Milton friedman economist adam smith

In Adam Smith’s work, An Inquiry into the Nature and Causes of the Wealth of Nations he proposes a theory as to how nations generate and accumulate wealth. Smith’s work in the Wealth of Nations is deemed to be one of the most influential works in the field of economics.

Smith’s work highlights the importance of the division of labour through means of specialization and the importance of exchange in a free market.

Seeking the Real Adam Smith and Milton Friedman

Smith's work is motivated by the assumption that a nation's wealth is equivalent to its power. A concept adopted from the scholar Thomas Hobbes.

Adam Smith wrote the Wealth of Nations at the peak of the industrial revolution which was a time of historical change in the production of goods.

Goods were no longer being produced by hand or made in small Smith versus Friedman: Markets and ethics - ScienceDirect FOZU