how competitive markets work, specialisation and trade, the division of labour, international trade and protectionism
Adam Smith was born in 1723 and so 2023 marks his tercentenary. Smith was hailed as an important thinker in his own lifetime, and he is now thought of as the father of modern economics, particularly for his book The Wealth of Nations (1776). While he is a famous name, many people are only familiar with a broadbrush outline of his contributions and his ideas are even taken out of context at times. Smith was interested in moral philosophy and stressed the importance of ethical behaviour in economic decision-making. Three hundred years after his birth, this article addresses his legacy.
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