Introduction During the 18th and 19th centuries, several major writers began commenting on the economy. These individuals attempted to uncover theories which could be applied to markets in order to promote a better society. Among the most influential theorists of the time were Adam Smith, David Ricardo, and Thomas Malthus. In this lesson, we'll discuss the major theories of these three economists with special attention to how their ideas influenced the field of economics. Adam Smith Adam Smith is known as the father of modern economics. Born in Scotland in 1723, he embarked on an academic career at the age of 15. Educated primarily in European literature, he was awarded a position as chair of logic in 1751 and then chair of moral philosophy the following year at Glasgow University. In 1764, Smith became the tutor of the young Duke of Buccleuch. This career change had lasting effects on Smith's philosophy. While he traveled with the Duke, he visited places like Switzerland and France and became aware of the ideas of thinkers such as Voltaire, Rousseau, Quesnay, and Turgot. Importantly, his employment with the Duke gave him a life-long pension. This granted him the freedom to retire and write his work Theory of Moral Sentiments, which was published in 1759. He continued to write afterwards and produced The Wealth of Nations in 1776. The philosophy he advocated in these works continues to influence economic thought today. According to Smith, people have a capacity for reasonable judgment that is often underestimated and should not allow politicians or philosophers to impose unreasonable government regulations on them. He was an advocate of laissez-faire thinking, which was a policy of minimal government intervention in the economy. According to Smith, free markets allowed the natural laws of supply and demand to function properly. Smith remained a life-long bachelor and died in Scotland in 1790. David Ricardo Another influential ec