Adam smiths theory of the invisible hand posits the actions of independent, self-interested buyers and sellers will <u>often</u> lead to the most efficient allocation of resources.
Adam Smith is considered the father of economics. Not because he was the first researcher in the field of economics, nor because he revolutionized economic planning with his first ideas, but because he summarized what he had received from his predecessors and passed it on as a guide. He is an editor, not an author, an organizer, not a founder of economics.
"He is a man of methodical work and balanced accountability, not of great new ideas, but of careful examination of the data he is given, of sober and rational critiques, of judgments already made.
Adam Smith summarized his ideas in The Wealth of Nations. The most important aspect of the book was the theory of economic development. Physiocracy arose because of mercantilism.
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