Classical Economist - Adam Smi

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however, that businessmen seeking their own interest are led "as if by an invisible hand" to promote the well-being of society.
Smith's Analysis of Economic Systems
This position is supported in the Wealth of Nations by an elaborate analysis of how economic systems function and develop over time. Smith sought to show how competition in the market- place would lead businessmen to supply the goods consumers want, to produce these goods efficiently, and to charge only what they are worth. He saw monopoly, whether private or state-imposed, as the evil to be combated, and competition as promoting the best interests of society. He further argued that economic growth, which depends upon capital accumulation and an increased division of labor, would be promoted best by private rather than public efforts. People would save and invest for the future because of the inherent desire of individuals to better their own condition. Finally, he sharply criticized the mercantilist writers ...

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