Free Market
Author:
Hans F. Sennholz
Online Publish Date:
The Free Market 19, no. 7 (July 2001) The work of Adam Smith was truly epoch-making in the development of economic thought. In his An Inquiry into the Nature and Causes of the Wealth of Nations , which appeared in 1776, he explained the law of supply and demand: “The market price of every particular commodity is regulated by the proportion