ELI5: Explain Like I'm 5

Adam Smith

Adam Smith was a famous economist who lived in the 1700s. He wrote a famous book called The Wealth of Nations which explained how money and economics worked in the world. He is most famous for his ideas about economics, but he was also concerned about improving the lives of people in general. He thought that when people work together in businesses and trade, everybody would benefit from the exchange of goods and services. He argued that businesses should be able to compete freely, and it is better for everyone when there is competition and not a monopoly. He also thought that governments should not try to control prices or interfere too much in the economy. He argued that the economy would function better if people were free to make their own economic decisions, and if there were regulations in place to protect people from fraud and abuse.