Scottish social philosopher and political economist Adam Smith wrote 'The Wealth of Nations' and achieved the first comprehensive system of political economy.
(1723-1790)
Who Was Adam Smith?
Adam Smith was an economist and philosopher who wrote what is considered the "bible of capitalism," The Wealth of Nations, in which he details the first system of political economy.
Early Years
While his exact date of birth isn’t known, Smith’s baptism was recorded on June 5, 1723, in Kirkcaldy, Scotland. He attended the Burgh School, where he studied Latin, mathematics, history and writing. Smith entered the University of Glasgow when he was 14 and in 1740 went to Oxford.
'Wealth of Nations'
Main beliefs and "invisible hand".
Smith’s ideas are a reflection on economics in light of the beginning of the Industrial Revolution , and he states that free-market economies (i.e., capitalist ones) are the most productive and beneficial to their societies. He goes on to argue for an economic system based on individual self-interest led by an “invisible hand,” which would achieve the greatest good for all.
In time, The Wealth of Nations won Smith a far-reaching reputation, and the work, considered a foundational work of classical economics, is one of the most influential books ever written.
Professional Life
In 1748, Smith began giving a series of public lectures at the University of Edinburgh. Through these lectures, in 1750 he met and became lifelong friends with Scottish philosopher and economist David Hume. This relationship led to Smith's appointment to the Glasgow University faculty in 1751.
More Books by Adam Smith
In 1759, Smith published The Theory of Moral Sentiments , a book whose main contention is that human morality depends on sympathy between the individual and other members of society. On the heels of the book, he became the tutor of the future Duke of Buccleuch (1763–1766) and traveled with him to France, where Smith met with other eminent thinkers of his day, such as Benjamin Franklin and French economist Turgot.
Smith's other writings include Lectures on Justice, Police, Revenue, and Arms (1763), which was first published in 1896, and Essays on Philosophical Subjects (1795). Both works were published posthumously.
In 1787, Smith was named rector of the University of Glasgow, and he died just three years later, at the age of 67.
QUICK FACTS
- Name: Adam Smith
- Birth Year: 1723
- Birth date: June 5, 1723
- Birth City: Kirkcaldy
- Birth Country: Scotland
- Gender: Male
- Best Known For: Scottish social philosopher and political economist Adam Smith wrote 'The Wealth of Nations' and achieved the first comprehensive system of political economy.
- Politics and Government
- Business and Industry
- Education and Academia
- Astrological Sign: Gemini
- University of Oxford
- University of Glasgow
- Burgh School
- Death Year: 1790
- Death date: July 17, 1790
- Death City: Edinburgh
- Death Country: United Kingdom
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Adam Smith (1723-1790) was a Scottish philosopher, economist, and leading Enlightenment figure. In The Wealth of Nations, he advocates free trade and limited interference in markets by governments, for which he is seen as the founder of liberal economics. Regarded incorrectly as a champion of laissez-faire economics, Smith supported state intervention in important areas like the education of workers.
Adam Smith was born into a landowning family living in Kirkcaldy, located to the north of Edinburgh across the Firth of Forth in Scotland , c. 5 June 1723. Smith's father, also called Adam, worked as a customs official while his mother, Margaret Douglas, did not need to work thanks to a significant land inheritance. Smith studied literature at both the University of Glasgow and, thanks to winning a scholarship, at Balliol College, Oxford, from 1740. He left Oxford in 1746, and from 1748, he gave public lectures in Edinburgh with great success. In 1751, Smith was appointed the Professor of Logic at the University of Glasgow, and the next year, he became the Professor of Moral Philosophy , a position he held until 1764. Smith cultivated friendships with other Scottish philosophers, most notably David Hume (1711-1776), and men of business like the merchant Andrew Cochrane (1693-1777).
Moral Philosophy
Smith's first major work was The Theory of Moral Sentiments , published in 1759. Here, Smith presents his views on moral philosophy, which emphasise:
Stoic virtues, and in particular that of self command. Smith's man of perfect virtue "joins to the most perfect command of his own original and selfish feelings, the most exquisite sensibility both to the original and sympathetic feelings of others." (Blackburn, 446)
This positive view of an individual's use of reason, restraint, and sympathy and empathy for others was encouraged by what Smith called an "inner person" or "impartial spectator" (what we might alternatively call the voice of one's conscience). This view greatly influenced how Smith saw the best political system working for the greater good of the state's economy . The work eventually attracted wider attention, and Smith was employed as tutor to the Duke of Buccleuch. The position was well paid but meant Smith had to move to France in 1764, first to Toulouse and then to Paris . In between, he stayed in Geneva and met the French author and philosopher Voltaire (1694-1778). Smith was involved in more practical affairs, for a time acting as advisor to the Chancellor of the Exchequer in 1766. It seems probable that Smith was, therefore, partly responsible for the tax policies applied to the Thirteen Colonies in North America, policies which ultimately led to the American Revolutionary War after the colonists considered that they should not pay taxes without political representation.
