymous with the unintended social benefits of individual self-interested actions. However, 'The Invisible Hand of the Market,' often attributed to Smith, does not correspond to an actual book title written by him, but rather to the metaphor he famously used. Smith's earlier work, 'The Theory of Moral Sentiments' (1759), reflects his profound interest in understanding the underpinnings of human morality and sympathy. A key figure of the Scottish Enlightenment, Smith's ideas shaped economic thought and established him as the father of modern economics. His literary style combines empirical evidence with clear, persuasive prose, making his theories accessible to a broad audience. His substantial contributions continue to influence the spheres of economics, politics, and ethics.