There is only one catch to this idyllic arrangement: Adam Smith was wrong.

As early as 1776, Adam Smith wrote in The Wealth Of Nations: `` We have no acts of Parliament against combining to lower the price of work ; ;

The division of labour was initially discussed by Adam Smith, regarding the manufacture of pins, in his book The Wealth of Nations ( published in 1776 ).

Adam Smith discusses the division of labour in the manufacture of pins at length in his book The Wealth of Nations ( published in 1776 ).

Adam Smith said, " People of the same trade seldom meet together, even for merriment and diversion, but the conversation ends in a conspiracy against the public, or in some contrivance to raise prices.

Adam Smith illustrates this view, saying that a smuggler would be an excellent citizen, "... had not the laws of his country made that a crime which nature never meant to be so.

Many Enlightenment thinkers ( such as Adam Smith and the American Founding Fathers ) subscribed to this view to some extent, and it remains influential among so-called classical liberals and libertarians.

He accepted the liberal ideals of private property and the economics of Adam Smith, but thought that economics should be kept subordinate to the conservative social ethic, that capitalism should be subordinate to the medieval social tradition and that the business class should be subordinate to aristocracy.

It drew on the economics of Adam Smith and on a belief in natural law, utilitarianism, and progress.

Government, as explained by Adam Smith, had only three functions: protection against foreign invaders, protection of citizens from wrongs committed against them by other citizens, and building and maintaining public institutions and public works that the private sector could not profitably provide.

" Anarcho-capitalist Walter Block claims, however, that, while Adam Smith was an advocate of economic freedom, he also allowed for government to intervene in many areas.

Hayek saw the British philosophers Bernard Mandeville, David Hume, Adam Smith, Adam Ferguson, Josiah Tucker, Edmund Burke and William Paley as representative of a tradition that articulated beliefs in empiricism, the common law, and in traditions and institutions which had spontaneously evolved but were imperfectly understood.

However there was no consistency in Whig ideology, and diverse writers including John Locke, David Hume, Adam Smith and Edmund Burke were all influential among Whigs, although none of them was universally accepted.

Adam Smith

Jean Baptiste Say was a French economist who introduced Adam Smith's economic theories into France and whose commentaries on Smith were read in both France and Britain.

David Ricardo, who was an admirer of Adam Smith, covered many of the same topics but while Smith drew conclusions from broadly empirical observations, Ricardo used induction, drawing conclusions by reasoning from basic assumptions.

Several liberals, including Adam Smith and Richard Cobden, argued that the free exchange of goods between nations could lead to world peace, a view recognised by such modern American political scientists as Dahl, Doyle, Russet, and O ' Neil.

Dr. Gartzke, of Columbia University states, " Scholars like Montesquieu, Adam Smith, Richard Cobden, Norman Angell, and Richard Rosecrance have long speculated that free markets have the potential to free states from the looming prospect of recurrent warfare.

Adam Smith argued in the Wealth of Nations that, as societies progressed from hunter gatherers to industrial societies, the spoils of war would rise but that the costs of war would rise further, making war difficult and costly for industrialised nations.

Alan Wolfe summarises this viewpoint, which reject ( s ) any such distinction and argue ( s ) instead for the existence of a continuous liberal understanding that includes both Adam Smith and John Maynard Keynes ...

When instead we discuss human purpose and the meaning of life, Adam Smith and John Maynard Keynes are on the same side.

The social goal was to invest in land and enter the gentry, ideas more similar to the physiocrats than that of Adam Smith.

Classical liberals generally opposed colonialism ( as opposed to colonization ) and imperialism, including Adam Smith, Frédéric Bastiat, Richard Cobden, John Bright, Henry Richard, Herbert Spencer, H. R. Fox Bourne, Edward Morel, Josephine Butler, W. J.

* 1980 – Adam Fleming, Scottish reporter

* 1714 – Adam Gib, Scottish religious leader ( d. 1788 )

He and other Scottish Enlightenment thinkers developed what he called a ' science of man ', which was expressed historically in works by authors including James Burnett, Adam Ferguson, John Millar and William Robertson, all of whom merged a scientific study of how humans behave in ancient and primitive cultures with a strong awareness of the determining forces of modernity.

The Age of the Passions: An Interpretation of Adam Smith and Scottish Enlightenment Culture.

A central figure of the Scottish Enlightenment, a founder member of the Philosophical Society of Edinburgh, and active in the Select Society, his protégés included James Boswell, David Hume and Adam Smith.

* 1728 – Robert Adam, Scottish architect and designer, designed Culzean Castle ( d. 1792 )

* 1984 – Adam Nelson, Scottish footballer

* 1723 – Adam Smith, Scottish philosopher and economist ( d. 1790 )

Hutton was one of the most influential participants in the Scottish Enlightenment, and fell in with numerous first-class minds in the sciences including John Playfair, philosopher David Hume and economist Adam Smith.

Scottish economist Adam Smith accepted the LTV for pre-capitalist societies but saw a flaw in its application to capitalism.

Written in 1776 by Adam Smith, a Scottish moral philosopher, The Wealth of Nations aims for efficient organization of work through Specialization of labor.

* Adam Smith ( 1723 – 1790 ) Scottish economist and philosopher.

* June 18 – Adam Gib, Scottish religious leader ( b. 1714 )

* July 17 – Adam Smith, Scottish economist and philosopher ( b. 1723 )

* February 22 – Adam Ferguson, Scottish philosopher and historian ( b. 1723 )

* June 5 – ( baptised ) Adam Smith, Scottish economist and philosopher ( d. 1790 )

** Adam Ferguson, Scottish philosopher and historian ( d. 1816 )

* April 14 – Adam Gib, Scottish religious leader ( d. 1788 )

There is a Scottish school of universal grammarians from the 18th century, to be distinguished from the philosophical language project, and including authors such as James Beattie, Hugh Blair, James Burnett, James Harris, and Adam Smith.

David Hume and Adam Smith at the Scottish National Portrait Gallery

Among the Scottish thinkers and scientists of the period were Francis Hutcheson, Alexander Campbell, David Hume, Adam Smith, Dugald Stewart, Thomas Reid, Robert Burns, Adam Ferguson, John Playfair, Joseph Black and James Hutton.

Scottish Enlightenment thinkers developed what Hume called a ' science of man ' which was expressed historically in works by such as James Burnett, Adam Ferguson, John Millar and William Robertson, all of whom merged a scientific study of how humans behave in ancient and primitive cultures with a strong awareness of the determining forces of modernity.

The idea of unintended consequences dates back at least to Adam Smith, the Scottish Enlightenment, and consequentialism ( judging by results ).