Buccleuch's financial support of Smith – he gave him a pension equal to his salary as tutor – permitted him to leave his university post and dedicate himself entirely to political philosophy. For his greatest work, Smith returned home to Kirkcaldy in 1767, where he lived with his mother. In 1773, he moved to London.
The Wealth of Nations
Adam Smith's political philosophy is presented in his book Inquiry into the Nature and Causes of the Wealth of Nations (often simply called The Wealth of Nations ), which was first published in 1776. As the full title suggests, Smith's intention was to systematically and objectively investigate the best political system that could provide a nation with the greatest economic success, much like contemporary scientists were trying to do in the fields of physics, astronomy, medicine , and mathematics during the Scientific Revolution . Smith is realistic, unsentimental, and optimistic in his determination to improve the human condition. He believes in progress and that humanity is currently in a fourth stage of existence, what he calls the age of commerce (the previous three, in order, were the age of hunters, shepherds, and agriculture ). These stages were based on Smith's extensive studies in history and contemporary trade. Commerce, for Smith, is the inevitable concluding stage since humans are social and trade is a social activity. Further, a thriving economy is based on a complex web of interdependence between people of all kinds.
Smith proposed the labour theory of value based on this interconnectedness between humans in the world of trade. That is, he highlighted the difference between the use value and the exchange value of something. For example, an old record player might be very useful to its owner to listen to their vinyl collection, but if few other people want such an item, then it has little value in terms of exchanging it for something else (most obviously cash). The exchange value of an item is related to how many people want to own such a thing, how difficult it is to obtain, how much labour it will save the buyer if they own it, and how much labour and what kind of labour is required to produce it. Smith elaborates on his theory by stating that the value of a person's labour is based on several factors, such as scarcity of skills, difficulty and danger of the work, and the length of education required to do the work, amongst many other factors. The labour theory of value was further developed by other thinkers, notably Karl Marx (1818-1883).
Smith was also determined to show in his book that the Christian dislike of wealth, based on such biblical passages as "it is easier for a camel to go through the eye of a needle than for someone who is rich to enter the kingdom of God " (Matthew 19:24), had no foundation in nature and no place in modern economics. Indeed, Smith argued that helping the rich get rich generally helped everyone in society since those who were not rich would strive to improve themselves in imitation of those whom they saw as successful.
A Free(ish) Market
Smith believed that the state should interfere in economic markets only when it is necessary to prevent a situation of unfair competition. Essentially, then, the state should leave the economy to itself since it would be guided by what he called the 'Invisible Hand' of the market, a system of perfect liberty where the economy is self-adjusting as it adapts to continuous changes in production and consumption based on people's self-interest (much like gravity dictates how planets move in space). This idea later developed into laissez-faire economics (literally "leave things alone"), where any and all barriers and interference that might impede trade and commerce are eliminated. This was something beyond what Smith himself proposed. Smith believed in free international trade and was against such common policies as protecting domestic industries using import duties in the face of cheap imports (mercantilism) since this protection might help that industry but not the economy as a whole. He explains his point of view with the following example:
By means of glasses, hot beds, and hot walls, very good grape can be raised in Scotland, and very good wine too can be made of them at about thirty times the expense for which at least equally good can be bought from foreign countries. Would it be a a reasonable law to prohibit the importation of all foreign wines, merely to encourage the making of claret and burgundy in Scotland? (Yolton, 136)
Smith points out two more arguments against protectionist economic policies. He states that such protection would only help an industry in which that nation is less skilled and remove possible funds from other industries where the nation is more skilled. Secondly, protectionist policies create discord between nations, which should be endeavouring to pursue international trade as smoothly as possible. Smith cites the abuses of power perpetrated by the British East India Company (EIC) as an example of what can happen when a state interferes in trade and awards, for example, a monopoly on certain goods or trade areas, as was the case with the EIC.
Despite Smith's modern association with laissez-faire economics, he was not actually in favour of a complete abandonment of the markets by the state. Indeed, he thought a truly free market was a practical impossibility anyway. He regarded the state as having a duty to assist people in times of need (famine, for example) and help victims of instances where the free market failed to provide them with the necessary intellectual tools to work, earn a living, and improve themselves. For example, Smith advocated the state raise taxes to pay for the education of the poor in certain instances, principally because he believed this would improve the range of labour skills they could offer the economy but also to help compensate for the mind-dulling work of those who operated machines all day. Education, too, can help the fight against superstition and the grip of religious institutions on people's minds, something Smith, as an enlightened thinker, wanted to loosen.
