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Adam Smith had many long term impacts on society, including the idea of making consumption of products purposeful in profit, and the publication of his highly referenced book, "The Wealth of the Nations".

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While no specific people of Smith's time disagreed with his ideas and proposals, economists of today are now able to recognize the flaws in his theories. Since the "Invisible Hand Theory"  does not guarantee quality assurance for unknowledgeable  consumers,  producers are able to charge more lower quality products/services.

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"Defense is superior to opulence." -Adam Smith Although money can buy a lot of things,  defense and protection is something many people want to buy, but cannot.

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"The real tragedy of the poor is the poverty of their aspirations."- Adam Smith While many people may think that being poor is the worst part of their situation, the worst part to the poor is not being able to achieve anything.

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a) Invisible Hand Theory - minimizing the role of government intervention and taxation; the "invisible hand " guides his idea of people supporting themselves
b) "The Wealth of Nations"- the first of his published books, that emphasized his ideas towards self-interest and maximizing return
c) A free market economy leads to economic well- being- when each person looks out for themselves, they help create the best outcome for all

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Smith influenced these fields of study:
-  political economics
-  moral philosophy

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Adam Smith was born in Kirkcaldy, Scottland (United Kingdom)

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Adam Smith was born on 6/16/1723, and died on      7/17/1790

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Dharma Jensen and            Victoria Stepanyuk