Adam Smith is most famous for authoring the text "An Inquiry Into The Nature And Causes Of The Wealth Of Nations" (1776), which is more commonly known as "The Wealth of Nations". This text is often cited as the first major work of economics, and the origin of the metaphorical phrase: "The Invisible Hand." It's interesting to note that, even though the invisible hand has become a household phrase in economics, Adam Smith had used the phrase only once in his work.

In his groundbreaking book, Adam Smith argued that free trade, competition and consumer choice would bring about economic growth and a higher standard of living. Similar to how Newton drastically changed how the world understood physics, Adam Smith laid down the foundation and changed how the world understood economics. (Read Adam Smith And "The Wealth Of Nations" to learn more.)

Related Articles
  1. Professionals

    7 Careers That No Longer Exist

    Learn how technology and innovation has led to the near-extinction and elimination of seven careers that once employed hundreds of thousands of people.
  2. Economics

    Management Strategies From A Top CEO

    Jack Welch is a legend in the business world: during the two decades he was CEO of General Electric, the company’s value rose by 4000%.
  3. Investing News

    Betamax, International Symbol Of Bad Marketing, Is Finally Dead

    Sony Betamax is the business textbook case study of a company's spectacular oversight in assessing consumer demand. Now, Sony is finallly discontinuing it.
  4. Personal Finance

    The Story of Uber: How a Snowy Night in Paris Created a $70 Billion Behemoth

    Uber's journey to become the world's most highly valued private startup.
  5. Investing

    Famous Chains That Began As Mom-And-Pop Stores

    Even the largest chains in the world started with a single location. Here are examples of famous brands that have humble beginnings as mom-and-pop stores.
  6. Investing

    3 Iconic Automakers That No Longer Exist

    Learn more about the history of the automobile industry and discover several well-known automakers that are no longer in existence.
  7. Investing

    5 Iconic Airlines That No Longer Exist

    Learn the stories behind the disappearance of a number of formerly iconic airlines that no longer exist following financial difficulties or other problems.
  8. Economics

    4 Of the World’s Oldest Companies

    What enables a company to withstand the tests of time? Here’s a look at four of the world’s oldest businesses.
  9. Stock Analysis

    What Led to Lumber Liquidators' Decline?

    Read about how a "60 Minutes" story on laminate flooring sold by Lumber Liquidators led to a massive decline in the share price for the company.
  10. Stock Analysis

    How Rollins Inc. Transformed from Radio to Pest Control

    Discover how Rollins, Inc. grew and expanded, making numerous acquisitions, transitioning from the radio industry to the pest control industry.
  1. How did Enron use off-balance-sheet items to hide huge debts and toxic assets?

    Prior to its infamous accounting scandals and collapse, Enron used off-balance-sheet special purpose vehicles (SPVs) to hide ... Read Full Answer >>
  2. Where did the term 'Nostro' account come from?

    The term "nostro" is Italian in origin. It means "our" or "ours." In accounting and finance, nostro accounts are often differentiated ... Read Full Answer >>
  3. Can the Herfindahl-Hirschman Index be used to determine competitive balance in professional ...

    Although the measurement and analysis of a company's key performance indicators (KPIs) vary by company, it is important to ... Read Full Answer >>
  4. What is operations management theory and how can it help a business?

    Operations management is concerned with controlling the production process and business operations in the most efficient ... Read Full Answer >>
  5. What is Apple's current mission statement and how does it differ from Steve Job's ...

    Apple's current mission statement is "Apple designs Macs, the best personal computers in the world, along with OS X, iLife, ... Read Full Answer >>
  6. How do notaries reduce asymmetric information risk?

    A notary acts as an intermediary who can help mitigate the problems caused by asymmetric information in economic transactions. ... Read Full Answer >>

You May Also Like

Trading Center