Critics of Smith's approach, which allows the rich to prosper without constraint, point out that if wealth is concentrated in the hands of the few then inevitably the political power of the many will diminish. Smith's 'Invisible Hand', as unfeeling as gravity, also ignores factors that might be considered important for people's opportunities to gain wealth, such as the individual's political, ideological, and social background. Other critics lamented the weakening of traditional institutions in such a free market approach and the absence of any moral considerations. Smith might well have argued that these criticisms are valid, but the system is what it is, just like gravity exists whether we like it or not. One can add some checks and balances, but the laws of economics follow the laws of nature. For example, prices will always follow the law of supply and demand. Economics was, for Smith, also a science , and so, too, it must follow laws, as the historian E. Cameron here explains:
Economic activities, like everything else, must be regulated by scientific laws, which could be discovered by rational investigation. As in the case of the law of gravity, understanding these laws would not allow people to do whatever they liked, but it would teach them how to attain the limits of the possible. As a science, economics was morally self-validating; there was no possibility of conflict between the pursuit of individual self-interest and the good of the community. Thanks to the Invisible Hand, the two are synonymous. (277)
Smith pointed out that "the greatest and most important branch of commerce of every nation is that carried on between the inhabitants of the town and those of the country" (Yolton, 137). This position illustrates that Smith's considerations of a nation's economy are being applied to the still largely pre-industrialised Britain of the last quarter of the 18th century. Although he was aware of and very much in favour of technological innovation, Smith was writing before the British Industrial Revolution got into full swing. In this sense, some critics may claim that Smith's views on economies became quickly outdated when those economies became industrialised.
On Self-Interest
Smith's ideas on moral philosophy inform his political philosophy. Smith explains his view that self-interest and the common good are the same thing:
Every individual exerts himself to find out the most advantageous employment of whatever his capital can command. The study of his own advantage necessarily leads him to prefer what is most advantageous to society. (Cameron, 277)
For Smith, self-interest rules all economic transactions. He states:
It is not from the benevolence of the butcher, the brewer, or the baker, that we expect our dinner, but from their regard to their own interest. We address ourselves, not to their humanity but to their self-love, and never talk to them of our own necessities but of their advantages. (Chisick, 220).
Further, Smith believed that the rich might well become greedy and rapacious in their pursuit of their self-interests, but because an individual has a physical limit on the things they can consume, the rich are ultimately obliged to dispense their wealth amongst those less rich. In other words, it does not really matter if we actively distribute wealth equally or not since the 'Invisible Hand' will inevitably find its own true distribution of wages, prices, and profits. This self-interest, Smith argues, will even guide the rich to actively help the less well-off. Here, again, is Smith's belief in a reasoned inner self that guides one for the better good of all.
Measuring Wealth
To return to the original objective of The Wealth of Nations , Smith was particular about how the 'wealth' of a nation was to be measured. He did not believe the amount of a nation's gold or silver was an accurate measure of its prosperity since these commodities fluctuate in value over time. It is a fallacy to confuse money with wealth since the former is only the means by which the latter is distributed or redistributed. Some modern economists rather like this idea, which is why investors are not too concerned if a nation has tremendous debt as long as that nation has the potential to increase its wealth. Smith believed that real wealth is measured by examining the "annual produce of the land and labour of society" (Yolton, 549). He stressed that both agriculture and manufacturing needed to be considered, which was in contrast to some contemporary thinkers who believed only agriculture mattered (a position known as physiocracy).
Smith also believed that seemingly unproductive workers had to be considered in this wealth assessment, people like merchants, since they, too, contributed to productivity by creating investment and larger markets for those who did produce things. The only workers Smith considered unproductive were domestic servants.
For Smith, real wealth is the land, labour, skills, and physical goods of a nation. As a consequence of this new criteria for measuring wealth, Smith believed that specialisation of the labour market would greatly increase efficiency and increase the wealth of the nation. He gives the example of a worker skilled in operating a machine that makes pins and how ridiculous (and unprofitable) it would be to ask that worker to first mine the metal and perform all the other tasks necessary to make pins. In addition, money must be invested to increase the nation's wealth and not, for example, be left sitting in bank accounts where money becomes worthless; the rich must be encouraged to invest their surplus into the economy (and so make themselves more money in the process). Certainly, Smith believed that most business owners and merchants were rapacious and their instincts to make money at the expense of others did need to be curbed by a strong government, preferably a monarchy. These latter points are often conveniently ignored by some modern commentators who wish to present Smith as an advocate of a free-for-all economy, that is, an unregulated financial jungle where the strongest (or richest) survive.
