image missing Date: 2021-10-17 Page is: DBtxt003.php L0900-EC-Adam-Smith-01a


BASIC ECONOMIC PRINCIPLES
ADAM SMITH in 1759
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Every economist knows about the name 'ADAM SMITH', but relatively few know much about all the important ideas that Adam Smith wrote about.
ADAM SMITH in 1759 has had a huge influence on economic thinking for more than 250 years. It is important to remember that at the time when he was working the entire world was functioning at around the subsistence level with land and agriculture the economic driver of everything.
Smith's ideas about the market and its 'invisible hand' have been important, but frequently taken out of context. Smith did not write very much about the role that technology would have on economic performance, something that has been central to business management education since WWII.



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