Summary of the current episode:
He is considered the father of modern economics and the pioneer of such ideas as free trade and the gross domestic product. Also, he promoted the concepts of the economic system based on the principles of self-interest. He even came up with the term the “invisible hand” to best describe how the system would work and what benefits it would create for people. Today's episode about Adam Smith

In this video, we will learn many interesting facts from Adam Smith's biography and get acquainted with his incredible personality.

More precisely, we will go through the most crucial turning points of his life and career, as well as
try to explain how his ideas and concepts influenced the world economics.
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In this video, you will find answers to these questions:

What did Adam Smith contribute to society?
What is the purpose of the Wealth of Nations?
What did Adam Smith believe?
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Extracts from the video:
"An invisible hand is not science fiction, it is a metaphor Smith used to describe the idea that the accumulation of individual interests would lead to a global benefit".

"Smith’s invisible became one of the pillars for free market capitalism particularly in the USA. In the US business circles passionately believe that private markets are a way more productive and efficient than those run by the government"

The book "the Wealth of Nations" provides an insight into how self-inter est guides market processes, and was aimed more at legislators rather than at merchants"

"Smith suggested that nation’s wealth should be measured by the amount of production and commerce, in other words, gross domestic product GDP for short".

Smith definitely knew a thing or two about wealth. He said once: “Wherever there is great property, there is great inequality... for one very rich man, there must be at least five hundred poor.”

"Smith was strongly influenced by a famous philosophy, professor Francis Hutheson. Even though later Smith came to disagree with many of his views and ideas, Francis Hutheson played a real role in Smith’s education and development".

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