Adam Smith

Noun

Meaning

Scottish economist who advocated private enterprise and free trade (1723-1790)

Synonyms

Examples

Adam Smith said, "People of the same trade seldom meet together, even for merriment and diversion, but the conversation ends in a conspiracy against the public, or in some contrivance to raise prices." Source: Internet

Adam Smith and Ricardo challenged the idea that the purpose of trade was merely to accumulate gold or silver. Source: Internet

Adam Smith noted that at the core of the mercantile system was the "popular folly of confusing wealth with money", that bullion was just the same as any other commodity, and that there was no reason to give it special treatment. Source: Internet

Adam Smith illustrates this view, saying that a smuggler would be an excellent citizen, ". Source: Internet

Adam Smith and David Hume proposed a quantity theory of inflation for money, and a quality theory of inflation for production. Source: Internet

Adam Smith argued in the Wealth of Nations that, as societies progressed from hunter gatherers to industrial societies, the spoils of war would rise but that the costs of war would rise further, making war difficult and costly for industrialised nations. Source: Internet

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