While the aristocracy was controlling the social and
economic activity of most European
nations in the years leading up to
1776, Adam Smith was imagining the possibilities of a yet to be established free enterprise
economic system. The culmination of these thoughts was the 1776 publishing of his famous book, "An Inquiry into the Nature and Causes of the Wealth of
Nations". This paper gives examples of how Adam Smith's ideas have influenced modern economics. Areas of his influence are examined from modern taxation policy, to modern price controls.