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Adam Smith a British economist was the front man for contemporary economic thought. Smith influenced both Karl Marx and David Ricardo with his book “An Inquiry into the Nature and Causes of the Wealth of Nations” published in 1776. The book is best known for explaining how rational self-interest in a free-market economy leads to economic well-being. The irony of Smith’s reputation, partly due to his book was his previous work was the contrary; an emphasis on ethics and charity. Although his writings seem to contradict themselves he later on explains how they mesh. ” Charity, while a virtuous act, could not alone provide the essentials for living”;” It is not from the benevolence of the butcher, the brewer, or the baker, that we can expect our dinner, but from their regard to their own interest" – Adam Smith.
Approximate Word count = 378
Approximate Pages = 1.5
(250 words per page double spaced)
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