Introduction Over the years, history has recorded countless personalities whose contributions to economics, as a social science, remains significant even today. According to Button (2013), a significant number of such philosophers make up what is termed as classical economists in the society. Their opinions continue to shape contemporary world’s economic landscape. Their impact on the economy, even in death, is evidence of the influence they have in the world. Examples of such persons include, among others, Adam Smith, Milton Friedman, Friedrich Hayek, and John Keynes. Each and every one of the mentioned economists has proposed several theories and principles whose relevance in economics cannot be ignored. The theories and principles remain their most significant contributions to the world today. A number of scholars have dedicated their lives to the study of these theories and principles. The author of this paper acknowledges that the various scholars mentioned above have made important contributions in the world of economics. However, in this paper, the author will settle on one economist and analyze their contributions. In the opinion of Worstall (2012), such elements as the workings of market systems are made possible by the contributions of economists, such as those mentioned above. The author intends to look at one economist from this group. The economist is Adam Smith. The author will examine his economic principles and the theories he has advanced. The author seeks to determine the relevance of Adam Smith to the spectrum of economic thinking. As Mankiw (2011) puts it, every principle and theory in economics has a bearing on economic life, a bearing that should not be ignored. To this end, the author of this paper examines why contemporary economists regard the theories of Adam Smith as important. However, the author notes that the contributions made by the other scholars are not irrelevant. It is just that the author feels Adam Smith’s theories and principles are more influential compared to the others. The author will examine the impacts of Adam Smith’s principles and theories on economics in general. The author will try to imagine the plans that Adam Smith would have advanced to handle present day economic scenarios. For example, what would Adam Smith have advised the government to do to deal with the recent economic meltdown? In a bid to enhance the understanding of his contributions, the author will examine some current economic policies. The author will try to determine whether or not Adam Smith would have supported such policies. Thesis Statement The paper is guided by one major thesis statement. The statement is: An analysis of theories and principles of Adam Smith reveals that he is still relevant to contemporary capitalism and the ethics of trade . Adam Smith-Theories and Principles Button (2013) provides a brief background on Adam Smith. Button (2013) says that this scholar is a Scottish-born philosopher who developed progressive thoughts at an early age in his life. Smith’s ability to speak his mind while at Oxford University enabled him to establish his position as a thinker and a philosopher. Just like other scholars and philosophers, Smith was inspired by other peopl