Who from the Enlightenment period had groundbreaking thoughts on economics that are still quoted today?
Adam Smith, a Scottish philosopher and economist, is considered the father of modern economics. Living during the Enlightenment in the 18th century, his most famous work, "The Wealth of Nations," published in 1776, laid the foundation for free-market economic systems. Smith argued against mercantilism, the prevailing economic theory at the time, which advocated for government control over trade. Instead, he championed the idea of the "invisible hand," suggesting that individuals pursuing their own self-interest unintentionally benefit society as a whole through competition and innovation. His concepts like division of labor, supply and demand, and the importance of free trade are still fundamental principles in economics today. While James Watt was a brilliant inventor of the steam engine, David Hume a renowned philosopher, and Isaac Newton a groundbreaking physicist, none of them focused primarily on economics like Adam Smith did. So, when you think of Enlightenment thinkers and economics, Adam Smith is the key figure to remember.
Can you 'Smith' out this answer? A Scottish thinker known for his significant contributions to modern economic theory.