WHO WAS ADAM SMITH?

From

Adam Smith and the invisible hand

by Helen Joyce

Smith is often regarded as the father of economics,
and his writings have been enormously influential.
Nowadays, "invisible hand" explanations are invoked
to explain all sorts of phenomena, from scientific
progress to environmental degradation. In the modern context, mathematicians study "invisible hand"
processes as part of Game Theory, the branch
of mathematics that deals with payoffs and strategies
Smith was profoundly religious, and saw the
"invisible hand" as the mechanism by which
a benevolent God administered a universe
in which human happiness was maximised.

http://plus.maths.org/issue14/features/smith/

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OK Economics was designed and it is maintained by Oldrich Kyn.
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