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Death & Legacy
Smith only wrote two major works, and from 1778, he worked as a customs commissioner in Edinburgh. His aged mother came to live with him since he had never married, although she did have to share the house with her son's library of 3,000 books. Adam Smith died in Edinburgh on 17 July 1790. He was buried in the churchyard in the Canongate area of the Scottish capital close to where he had lived.
Smith was one of the leading figures of the Enlightenment , and he has become one of the most quoted thinkers by economists ever since. The historian A. Gottlieb goes so far as to describe The Wealth of Nations as "the founding text of modern economics" (198). The book took a while to establish a wider audience, and it really only came into its own during the Industrial Revolution of the 19th century when it became almost a bible of economics, a position it still holds today for those who advocate 'less is more' when it comes to regulating trade and economies. It is also true that Smith's 'bible', just like the Christian Bible, is very often only selectively plundered and quoted to support specific preconceived ideas. In the case of The Wealth of Nations , quoting only the arguments for a minimisation of state intervention does not give a true vision of what Smith himself believed in. As the historian H. Chisick notes, "It is a matter of regret that most economists in the West seem indifferent to something that Smith and his contemporaries knew full well, namely, that economics cannot properly be separated from social and political policy" (221).
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Bibliography
- Berlin, Isaiah. The Age of Enlightenment. Plume, 1984.
- Blackburn, Simon. The Oxford Dictionary of Philosophy . Oxford University Press, 2016.
- Cameron, Euan. Early Modern Europe. Oxford University Press, 1999.
- Chisick, Harvey. Historical Dictionary of the Enlightenment . Scarecrow Press, 2005.
- Gottlieb, Anthony. The Dream of Enlightenment. Liveright, 2017.
- Hampson, Norman. The Enlightenment. Penguin, 1990.
- Robertson, Ritchie. The Enlightenment. Harper, 2021.
- Stroll, A. & Popkin, R H. Philosophy Made Simple . Routledge, 1993.
- Yolton, John W. & Rogers, Pat & Porter, Roy & Stafford, Barbara. A Companion to the Enlightenment . Wiley-Blackwell, 1991.
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Biography of Adam Smith, Founding Father of Economics
'The Wealth of Nations' influenced leaders and thinkers
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Adam Smith (June 16, 1723–July 17, 1790) was a Scottish philosopher who today is considered to be the father of economics. His seminal work, "The Wealth of Nations," published in 1776, influenced generations of politicians, leaders, and thinkers, including Alexander Hamilton , who looked to Smith's theories when, as secretary of the treasury, he fashioned the economic system of the United States.
Fast Facts: Adam Smith
- Known For : Father of economics
- Born : June 16, 1723 in Fife, Scotland
- Parents : Adam Smith, Margaret Douglas
- Died : July 17, 1790 in Edinburgh, Scotland
- Education : University of Glasgow, Balliol College, Oxford
- Published Works : The Theory of Moral Sentiments (1759), The Wealth of Nations (1776)
- Notable Quote : "Every individual… neither intends to promote the public interest, nor knows how much he is promoting it…he intends only his own security; and by directing that industry in such a manner as its produce may be of the greatest value, he intends only his own gain, and he is in this, as in many other cases, led by an invisible hand to promote an end which was no part of his intention."
Early Years and Education
Smith was born in 1723 in Kirkcaldy, Scotland, where his widowed mother raised him. At age 14, as was the usual practice, he entered the University of Glasgow on a scholarship. He later attended Balliol College at Oxford, graduating with extensive knowledge of European literature.
He returned home and delivered a series of well-received lectures at Glasgow University, which appointed him first as the chair of logic in 1751 and then chair of moral philosophy in 1752.
Founding Father of Economics
Smith is often described as the "founding father of economics." A great deal of what is now considered standard belief about the theory about markets was developed by Smith. He explained his theories in "Theory of Moral Sentiments," published in 1759. In 1776, he published his masterpiece, "An Inquiry into the Nature and Causes of the Wealth of Nations," which today is generally called "The Wealth of Nations."
In "Theory of Moral Sentiments," Smith developed the foundation for a general system of morals. It is a very important text in the history of moral and political thought. It provides the ethical, philosophical, psychological, and methodological underpinnings to Smith's later works.
In this work, Smith stated that man was self-interested and self-commanded. Individual freedom, according to Smith, is rooted in self-reliance, the ability of an individual to pursue his self-interest while commanding himself based on the principles of natural law.
