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While being a great economic philosopher, Adam Smith, as time has proved, was a not a very good predictor of the future. Several of his ideas, most prominently the theory that price controls production, have been debunked by the passage of time: “We no longer live in a world… in which no man can afford to swim against the current.” (p. 58) Giant corporations, who can determine weather market fluctuations and determine their own prices, have replaced the economic landscape of Adam Smith’s 1700s. Even though elements of Smith’s economic ideas have changed with time, three of his main beliefs have remained important factors in economics to this day: The Law of Accumulation, The Law of Population, and, a philosophy that is truly unique, the ‘invisible hand’. Despite his shortcomings in other predictions, Adam Smith gave several theories that are useful to a modern study of economics. More importantly however, Smith’s main work, The Wealth of Nations, provides a glance at how economies functioned near the Industrial Revolution. Because of this window into the eighteenth century, modern economists can compare Smith’s economic philosophies to the economies of today, and see which hold true. The most prominent of