adam smith book in liberalist ponit of view.

1. 1723-1790

2. Adam Smith was a Scottish economist and thinker.
He was born in Kirkcaldy on 5 June 1723 in Scotland.
When he was fourteen year he entered the University of
Glasgow where he studied the moral philosophy and
develop the passion for liberty and free speech. In 1748 he
started teaching. Smith lectures topic based on the
economic and natural liberty. His lectures gave his success
and popularity.

3. Famous
Adam Smith was famous for his two books namely
1 ) The Theory of Moral Sentiments published in
1759 based on the social relationship and explain the
sources of mankind and ability of moral Judgments.
2) The Wealth of Nations published in 1776 regarded
as Smith most famous work.

4. The Wealth of Nations
In his book he emphasis on
1) Free Trade : it is the Principle of liberalism. Its
mean straightforward flow of products and minimum help of
Government.
2) limited Government influence between business and
individuals.

5. 3) Invisible Hand
(Self-interest)
One of the greatest contributions of Adam Smith was the
invisible hand theory which he used to demonstrate how
self-interest guides the most efficient use of resources in a
nation’s economy, with public welfare coming as a by-
product . According to Adam Smith, self-interest should
not be denied. In the ‘Wealth of Nations’, he asserts that
self-interest in the market is to encourage the growth of
society through the division of labor and the
maximization of wealth. For him, self-interest is enough
to motivate the exchange of goods.

6. 4) Division of Labor
The division of labor mean the division of work refers
to the division of a large task. It mean the
specialization of cooperation Individuals who perform
specific tasks and roles.

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