Adam Smith was a Scottish moral philosopher and professor at the University of Glasgow. The Theory of Moral Sentiments examined sympathy, judgment, and the social basis of moral life. The Wealth of Nations analyzed specialization, exchange, prices, public finance, and the institutions that support commercial society. Smith defended competition and freer trade, but he also warned about monopoly, collusion, political favoritism, and the mental costs of repetitive labor. He is useful for debates about markets because his framework joins incentives and productivity with law, education, public works, and moral restraint.
BLS released July 2026 CPI showing headline inflation at 3.4% year-over-year (down from 3.5% in June) and 0.1% month-over-month, both in line with expectations. Core measures similarly moderated. This eases some pressure on the Fed after prior elevated readings linked to energy and supply shocks.
John Maynard Keynes, David Ricardo, and Adam Smith