Happy birthday, Adam Smith
On June 16, 1723, Adam Smith, whose book, The Wealth of Nations, became the foundation for capitalism, was born in Scotland. Smith’s book and philosophy brought us the basics for the free market and free trade and also laid the first moral case for these ideas.
Via a couple of videos from Learn Liberty, Prof. James Otteson briefly explains what Smith believed and how he viewed his economic theories as the best way to help lift the poor out of poverty:
And a brief explanation of the “invisible hand”: