Adam Smith, a Scot and a philosopher who lived from 1723 to 1790, is considered the founder of modern economics. In Smith's time, philosophy was an all-encompassing study of human society in addition to an inquiry into the nature and meaning of existence. Deep examination of the world of business affairs led Smith to the conclusion that collectively the individuals in society, each acting in his or her own self-interest, manage to produce and purchase the goods and services that they as a society require. He called the mechanism by which this self-regulation occurs “the invisible hand,” in his groundbreaking book, The Wealth of Nations, published in 1776, the year of America's Declaration of Independence.
Change in the wage rate will not shift the labor supply curve to the left.
Change in attitude towards work and leisure can shift the supply curve for labor. The more work a person does, the greater his or her income, but smaller the amount of leisure time available.
If they decide to value leisure more then they will work for few hours at each wage, and the supply curve for labor will shift to left. If they decide they want more goods and services then the supply curve will shift to the right.
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