Adam Smith
Adam Smith is also remembered for his explanation of how rational self-interest in a free-market economy leads to economic well-being. Adam Smiths famous quote was, It is not from the benevolence of the butcher, the brewer, or the baker, that we can expect our dinner, but from their regard to their own interest. This is a photo of a statue of Adam Smith - can you find the three differences in this photo hunt puzzle?
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Adam Smith was opposed to mercantilism (the practice of trying to increase wealth by artificially maintaining a trade surplus). Smith felt that the primary advantage of trade should be to open up new markets for a countrys surplus goods, while also providing commodities from abroad at a lower cost than at home. |
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