The philosophies of Adam Smith
Background of Adam Smith
Adam Smith was a Scottish Moral philosopher and an economic pioneer. He was one of the key parts in the Sottish Enlightenment, and is most well known for his two works: Wealth of Nations and The Theory of Moral Sentiment. Smith is considered to be the father of Modern day Economics and some of the ideas from his book Wealth of Nations are still used today.
Adam Smith and the Laissez-Faire Policy
Adam Smith believed that competition in the economy and limited government interaction in business would help the economy prosper. Therefore he strongly opposed in government restrictions on things like trade restrictions and product regulation. The Laissez Faire policy made sure that there was no government interaction within the business of the people. This gave everyone a fair chance to be what they wanted without any government restrictions. Smith's economic beliefs ran side by side with this policy and he was a strong supporter of it. This policy was very popular in the victorian era, and some of the ideas ran into the Twentieth century. This is one of the reasons Smith is considered to be the father of modern Economics.
Adam Smith and Laissez Faire