World famous economist Adam Smith was born in 1723 near Edinburgh, Scotland. He was known for given interesting lectures and wrote two books.

Smith’s theory was that nations gain riches with an environment that allows individuals to use their talent and wealth for personal interest and by choice. He also theorized that prices and earnings would increase to top levels when the government allows free enterprise.

Adam Smith’s way of thinking included that vocation’s with special or difficult training would result in less people choosing that particular path and these people would earn higher wages. For example Read the rest of this entry »


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