Adam Smith's Theory of Moral Sentiments (1759) lays the foundation for a general system of morals, and is a text of central importance in the history of moral and political thought. It presents a ...

For Smith's theory does unquestionably lead to a doctrine of laissez-faire. To Adam Smith the least government is certainly the best: governments are spendthrift, irresponsible, and unproductive.

To some scholars, Adam Smith confined the theory according to which exchangeable value is determined by the labor embodied in different goods to societies of independent laborers directly exchanging ...

Adam Smith is considered the father of modern economics .