Definitions for "Adam Smith"
Scottish economist who advocated private enterprise and free trade (1723-1790)
Considered the founding father of economics, Adam Smith wrote The Wealth of Nations, published in 1776. His most famous concept was that markets guide economic activity and act like an "invisible hand" - allocating resources through prices, which rise when there is a shortage of a commodity and fall when it is plentiful.
a Scottish economist who argued that markets, not governments, should regulate the economic relationship among people; an early advocate of freer trade, he wrote An Inquiry into the Nature and Causes of Wealth of Nations