This book presents a controversial account of the work of Adam Smith, challenging prevailing orthodox thought on Smith's contribution to economics. It argues that Smith's fame as an economic analyst and economic historian is undeserved. The book opens by introducing the reader to the author's own views, and then examines Adam Smith's analytical merits. In this exploration Salim Rashid considers two of Smith's most celebrated ideas - the division of labor and the market mechanism. He presents anhistorical review of the division of labor, focusing on what was original to Smith, and indicates why this was of limited value. He then discusses the concept of the invisible hand within the context of an understanding of how markets work. The author then questions whether Smith used historical facts with an open mind and desire to learn, or whether he used them to illustrate preconceived theories. Smith's applied economics are also studied in relation to his work on public...
