Smith, Adam
Published: August 18, 2006, 5:04 pm
Updated: August 18, 2006, 5:04 pm
This article has been reviewed by the following Topic Editor:
Peter Saundry

Adam Smith (1723–1790), a Scottish political economist and philosopher, is considered one of the most influential economists of all time for his work The Wealth of Nations (1776). Smith is best known for his explanation of how rational self-interest in a free-market economy can lead to improved economic well-being for all. The main cause of prosperity, argued Smith, was increasing division of labor that boosted labor productivity and hence wages. Smith was opposed to monopolies and the concepts of mercantilism—the practice of artificially maintaining a trade surplus—but admitted restrictions to free trade were sometimes necessary as national economic weapons. The primary advantage of trade, he argued, was that it opened up new markets for surplus goods and also provided some commodities at less cost from abroad than at home. Smith’s views on free markets and free trade are dominant themes in economic and political life today, which explains why The Wealth of Nations remains the most important book ever written on the subject of political economy
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Citation
Cutler J. Cleveland (Lead Author);Peter Saundry (Topic Editor) "Smith, Adam". In: Encyclopedia of Earth. Eds. Cutler J. Cleveland (Washington, D.C.: Environmental Information Coalition, National Council for Science and the Environment). [First published in the Encyclopedia of Earth August 18, 2006; Last revised Date August 18, 2006; Retrieved June 18, 2013 <http://www.eoearth.org/article/Smith,_Adam>
The Author
Cutler J. Cleveland is Professor of Earth and Environment at Boston University, where he also is on the faculty of the Center for Energy and Environmental Studies. Professor Cleveland is Editor-in-Chief of the Encyclopedia of Energy (Elsevier, 2004), winner of an American Library Association award, the Dictionary of Energy (Elsevier, 2005), Handbook of Energy (Elsevier, forthcoming), and is the Founding Editor-in-Chief of the Encyclopedia of Earth. He is the recipient of the Adelma ... (Full Bio)

Adam Smith (1723–1790), a Scottish political economist and philosopher, is considered one of the most influential economists of all time for his work The Wealth of Nations (1776). Smith is best known for his explanation of how rational self-interest in a free-market economy can lead to improved economic well-being for all. The main cause of prosperity, argued Smith, was increasing division of labor that boosted labor productivity and hence wages. Smith was opposed to monopolies and the concepts of mercantilism—the practice of artificially maintaining a trade surplus—but admitted restrictions to free trade were sometimes necessary as national economic weapons. The primary advantage of trade, he argued, was that it opened up new markets for surplus goods and also provided some commodities at less cost from abroad than at home. Smith’s views on free markets and free trade are dominant themes in economic and political life today, which explains why The Wealth of Nations remains the most important book ever written on the subject of political economy
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