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Adam Smith

Adam Smith (1723-1790) wrote his magnum opus "An Inquiry into the Nature and Causes of the Wealth of Nations" in 1776. His work has since influenced modern (Western) economics in profound ways. Known for concepts as "the Invisible Hand" and "the Division of Labour" his work has been cited with or without a correct understanding of the real mechanisms underlying his theories. And more importantly most often without an in-depth understanding of the pitfalls of these mechanisms. In today's Western societies we are, however, faced with these pitfalls almost everyday. Pitfalls that might not affect the wealth, but do affect the overall well-being of people and nations. This blog reports on these pitfalls, tries to provide a more thorough understanding of their causes and effects, and makes suggestions on how to overcome them in order to advance the wealth and well-being. 

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