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Transcript of Adam Smith
THE INVISIBLE HAND
ABOUT ADAM SMITH
Born on 5 June 1723
Died on 17 July 1790 (age of 67)
His First Big Idea
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Cited as the “father of modern economics” and is still among the most influential thinkers in the field of economics today.
The Wealth of Nations
Studied social philosophy at the university of Glasgow and in Baliol College, Oxford.
DIVISION OF LABOUR
The Three Notable Ideas Of Adam Smith
The "Invisible Hand"
Division of Labour
Modern Free Market
One person cannot know everything, but they can be
of what they know
His Second Big Idea
If every labour can be skilled on his part of work, then they can produce the products efficient by the cooperation
only their parts
For the factory
For the workers
Mordern Free Market
free market is a market
structure which is not
controlled by a designated
authority. Traders control the Price themselves.
NO GOVERNMENT INVOLVED
Promote Economic Growth
invisible hand of the market is a metaphor conceived by Adam Smith to describe the self-regulating behavior of the marketplace.
WHAT IS THE INVISIBLE HAND??
Self interest vs Social Interest
and the invisible hand
Price of the products
The quality of the products.
Good for the factory
Bad for the workers