Questions what is the main features of the socialist economy?

What are the contributions of Adam Smith to the science?

Key words: Life of the scholar, books, thoughts, solutions.

Adam Smith was a Scottish economist, philosopher as well as a moral philosopher, a pioneer of political economy, and a key figure during the Scottish Enlightenment, also known as ''The Father of Capitalism''.Smith was born in Kirkcaldy, in Fife, Scotland.Smith entered the University of Glasgow when he was 14 and studied moral philosophy under Francis Hutcheson.In 1740, he was the graduate scholar presented to undertake postgraduate studies at Balliol College, Oxford, under the Snell Exhibition.

Works:

Theory of moral sentiments

The goal in writing the work was to explain the source of mankind's ability to form moral judgment, given that people begin life with no moral sentiments at all.

The wealth of Nations

The central idea of Smith's "The Wealth of Nations" is that our individual need to fulfill self-interest results in societal benefit, in what is known as his "invisible hand".

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