Question

HELP PLEASE Which economic thinkers had the greatest effect on the development of the United States? Explain.

Answer 1

Answer:

ADAM SMITH

Explanation:

ADAM SMITH (1723-1790)

A key figure of the Scottish Enlightenment, Smith is the giant on whose shoulders subsequent economists have stood. He is best known for The Wealth Of Nations, his 1776 landmark book on economics, published at the dawn of the Industrial Revolution  -  and was even consulted on economic matters by Pitt The Elder, the Whig politician and Prime Minister. His arguments for free trade, market competition and the morality of private enterprise remain as fresh and influential as when written over 200 years ago. That said, Smith  -  who studied and later taught at Glasgow University  -  saw only a limited role for government and was hostile to economic nationalism. However, his arguments have at times been misinterpreted by free marketeers in recent decades. The fact is that he did not believe in 'laissezfaire' (an earlier French doctrine opposing any government intervention in economic matters)  -  he saw government's sole job as to establish law and justice, and provide for the nation's education and basic infrastructure.

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