Adam Smith: Conceptions of Value Among many other contributions to society, Adam Smith made an immense impact that is still evident today. In his Wealth of Nations, he concentrates on self-interest and its relation to both the economic and moral societies. Through this concentration he brings in value to create a harmony in society. He created an economic society based on free market, which influenced America's economy and is effective today. Adam Smith used the concept of value to create the basis of a free market by unifying economics and morals. The foundation of Smith's perspective on morals began when he e