Contribution of adam smith to economics?

Answer 1

• Smith believed that competition-- the belief that everyone should have a fair chance to compete to make, sell, and buy goods and services-- was the key to economic success. This means that everyone should have a fair chance to compete to make, sell, and buy goods and services.

• Smith argued that such free competition would lead to the best goods made at the lowest prices. This would bring economic growth and higher wages. Smith described the effect of a free market as an "invisible hand, the effect of a free market guiding people's decisions.," guiding people's decisions.

• Smith argued that if competition was going to work, governments should not interfere with business. This meant getting rid of government monopolies and having few laws to regulate business. Smith's ideas came to be known as "laissez-faire" (a French phrase meaning "leave it alone") -- the theory that governments should not interfere with business.
  

Answer 2

Adam Smith is known as the father of modern free trade. He was a proponent of laissez-faire economic policies and argued against Mercantilism. As an aside, Smith pointed how slavery was a poor economuc investment.

Answer 3

He was a writer and philosopher. His book, Wealth of Nations, was a precursor to the modern study of economics. So he supported free market economies and linked private ownership with the wealth of a nation. A lot of the same ideas are what Conservatives use today.

Answer 4

He argued that governments should not try to control the economy and that economic growth came when individuals were free to make their own choices.

Answer 5

his philosophy was the foundation for the laissez-faire management doctrine. His thoughts about division of labor were fundamental to current notions of work simplification and time studies

Answer 6

He founded Capitalism.

Answer 7

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