April 6: Death anniversary of Adam Smith, father of economics (1790) 

April 6, 2025 marks 235 years since the death of Adam Smith, the founder of economics. His work, particularly The Wealth of Nations (1776), laid the foundation for an understanding of the market, free trade, and productivity, key concepts in both the business and consulting worlds. His idea of the “invisible hand” remains one of the best-known references in economic theory.  stressing how individual decisions lead to collective well-being. 

Smith argued that specialization and division of labor are the main factors in the growth of the economy. This approach remains highly relevant, especially at a time of rapid technological progress and globalisation. For example, modern supply chains, such as those used by tech giants, are based on the principles of specialization and efficiency that Smith first described. 

This anniversary is an opportunity to reflect on the lasting impact of his work on the economy and entrepreneurship. In this day and age, the balance between state intervention and the free market remains a crucial issue. Smith’s ideas can inspire entrepreneurs and politicians to focus on long-term strategies that promote innovation, competitiveness and prosperity. Strategies that, with the contribution of a business strategy consultant, can highlight the business much more. 

In addition, Smith emphasized the ethical dimension of economics. He believed that markets cannot function without trust, fairness and transparency. Nowadays, this principle is more relevant than ever, as businesses are called upon to integrate social responsibility into their strategies. This anniversary highlights the enduring value of Adam Smith’s ideas and the need to combine economic growth with social progress.