The Father Of Economics... Why?
Adam Smith is often referred to as the father of the modern economy. Why is this?
Smith was a visionary. He saw that the ideal role of government was to protect the rights of the individual. By regulating trade and owning the manufacturing, government was in fringing on their citizens right to choice. By definition, Capitalism is "a way of organizing an economy so that the things that are used to make and transport products are owned by individual people and companies rather than by the government ("Capitalism"). Smith's idea was essentially this. He wanted to allow the ambitions of the private business owner and the consumer to balance out the economy so that there is surplus of wealth on both ends (Thoma). Adam Smith was influential to many scholars, philosophers and politicians who would come after him. His work touched the minds of David Ricardo, Thomas Malthus, Karl Marx, Ludwig von Mises, and Milton Friedman (Prompt). |