Question

Adam Smith is credited with which economic theory?​

Answer 1

Answer:

The Theory of Moral Sentiments

Explanation:

Adam Smith is considered the father of economic liberalism. In his work, Smith investigated the cause and nature of the enrichment of nations. His main conclusion was that nations thrive due to the individual performance of economic agents - who seek to achieve their own interests.

However, Smith also made a great contribution to moral and ethical philosophy. His first work, The Theory of Moral Sentiments, launched in 1579, examined critically the moral thinking of 16th-century English society. Smith's goal was to explain the origin of human ability to form moral judgments through empathy, despite the natural tendency to pursue self-interest. Thus, scholars point out that the Theory of Moral Sentiments is somewhat conflicting with The Wealth of Nations. While one of the theories prevails the selfish nature of man for economic enrichment, the other emphasizes sympathy in social situations.

Answer 2

Answer:

The Theory of Moral Sentiment

Explanation: