Adam_Smith

Adam Smith Adam Smith was considered a major force that economics is the way it is today, but why' What where the significant ideas that made him so unique' These questions can be answered by looking into the many points he makes in his book The Wealth of Nations. In this book some of the key topics are a laissez faire approach on mercantilism, the reasons why monopolies are bad, unions and, centralized economic planning. One of Adam Smiths’ major ideas is that the government should not interfere with the economic market. He believed that we should leave it up to the “invisible hand”. This theory says that the individuals “disposition to truck, barter, and exchange” will cause the self-interest of the individual to promote the larger interests of society. Adam Smith was against “the navigational acts” which stated that any surplus made by the colonies could not be sent to any other country but England. He believed that the government should be limited to “the power to tax, borrow, regulate commerce, pass uniform bankruptcy laws, coin money, establish post offices, post roads and grant patents.” Adam Smith was also against monopolies. He stated that a monopoly adam, smith, monopolies, because, workers, government, should, economic, believed, unions, union, monopoly, against, stated, society, one, non-union, major, interest, individual, income, between, believes, work, welfare, two, supplier, self-interest, reasons, public, promote, price, post, poor, planning