Life
When was his birthday?
It is unknown
What was one of the concerns of his time?
Mercantilism, American Revolution, Industrial revolution
What economic idea did he oppose?
Mercantilism
What ideas did he build?
Free market and capitalism
What is the meaning of self Interest?
Each individual’s strongest drive is to serve one’s self
Which university did he attend?
University of Glasgow
What did the industrial revolution bring?
Rapid economic changes and technological advancements in production resources
Who did he think should control the economy?
Citizens
What was his most influential work?
The Wealth of Nations
What is the invisible hand?
The idea that an unintended result from an individual's drive for profit is that, prices will be what consumers are willing to pay as a result of competition
What subjects did he teach at Glasgow?
Logic or moral philosophy
What was Mercantilism?
A protectionist policy that emphasized exporting greatly and import minimally with State controlled production and trade
How should efficiency be increased?
Specialization of workers
How did he transformed economics into a social science?
With his works being systematic and using many proofs and examples to help his ideas
What is the Law of Accumulation?
Reinvestment of profit into production is required for capitalist economic growth