Father of Economics Adam Smith
Adam smith is one of the greatest economists throughout history, if he wasn’t the greatest. He was famous for his writings in the area of the political economy, although by his time economics was not yet identified or known. Adam smith wrote a couple of books that are considered the base and the infrastructure of the world of economics. The two books were “The Theory of Moral Sentiments” and “The Wealth of Nations”. 1 However, the two books had through their pages very essential theories and methods that formed the base line for the term “Economics”. Although Adam Smith gave great theories to the world, and he was recognized as being the father of economics, however, many of his theories were criticized and interpreted differently by economists, each one according to the school he follows. “The Theory of Moral Sentiments” discussed one of the most important and magnificent ideologies of economics, that ideology was the Invisible Hand. But what is the invisible hand? It was said in the book written by Heilbroner that the “Invisible hand is a term that describes the manner in which a free market economy is kept on an even course despite the absence of any steersman” and absen
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Approximate Word count = 4403
Approximate Pages = 18 (250 words per page double spaced)
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