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Adam Smith

• Occupation: Economist and Philosopher
• Born: He was baptized June 16, 1723 in Kirkcaldy, Scotland
• Died: July 17, 1790 in Edinburgh, Scotland
• Best known for: Developing the theory of the free market system and writing The Wealth of Nations.

• Division of Labor - Smith describes the importance of the division of labor to produce goods. By dividing up the labor, people can work more efficiently and focus on specific tasks. This produces more goods and faster advancement of technology.
• Gross Domestic Product - In the book Smith presents a new idea for how the wealth of a nation should be measured. He explains that the wealth of a country isn't in how much gold and silver it owns, but in the goods and services that the nation creates. This stream of goods and services is the "gross domestic product" (GDP) of a nation. Today, the GDP is widely used to determine the success of a nation's economy.
• Invisible Hand - Smith presents the concept of the "invisible hand" in his book. This invisible hand will help to regulate the economy without the need for government regulation. The forces of the invisible hand, such as supply and demand, will help to maximize the efficiency of the economy to produce the most wealth.

• The idea of letting an economy run without government intervention is sometimes called laissez-faire economics.
• Smith became the first Scotsman to appear on an English banknote in 2007 when he was featured on the new 20 pound note.
• One story tells how Smith was kidnapped by gypsies when he was three years old.
• Smith was said to be very absent-minded and often talked to himself.

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