The Foundation of Economics
Dr. Javaria Nasir
Principles of Agricultural and Resource Economics
AE - 401
, Adam Smith (1723 – 1790)
O Known as father of modern economics
O Wrote the first and most important books on the subject of
economics, An Inquiry into the Nature and Causes of the
Wealth of Nations (1776)
O Smith believed in “free market”
(free market is one where consumers may buy what they like
and producers may produce what they like, with no
government interference)
Smith suggested that a laissez-faire (don’t interfere) approach should be
followed, leaving customers and producers to make their own
decisions
Dr. Javaria Nasir
Principles of Agricultural and Resource Economics
AE - 401
, Adam Smith (1723 – 1790)
O Known as father of modern economics
O Wrote the first and most important books on the subject of
economics, An Inquiry into the Nature and Causes of the
Wealth of Nations (1776)
O Smith believed in “free market”
(free market is one where consumers may buy what they like
and producers may produce what they like, with no
government interference)
Smith suggested that a laissez-faire (don’t interfere) approach should be
followed, leaving customers and producers to make their own
decisions
