Adam Smith and free market theory

From past to present, market economies and economic theories have caused controversy. This study has been put forward in order to remember Adam Smith's thoughts and theories and to better understand the place and importance of the market economy in our lives in these days when criticisms of the definition and function of the market economy are intensified. This thesis; It is a compilation study on text analysis and scanning. Our main source is the work "The Wealth of Nations". The Wealth of Nations provides important information on philosophy, stochastic mathematics, sociology and the emergence of wealth, as well as economic propositions. The thesis includes: Market Economy, Growth Theory, Division of Labor, Invisible Hand Theory and Labor - Theory of Value, the emergence and processes of the concept of money along with the concept of interest. Smith's thoughts on the market economy and detailed information about different periodical ideologies are given in this study. This thesis has been put forward in order to explain the system rules that shape the market economy and ensure its regular functioning within the framework of the concept of division of labor and innovations caused by the phenomenon of division of labor and personal gain. It is stated in this thesis that Smith's thoughts are universal and that many of his theories continue to be valid today.