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Major thinkers in welfareContemporary issues in historical perspective$
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Vic George

Print publication date: 2010

Print ISBN-13: 9781847427069

Published to Policy Press Scholarship Online: March 2012

DOI: 10.1332/policypress/9781847427069.001.0001

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The market, laissez-faire and welfare

The market, laissez-faire and welfare

Adam Smith (1723–90)

(p.155) Eight The market, laissez-faire and welfare
Major thinkers in welfare

Vic George

Policy Press

This chapter talks about Adam Smith, who believed that a creative operation of the market was enough to produce the economic growth that was needed to satisfy the needs of everyone, as well as the demand for luxuries. Smith is also known as the founder of economics, but his theoretical structure was based on a value system that was concerned with human nature. The chapter takes a look at Smith's ideas on the division of labour, laissez-faire, the invisible hand of the market, wealth and wages, poverty and slavery. The role of the government and the principles of public administration are also considered.

Keywords:   Adam Smith, economic growth, demand, luxuries, theoretical structure, value system, laissez-faire, public administration, division of labour

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