1. Adam Smith
... and the implications of a laissez-faire economy. The essential message of the book was that man's self-interest would promote the economic well being of all. Smith explained his theory of self-interest in the Wealth of Nations by stating, "every man as long as he does not violate the laws of justice is left ... believes that labour is "the real measure of the exchangeable value of all commodities" (Smith 68). Smith is most widely known for using his metaphor of the invisible hand. This metaphor was used as a description of the market's ongoing process. Smith stated, "He intends only his o...
- Word Count: 3103
- Approx Pages: 12
- Grade Level: Undergraduate