to contribute to object a belief to differ a source of wealth to measure to call for a heart - вносить вклад - возражать - вера - различаться - источник богатства - измерять - призвать к - сердце

self - interest consumers cost invisible hand economic forces supply demand marketplace a founder - само заинтересованность - потребители - цена(стоимость) - невидимая рука - экономические силы - спрос - предложение - - рынок - основатель

World knows a lot of scientists who contributed in economics, among them - Karl Marx, Alfred Marshal, David Ricardo and others. But the most famous economist was Adam Smith. He made extraordinary contributions in economics.

He was born in 1723 in Kirkcaldy, a small fishing town near Edinburgh, Scotland. At the age of 28 Adam Smith became a Professor of Logics at the University of Glasgow.

Smith devoted 10 years to writing his work which founded economic science. Its full title was An Inquiry into the Nature and Causes of the Wealth of Nations. It was published with great success in After publishing this book he got a title "The Father of Economics".

Smith objected to the principal economics beliefs of his day. He differed with the physiocrats who said that land was the only source of wealth. He also disagreed with the mercantilists who measured the wealth of nations by its money supply, and who called for government regulations of the economy.

The heart of Smith's economic philosophy was his belief that the economy would work best without government regulation. Self-interest would lead business firms to produce only those products that consumers wanted, and to produce them at the lowest possible cost. To explain it Smith used the metaphor of the "invisible hand.

The "invisible hand" was Smith's name for the economic forces that we today would call supply and demand, or the marketplace. Smith's idea of the "invisible hand" is popular at present too.

He was the first to say that economy could work well without government regulation. He made economics a science. He also was a founder of political economy.

1. Where and when was A. Smith born? 2. Which book helped Smith to get a title " Father of Economics"? 3. What two principal beliefs did A.S. object? 4. What was the heart of Smith's economic philosophy? 5. How do we call today «the invisible hand"?