'The Wealth of Nations'
"The Wealth of Nations" is actually a five-book series and considered to be the first modern work in the field of economics . Using very detailed examples, Smith attempted to reveal the nature and cause of a nation's prosperity.
Through his examination, he developed a critique of the economic system. Most commonly known are Smith's critique of mercantilism and his concept of the " invisible hand ," which guides economic activity. In explaining this theory, Smith stated that wealthy individuals are:
"...led by an invisible hand to make nearly the same distribution of the necessaries of life, which would have been made, had the earth been divided into equal portions among all its inhabitants, and thus without intending it, without knowing it, advance the interest of the society."
What led Smith to this remarkable conclusion was his recognition that wealthy people don't live in a vacuum: they need to pay (and thus feed) the individuals who grow their food, manufacture their household items, and toil as their servants. Simply put, they can't keep all the money for themselves. Smith's arguments are still used and cited today in debates. Not everyone agrees with Smith's ideas. Many see Smith as an advocate of ruthless individualism.
Regardless of how Smith's ideas are viewed, "The Wealth of Nations" is considered to be, and is arguably, the most important book on the subject ever published. Without a doubt, it is the most seminal text in the field of free-market capitalism .
Later Years and Death
After living in both France and London for a time, Smith returned to Scotland in 1778 when he was appointed the commissioner of customs for Edinburgh. Smith died on July 17, 1790, in Edinburgh and was buried in the Canongate churchyard.
Smith's work had a profound effect on the American founding fathers and the nation's economic system. Instead of founding the United States on the idea of mercantilism and creating a culture of high tariffs to protect local interests, many key leaders, including James Madison and Hamilton, espoused the ideas of free trade and limited government intervention.
In fact, Hamilton, in his "Report on Manufacturers" espoused a number of theories first stated by Smith. These theories stressed the need to cultivate the extensive land that was available in America to create a wealth of capital through labor, distrust of inherited titles and nobility, and the establishment of a military to protect the land against foreign intrusions.
- “ Adam Smith. ” Econlib.
- Brett, Sarah, and Oxford University Press. “Adam Smith (1723-90).” Oxford University Press | Online Resource Centre.
- Founders Online. " Alexander Hamilton's Final Version of the Report on the Subject of the Manufactures ." National Archives and Records Administration , National Archives and Records Administration.
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Biography Online
Adam Smith Biography
Short Biography of Adam Smith
Adam Smith was born 5 June 1723 in Kirkcaldy, Scotland.
After studying at the Burgh School of Kirkcaldy, he entered the University of Glasgow to study moral philosophy. He excelled and gained a scholarship to study at Balliol College, Oxford University. However, Smith found his time in Oxford disappointing; he was unimpressed by the standard of teaching, finding that most tutors had little interest in teaching. As a consequence, he returned to Scotland where he began giving lectures in Edinburgh before taking up a post at Glasgow University. From 1751, he was a professor of Moral philosophy at Glasgow University. His teaching and lectures became widely known and he attracted students from all over Europe.
Philosophy and moral sentiments
Around 1750, he met the philosopher David Hume. They shared a similarity of beliefs about liberty, free speech and philosophy. It became an important personal and intellectual friendship for Smith, and it played an important role in his own moral philosophy.
In 1759, he published The Theory of Moral Sentiments . This developed the idea that in human relations, sympathy for other people is a key element of morality and human behaviour.
“How selfish soever man may be supposed, there are evidently some principles in his nature, which interest him in the fortune of others, and render their happiness necessary to him, though he derives nothing from it except the pleasure of seeing it. ” – The Theory of Moral Sentiments, Section I, Ch I.
This concentration on sympathy may sound contradictory to his later writings on economics, which emphasised how selfish actions can contribute to the greater good. However, Smith was aware that taking into account the welfare of others contributed to our own feeling of well-being. Also, different aspects of life brought out different sides to people. For example, in designing a factory, you would seek to make the most efficient decision (e.g. division of Labour). In deciding how to deal with the poor, human sympathy became an important element of individual choice.
Adam Smith and Economics
After moral philosophy, Smith became more interested in the subject of political economy. He wrote his groundbreaking book “The Wealth of Nations” in 1776. (the same year as the American Revolution)
Smith was particularly interested in the concept of ‘division of labour’ and how workers specialising in a particular task could increase the productivity of labour and improve living standards. He used the example of a pin factory, to explain how the division of labour could work in practice.
