How did Adam Smith's philosophy influence the economy locally and globally?

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asked Sep 13, 2022 33.3k views

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Aclowkay · Answer 1 · 2022-09-20T07:33:38+0000

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Smith is known for creating the concept of gross domestic product (GDP) and for his theory of compensating wage differentials. 2 According to this theory, dangerous or undesirable jobs tend to pay higher wages as a way of attracting workers to these positions.

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How did Adam Smith's philosophy influence the economy locally and globally?

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How did Adam Smith's philosophy influence the economy locally and globally?