Adam Smith

Adam Smith

A Scottish philosopher who is credited with developing most of the ideas of modern economics. Smith believed that economies work most efficiently when economic actors attempt to maximize their own self-interests, and that doing so tends to maximize the interests of society as a whole. He also coined the term Invisible Hand, which is a metaphor for the free market. He published a number of influential works, most notably the Theory of Moral Sentiments and the Wealth of Nations. He lived from 1723 to 1790.