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Adam smith is one of the world's most influential and best-known economist and philosopher. His contributions in teaching and his theories on wealth creation of nations, Free Market Economics, and management make him the best if not one of the best economists. He was born in Kirkcaldy Scotland in the year 1723 though the exact date is not known. He joined Burgh school where he studied.
Adam Smith’s first book was The Theory of Moral Sentiments (TMS), first published in 1759. It went through six editions in his lifetime, all of them revised by him, with the sixth and final edition coming out shortly before he died in 1790. TMS is based on lectures Smith had been giving regularly at the University of Glasgow beginning in 1752.
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Adam Smith insists on the necessity of exports and imports, as both these processes are valuable for the community. Another benefit of free trade is the growth of Gross National Product. Adam Smith states that the wealth of a nation depends on its commerce and annual production. It is evident that Gross National Product can increase due to commerce in general and not only because of the.
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