“The greatest improvement in the productive powers of labour, and the greatest part of skill, dexterity, and judgment with which it is any where directed, or applied, seem to have been the effects of the division of labour.” – Adam Smith, Wealth of Nations, Book I, Ch 1, p7
The invisible hand
Smith clarified some existing ideas on economics and helped popularise the concept of an ‘invisible hand’ in production. He stated that if people seek to maximise their own self-interests it would lead to an efficient outcome for the whole of society. This suggested there was no conflict between pursuing selfish ends and the whole society benefiting. He also produced a theory suggesting free trade was in everyone’s interest, even when it involved importing cheap goods from abroad. Milton Friedman stated that the greatest contribution of Adam Smith was to show that trade and economic interactions could be mutually beneficial – making everyone better off. This contrasted with the existing view (known as the Mercantilist View) that the economic pie was fixed and so becoming rich meant having to take off other people. This was significant as Smith lived in an age of Empire, where countries wanted to exploit the wealth of other nations. Smith’s new understanding of economics showed you could increase welfare – not by conquest and theft, but through mutually beneficial trade.
Limitations of free markets
Despite offering a justification for capitalist society and the workings of the market, Smith was also aware private business could end up exploiting consumers if they were not checked. In particular, he was concerned about the growth of monopoly power. He also supported the imposition of progressive ‘fair’ taxes which took proportionately more from the rich than poor.
“It is not very unreasonable that the rich should contribute to the public expense, not only in proportion to their revenue, but something more than in that proportion.” – Adam Smith, Wealth of Nations, Ch II, p. 911
Outside of economics, Smith opposed imperialism, slavery and vast inequality.
“No society can surely be flourishing and happy of which by far the greater part of the numbers are poor and miserable. ” ― Adam Smith
His biggest legacy was perhaps in the development of modern economics. His work would later be expanded upon by economists who developed his models of supply and demand, such as Walras (general equilibrium) and Paul Samuelson (supply and demand in wages and rent). Smith’s theory of labour was also used in part by Karl Marx during his work Capital . Smith was also an important influence on the free trade movement of the 19th Century and hastened the demise of mercantilism as the prevailing ideology of political economy.
Smith is best remembered for his support of free markets, though his work suggests it is more complicated and not so black and white. It would be unfair to label him as an unbridled supporter of laissez-faire (no government intervention). Smith was a clear thinker unbridled with dogmatism.
Personal life
“The first thing you have to know is yourself. A man who knows himself can step outside himself and watch his own reactions like an observer.” ― Adam Smith, The Money Game
Smith remained unmarried and stayed close to his mother, until her passing. He was characterised as rather ungainly in appearance and was rather absent-minded in the real world. He often paid little attention to outer details, caught up in his own world of thought and ideas. Smith could talk to himself outloud and friends described a smile of “inexpressible benignity”
Smith’s father was a strong Christian but, at Oxford, Smith appears to have lost interest in the Christian church, professing beliefs that could be interpreted as Deist (Belief in personal God similar to some of the founding fathers of the US). In his writings he doesn’t make reference to God, but did mention the “Great Architect of the Universe” – suggesting he did see divine providence in the workings of the world.
Adam Smith died in Edinburgh on 17 July 1790 after a painful illness. Amongst his final words, he expressed a regret that he had not achieved more. He requested that his private papers would be burnt.
Legacy of Adam Smith
The Wealth of Nations is widely considered to be one of the most influential books in western history. It is a cornerstone of modern economics, which both supporters and critics reference as a starting point. It also symbolised a move from the pre-industrial mercantilist age, to a modern world where trade rather than empire was seen as the progressive way forward.
What were the economic beliefs of Adam Smith?
In a modern setting, we would classify Adam Smith as either a free-market economist or a social democrat, centre-left. He generally supported free markets and was aware of their efficiencies. However, he was not a libertarian (no governmentt intervention). Whilst supporting the efficiency of markets, he was also aware of the problems of monopolies and exploitation of consumers and the poor. Smith also argued for a progressive tax system to pay for public goods.
In a way, Smith is very much a centrist economist. Some claim Smith as a champion of capitalism, but this claim is not so straightforward Smith was more nuanced as a thinker and willing to examine the evidence – not fixed on a certain ideology. Other economists such as Marx, Stiglitz and Thomas Piketty criticise Smith for being too concentrated on free markets and treating labour as a commodity rather than human.
Citation: Pettinger, Tejvan . “ Biography of Adam Smith ”, Oxford, UK. www.biographyonline.net , 25th June 2009. Last updated 25 Feb 2018.
