The Enduring Influence of Adam Smith

This chapter explores Adam Smith's pivotal role in shaping the U.S. political economy, detailing the reverence and criticism his ideas received during the founding era. It examines how his work, particularly 'The Wealth of Nations', influenced key Founding Fathers and shaped debates over economic policies, as well as his evolving legacy through the lens of modern economists. The chapter also critiques common misinterpretations of Smith's ideas, especially the concept of the 'invisible hand', and discusses its implications for today's economic discourse.