What are Adam smith's three techniques?

Answer 1

Adam Smith, often referred to as the father of economics, outlined three key techniques that are foundational to his theories: division of labor, the invisible hand, and the benefits of free markets. The division of labor increases productivity by breaking down tasks into specialized roles. The invisible hand concept suggests that individuals pursuing their own self-interest inadvertently contribute to the overall economic well-being of society. Lastly, free markets facilitate competition and innovation, leading to more efficient resource allocation and improved goods and services.