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Adam Smith Biography
Birthday: June 5 , 1723 ( Gemini )
Born In: Kirkcaldy, Fife, Scotland
Adam Smith was a pioneer of political economy and a thinker of modern economics. Due to his extensive work in economics and for being the most influential thinkers in modern economics, Smith was accorded the title of ‘Father of Modern Economics’. He is mostly known for his book on ‘The Wealth of Nations’ which has become the Bible of Capitalism. Although he was born in a small village, his oratory and writing skills were instantly recognised by his mother early on and she took every step to ensure he was given the best education possible. His mother became the most influential person in his life. Smith’s behavioural traits and demeanour was quite unusual. He was one of the most eccentric and outlandish personalities ever. He has been caught doing the most bizarre, weird and uncanny things possible like making a weird concoction of bread butter and tea and drinking them all up. In another instance, he went on an aimless walk in his nightgown for about 15 miles before some church bells brought him back to reality. Smith is also known for his benevolence and generous traits. During one instance when he resigned from teaching abruptly he was generous enough to return the fees to his students. However, his students refused to take it. This and more made Smith a very interesting personality.
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Died At Age: 67
father: Adam Smith
mother: Margaret Douglas
Born Country: Scotland
Economists Philosophers
Died on: July 17 , 1790
place of death: Edinburgh, Scotland
Cause of Death: Painful Illness
Founder/Co-Founder: Royal Society of Edinburgh
education: University Of Glasgow, Balliol College, Oxford
You wanted to know
What is adam smith known for.
Adam Smith is known as the father of modern economics for his groundbreaking work in the field of economics and his book "The Wealth of Nations."
What are some key ideas proposed by Adam Smith?
Some key ideas proposed by Adam Smith include the invisible hand theory, division of labor, and the concept of self-interest leading to societal benefit.
How did Adam Smith's ideas influence modern economics?
Adam Smith's ideas laid the foundation for modern economics by promoting free markets, capitalism, and the idea that individuals pursuing their own self-interest can lead to overall economic prosperity.
What is the invisible hand theory proposed by Adam Smith?
The invisible hand theory, proposed by Adam Smith, suggests that individuals pursuing their own self-interest in a free market economy unintentionally benefit society as a whole through the mechanism of market forces.
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Adam Smith was known for his eccentric habits, such as talking to himself while walking and being absorbed in deep thought even during social gatherings.
Smith had a great love for music and was known to attend concerts regularly, showing his appreciation for the arts beyond his academic pursuits.
He had a close relationship with his mother, whom he lived with for most of his life, showcasing his strong family ties and sense of loyalty.
See the events in life of Adam Smith in Chronological Order
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A great empire has been established for the sole purpose of raising up a nation of customers who should be obliged to buy from the shops of our different producers all the goods with which these could supply them. For the sake of that little enhancement of price which this monopoly might afford our producers, the home-consumers have been burdened with the whole expense of maintaining and defending that empire. For this purpose, and for this purpose only, in the two last wars, more than a hundred and seventy millions has been contracted over and above all that had been expended for the same purpose in former wars. The interest of this debt alone is not only greater than the whole extraordinary profit, which, it ever could be pretended, was made by the monopoly of the colony trade, but than the whole value of that trade, or than the whole value of the goods, which at an average have been annually exported to the colonies.
Were the students upon such charitable foundations left free to choose what college they liked best, such liberty might contribute to excite some emulation among different colleges. A regulation, on the contrary, which prohibited even the independent members of every particular college from leaving it, and going to any other, without leave first asked and obtained of that which they meant to abandon, would tend very much to extinguish that emulation.
The Theory of Moral Sentiments, edited by D. D. Raphael and A. L. Macfie. 1976. Return to top
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Start of Adam Smith An outline biography  Adam Smith | Biography, Achievements, Facts & QuotationsAdam Smith (1723 – 1790) was a Scottish philosopher whose works paved the way for the transition from old economic thought to the modern economic system. Smith was educated at the University of Glasgow and the Balliol College in Oxford . Smith’s first work Theory of Moral Sentiments introduced several major philosophical breakthroughs. His second work The Wealth of Nations was one of the world’s first collected descriptions of what builds nations’ wealth and it shaped the way the world conducted commerce for centuries to come . Due to his enormous contribution in shaping the modern world, Adam Smith has been honoured in various ways. Among other things, he was the first Scotsman to feature on an English banknote and a celestial body was named after him . Know all about Adam Smith including his biography, interesting facts about him, his major achievements and his best quotes.  