UK Citizenship Practice Test 2025 - Free Citizenship Practice Questions and Study Guide

Adam Smith is best known for his contributions to economics, particularly through his seminal work "The Wealth of Nations," published in 1776. In this work, he laid the foundational principles of classical economics, emphasizing the importance of free markets, the division of labor, and competition. His ideas focused on how individuals pursuing their own self-interest can lead to economic prosperity and benefit society as a whole, which is a key tenet of modern economic theory.

The context of the Enlightenment is essential here, as it was a period characterized by a shift away from traditional forms of authority and an embrace of reason and scientific thought. Smith's economic theories were influential during this time, promoting a rational approach to understanding trade, commerce, and the wealth of nations. While Smith also engaged with philosophical and political ideas, his most lasting impact was undoubtedly in the field of economics, solidifying his legacy as a major economist.