What impact did Adam Smith have on the work of other thinkers?

Answer 1

Adam Smith had a profound impact on future economists as one of the most revolutionary figures of his time. In 1776, during the outbreak of the American Revolution, Smith published his book An Inquiry into the Nature and Causes of the Wealth of Nations,more commonly known as simply The Wealth of Nations. In it, Smith argued that the best way to govern and economy was not through the mercantilism seen during the time period, but rather through the guidance of the "Invisible Hand" of the market, and idea that prevails in modern economics. Through the motivated self-interest and competition within the market place, the marketplace would be guided into promoting general economic well-being. In other words, Smith was an early advocate of the philosophy of "enlightened self-interest," (whether he knew it or not) in which the individual, through the furthering of their own self-interests, is able to further the interests of the community as well, a philosophy which has prevailed to present day. Thus, Smith is commonly revered as the "Father of Modern Economics."

Answer 2

Adam Smith's ideas, particularly in his book "The Wealth of Nations," influenced a wide range of thinkers from various fields. His concept of the invisible hand and emphasis on free markets and individual self-interest helped shape classical economics and the development of capitalism. His ideas also had an impact on later economists such as David Ricardo and John Stuart Mill.