ADAM SMITH
A philosopher and free-market economist during the 18th century, famous for his ideologies about the efficiency of labor division and individuals' societal benefit in pursuance of one's self-interest. In the first book of Smith, entitled The Theory of Moral Sentiments, the idea of the invisible hand, or the free-market's tendency of self-regulation through competition, self-interest, demand and supply was proposed. Adam Smith was also known for his wage differentials compensation theory, wherein undesirable or dangerous jobs will mostly likely be paid with higher wages to attract workers on these positions. Smith died in 1790.
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ECONOMIC CALENDAR
| Time | Country | Indices | Period |
|---|---|---|---|
| 11:00 | Ifo Business Climate Index | Jan | |
| 11:00 | Ifo Current Assessment | Jan | |
| 11:00 | IFO - Expectations | Jan | |
| 15:30 | Durable Goods Orders | Nov | |
| 16:00 | NBB Business Climate | Jan | |
| 01:50 | Corporate Service Price Index | Dec | |
| 02:01 | BRC Shop Price Index | Jan | |
| 02:30 | NAB Business Confidence | Dec | |
| 04:00 | Credit Card Spending | Dec |
