Adam Smith

Who was Adam Smith?

An economist and philosopher.

What is Adam Smith's key work?

Wealth of Nations.

What concept did Adam Smith introduce to explain how economies are naturally regulated?

The "Invisible Hand."

What does "Invisible Hand" mean?

Market forces naturally regulate the economy without the need for government intervention.

What does "laissez-faire" mean?

"Let them do/make" - advocating minimal government interference in the economy.

What was Adam Smith's stance on mercantilism?

He opposed mercantilism, which involved government control over trade.

What did Adam Smith promote in place of mercantilism?

Free trade and competition.

How did Adam Smith believe governments should act in the economy?

Governments should intervene only if absolutely necessary and avoid controlling trade.