Kim Monson's Quote of the Day:
March 11, 2024
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 interest.
Adam Smith (1723-1790), a Scottish economist and philosopher, is often hailed as the father of modern economics. His seminal work, “The Wealth of Nations” (1776), laid the foundations for classical economics and introduced the concept of an economy’s natural order, advocating for the benefits of free market economies. Smith argued that economic prosperity and growth are achieved when individuals are free to pursue their self-interests within a competitive marketplace. He introduced the idea of the “invisible hand,” suggesting that an unintended social benefit results from individuals’ pursuit of their own interests. Besides economics, Smith made significant contributions to moral philosophy, notably through his earlier work, “The Theory of Moral Sentiments” (1759), where he explored the nature of ethics and human sympathy. His ideas on moral philosophy and economic theory have profoundly influenced the development of economic thought and policy-making over the centuries.
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