This year marks the 300th anniversary of Adam Smith, the iconic figure behind the theory of free markets, or of what we have since come to call “capitalism.” Born in June 1723, Smith went on to ...

Have you ever wondered who is called the Father of Economics? Let's explore the history and main theories of this famous Scottish thinker.

Adam Smith has become the symbol of American capitalism, a champion of free trade and a free market. But it wasn’t always that way. In fact, it sometimes seems as if capitalism and America share the ...

The concept of the invisible hand is one of the many contributions of the legendary Scottish philosopher and economist Adam Smith. In his book The Wealth of Nations, Smith wrote of a person who ...

The academic economist’s dry prose usually benefits from an evocative metaphor. But we would all be better off if Adam Smith had skipped the bit about “the invisible hand.” He meant little, if ...