Adam Smith

Adam Smith
An 18th-century philosopher and free-market economist famous for his ideas about the efficiency of the division of labor and the societal benefits of individuals' pursuit of their own self-interest. In his first book, The Theory of Moral Sentiments, Smith proposed the idea of the invisible hand, or the tendency of free markets to regulate themselves by means of competition, supply and demand, and self-interest. Smith is also known for his theory of compensating wage differentials, meaning that dangerous or undesirable jobs will tend to pay higher wages to attract workers to these positions. Smith died in 1790.

Smith is famously quoted as saying in his 1776 magnum opus, An Inquiry into the Nature and Causes of the Wealth of Nations, "It is not from the benevolence of the butcher, the brewer, or the baker that we expect our dinner, but from their regard to their own self-interest." Smith's ideas form the foundation of laissez-faire economics.

Investment dictionary. . 2012.

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  • Adam Smith — [smɪθ] (* 5. Juni 1723 (wahrscheinlich) in Kirkcaldy (Grafschaft Fife, Schottland); † 17. Juli 1790 in Kirkcaldy) war ein schottischer Moralphilosoph, Au …   Deutsch Wikipedia

  • Adam Smith — (5. juni 1723 1790) var en britisk/skotsk økonom. Han kaldes også for liberalismens fader. Adam Smith blev født i Kirkcaldy, Skotland. Han studerede på universiteterne i Glasgow og Oxford. I 1751 blev han professor ved Glasgow universitet, hvor… …   Danske encyklopædi

  • Adam Smith — fue un economista y filósofo escocés …   Enciclopedia Universal

  • Adam Smith — Pour les articles homonymes, voir Smith. Adam Smith Philosophe occidental XVIIIe siècle …   Wikipédia en Français

  • Adam Smith — Infobox Philosopher region = Western Economists era = Classical economics (Modern economics) color = #B0C4DE name = Adam Smith birth = Baptised 16 June 1723 smaller| [OS: 5 June 1723] Kirkcaldy, Fife, Scotland death = death date and… …   Wikipedia

  • Adam Smith — Existen desacuerdos sobre la neutralidad en el punto de vista de la versión actual de este artículo o sección. En la página de discusión puedes consultar el debate al respecto. Adam Smith …   Wikipedia Español

  • Adam Smith — noun Scottish economist who advocated private enterprise and free trade (1723 1790) • Syn: ↑Smith • Instance Hypernyms: ↑economist, ↑economic expert * * * Adam Smith [Adam Smith …   Useful english dictionary

  • Adam Smith — ➡ Smith (II) * * * …   Universalium

  • Adam-Smith — /ædəm ˈsmɪθ/ (say aduhm smith) noun Patricia Jean (Patsy), 1926–2001, Australian writer and historian; noted for works of social history including The Anzacs (1978) and Outback Heroes (1981) …   Australian English dictionary

  • Adam Smith — George JW Goodman’s pseudonym; 18th century Scottish economist …   Eponyms, nicknames, and geographical games