Life of Adam Smith and John Nash
Adam Smith (1723-1790) is perceived, through his best-known book, "An Inquiry into the Nature and Causes of the Wealth of Nations", as the father of economics. This work helped to create the modern academic discipline of economics and provided one of the best-known intellectual rationales for free trade and capitalism.
John Nash born on 13 June 1928 in Bluefield, West Virginia, USA an American mathematician who works in game theory and differential geometry.
Work of Adam Smith and John Nash
Smith promoted free market, which produces the right amount and variety of goods by "invisible hand (game theory)." If a product shortage occurs, for instance, its price rises, creating incentive for its production, and eventually curing the shortage. The increased competition among manufacturers and increased supply would also lower the price of the product to its production cost, the "natural price." Smith believed that while human motives are often selfish and greedy, the competition in the free market would tend to benefit society as a whole anyway. Smith vigourously attacked the antiquated government restrictions which he thought were hindering industrial expansion. In fact, he attacked most forms of government interference in the economic process, including tariffs, arguing that this creates inefficiency and high prices in the long run.
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