what is the contribution of adam smith in the field of economics?

Answer 1

Adam Smith is the founder of economic thinking.

"It is not from the benevolence of the brewer, butcher, or baker that we expect our dinner but from regards to their own interests."

Which plainly states that money motivates our behaviors. In 1770 he was hired by the British government to find out how or what affects markets.
His book the "Wealth of Nations" is a must read for anyone interested in learning about economics. Economics is the study of scarce resources, and Adam Smith through his observations of life during that time....reveals what drives consumers, markets, entrepreneurship, ect.

Today in 2006, my statistics professor claimed that 75% of the book is still validated to todays economy.

Read it, I have a copy at home...but I borrowed one and read it from the library. There are other authors that have come along since then but Adam Smith was one of the first, and his writings influenced people back then as well as businesses today.

I like the one reference that he stated where it would be good for the country if businesses paid their workers a wage which they could support themselves and have children. He thought this was important for a nation to survive, because then they can become consumers and support businesses.

Unlike companies like Wal-Mart where their employees make barely enough to live on, and the state is forced to pay for their health-care because none is provided to them.

Answer 2

"An Inquiry into the Nature and Causes of the Wealth of Nations"

Often referred to as "The Wealth of Nations" published in 1776

Get a copy, try to read it, it will probably bore you, but it was one of the first published works on econ.

Answer 3

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