Adam Smith by way of introduction

Adam Smith is regarded as the father of modern economics. With the metaphor of the invisible hand, he establishes the theoretical foundation of a market economy based on self-regulation, where an inherent market mechanism is supposed to lead to optimal distribution of goods and thus guarantee the welfare of all. It is often forgotten that Adam Smith formulated his economic theory based on moral and legal philosophical considerations. Understanding Smith's moral philosophy is an essential prerequisite for grasping the normative foundations of his economic work. For Smith, economics and moral philosophy represent two areas of practical philosophy that cannot be considered independently of each other.