SCHOOLS OF THOUGHT
Adam Smith
- I was born in Kirkcaldy, Scotland, in 1723 and raised by my widowed mother.
- My most important book, The Wealth of Nations, was published in 1776.
- I argued that nations increase their wealth when they trade with other countries, rather than restricting their trade to a nation's colonies.
- I imagined that markets were directed by the "invisible hand" of competition