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How did Adam Smith revolutionize economics? He developed the idea of the "invisible hand" of the free market, which continually keeps the economy on course
How did Adam Smith revolutionize economics? He developed the idea of the "invisible hand" of the free market, which continually keeps the economy on course. He taught that a good or service is worth the value of the labor that went into it, neither more nor less.He espoused the notion that an economy is successful when it increases the value of the national treasury. He was the first to believe that the work of free laborers and entrepreneurs was more valuable than a feudal economy.
Expert Solution
Answer:
He developed the idea of the "invisible hand" of the free market, which continually keeps the economy on course.
Explanation:
Adam Smith is considered the first great theoretician of economic science. In his book The Wealth of Nations (1776) the author defends the idea that the market would regulate automatically - the invisible hand - bringing the economy to equilibrium without the need for state intervention. Smith's theorizations are a legacy to the liberal economy and contribute preponderantly to some concepts that are used in modern society. Among them, the valuation of the individual and the limitation of the role of the state.
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