1. The Enlightenment: An Era of Optimism
... new attitude toward economics. Smith perceived people as selfish who only worked harder and produced more when given an incentive. He is also responsible for the creation of the economics metaphor of "the invisible hand" used to describe unintended social benefits that can come from individual actions. After analyzing the mercantilist policies of importing precious metals while ... before, he came to the conclusion that getting rid of mercantilist monopolies and restrictions would give people more incentive to produce more product. Smith is also responsible for the development of the inv...
- Word Count: 1343
- Approx Pages: 5
- Grade Level: Undergraduate