Adam Smith believed that individuals pursuing their selfinterest could ultimately benefit society as a whole from "summary" of The Worldly Philosophers by Robert L. Heilbroner
Adam Smith, the most famous of the Scottish philosophers, was born in the small village of Kirkcaldy in 1723. His seminal work, "An Inquiry into the Nature and Causes of the Wealth of Nations," published in 1776, remains one of the most influential books in the history of economics. Smith's central thesis is that the pursuit of self-interest by individuals can lead to the prosperity of society as a whole. Smith argued that individuals, by seeking to improve their own well-being, unintentionally contribute to the overall welfare of society. He famously stated that when individuals act in their own self-interest, guided by an "invisible hand," they are led to promote the general welfare of society. This concept has become known as the "invisible hand theory." According to Smith, the pursuit of s...
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