POV 24

As a scottish philosopher and economist, Adam Smith describes in his work, An Inquiry into the
Nature and Causes of the Wealth of Nations

, states that private production and specialization

would society as a whole rather than if produced in foreign industry. He also argued the
relationship between supply and demand is what ultimately determines price of a good. These
new economic ideas at the time were probably distributed to administrators and the working
class of Europe in the 18th century in order to promote his ideas of capitalism in being
implemented into society. Adam Smith significantly impacted society today as it is an idea that is
the foundation of modern day capitalism.