Noun
Scottish economist who advocated private enterprise and free trade (1723-1790)
Source: WordNetAdam 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