He is a Scottish moral philosopher and the founder of political economy. His profound classical work in an inquiry into the nature and the cause of wealth of a nation, advanced in 1776 and the theory of moral…
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iThe argument is however based on the fact that neoclassical economists claims or rather emphasize smith’s “invisible hand” while classical economists on the other hand think that smith clearly stipulates his programme for promoting the “Wealth of Nations” in the first sentence of his work. Smith uses the phrase “the invisible hand” in both theories under different context and each having a different meaning.
Therefore, different interpretations of the phrase can be regarded as the source of conflicting ideas between classical and neoclassical economists. Moreover, various economists have advance theories that are in line with smith’s theory of wealth of a nation or contradicting theories thus economic policies are more of a battle field between neoclassical economists and classical economist who concurred with smith’s theory of an inquiry into the nature and the cause of wealth of a nation.
Adam Smith’s work, “Wealth of Nations” is regarded as the perfecto of the theory of moral sentiments since it targets the problems of how people express their self-interests and their morality. He argued that a pin factory that employs division of labor is likely to produce thousands of pins more than a pin factory that each individual worker attempts to produce his or her own pin. Therefore he advocated for specialization and division of labor in production for efficiency. Adam Smith also emphasized on the importance of flexibility during transition from one phase of life to the other by developing institutions that are fit for that phase; and this therefore illustrates self-interest and morality in the society. Smith described people’s economic behavior as individuals who are guided by an “invisible hand”. He argued that production of high priced products in relation to production cost would induce individual production of this product
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