Born in Fifeshire, Scotland, Adam lost his father when he was very young and he was thus raised by his mother, with whom he established a very close relationship. After completing his education, Smith became an esteemed lecturer at University of Edinburgh and then at the Glasgow University. In 1762, Smith was conferred the title of Doctor of Laws (LLD) by the University of Glasgow and in 1778, he was appointed as commissioner of customs in Scotland. After a painful illness, Smith died at the age of 67 on July 17, 1790 . He never married nor had any children . Know more about the family, life, education, career and death through his biography. ACHIEVEMENTS Adam Smith laid the foundations of the modern economic system and he is known as the Father of Modern Economics . The Wealth of Nations by Adam Smith is one of the most influential books ever written and is till date regarded as a fundamental work in classical economics . The economic theories of Adam Smith revolutionized world economics paving the way for the free market system and capitalism . He is thus one of the most influential people of the 18th century . Here are the 10 major accomplishments of Adam Smith including his contributions to economics. INTERESTING FACTS Adam Smith was absent minded and had a peculiar personality leading to many interesting incidents in his life. He hated to be captured in portraits due to which only a few portraits of him were created during his lifetime. Smith is considered by some to be a deist, believing in the existence of a God on the evidence of reason and nature only . Due to his enormous contribution in shaping the modern world, Adam Smith has been honoured in various ways. Among other things, he was the first Scotsman to feature on an English banknote and a celestial body was named after him . Here are 10 interesting facts about Adam Smith. BEST QUOTATIONS1. “Wherever there is great property, there is great inequality… for one very rich man, there must be at least five hundred poor.” 2. “All money is a matter of belief.” 3. “Science is the great antidote to the poison of enthusiasm and superstition.” 4. “To feel much for others and little for ourselves; to restrain our selfishness and exercise our benevolent affections, constitute the perfection of human nature.” 5. “Consumption is the sole end and purpose of all production; and the interest of the producer ought to be attended to only so far as it may be necessary for promoting that of the consumer.” 6. “It is not from the benevolence of the butcher, the brewer, or the baker that we expect our dinner, but from their regard to their own interest.” 7. “No society can surely be flourishing and happy, of which the far greater part of the members are poor and miserable.” 8. “Virtue is more to be feared than vice, because its excesses are not subject to the regulation of conscience.” 9. “What can be added to the happiness of a man who is in health, out of debt, and has a clear conscience?” 10. “All for ourselves, and nothing for other people, seems, in every age of the world, to have been the vile maxim of the masters of mankind.” Leave a Comment Cancel replyPrivacy overview.
GREAT THINKERS Adam Smith Adam Smith, 1723 - 1790“This Smith is an excellent man! We have nothing to compare with him, and I am embarrassed for my dear compatriots.” – François-Marie Arouet (Voltaire)  Adam Smith (1723-1790) was a moral philosopher and economic thinker who is widely considered to be the father of modern economics. Smith’s work is both a cornerstone in the history of modern philosophy and a major source of political and economic reform in the past two centuries. Smith was born to a widowed mother in… [Read More] IntroductionFree commerce, for Adam Smith, is a means to promoting a polity that successfully maintains liberty by giving individuals incentives to restrain their behavior. [Read More] Recommended Works
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 The Theory of Moral Sentiments of Adam SmithOur editors will review what you’ve submitted and determine whether to revise the article.
In 1759 Smith published his first work , The Theory of Moral Sentiments . Didactic , exhortative, and analytic by turns, it lays the psychological foundation on which The Wealth of Nations was later to be built. In it Smith described the principles of “ human nature ,” which, together with Hume and the other leading philosophers of his time, he took as a universal and unchanging datum from which social institutions, as well as social behaviour, could be deduced. Recent NewsOne question in particular interested Smith in The Theory of Moral Sentiments . This was a problem that had attracted Smith’s teacher Hutcheson and a number of Scottish philosophers before him. The question was the source of the ability to form moral judgments, including judgments on one’s own behaviour, in the face of the seemingly overriding passions for self-preservation and self-interest. Smith’s answer, at considerable length, is the presence within each person of an “inner man” who plays the role of the “impartial spectator,” approving or condemning one’s own and others’ actions with a voice impossible to disregard. (The theory may sound less naive if the question is reformulated to ask how instinctual drives are socialized through the superego .) The thesis of the impartial spectator, however, conceals a more important aspect of the book. Smith saw humans as creatures driven by passions and at the same time self-regulated by their ability to reason and—no less important—by their capacity for sympathy. This duality serves both to pit individuals against one another and to provide them with the rational and moral faculties to create institutions by which the internecine struggle can be mitigated and even turned to the common good . He wrote in his Moral Sentiments the famous observation that he was to repeat later in The Wealth of Nations : that the self-seeking rich are often “led by an invisible hand…without knowing it, without intending it, [to] advance the interest of the society.” It should be noted that scholars have long debated whether Moral Sentiments complemented or was in conflict with The Wealth of Nations . At one level there is a seeming clash between the theme of social morality contained in the first and the largely amoral explication of the economic system in the second. On the other hand, the first book can also be seen as an explanation of the manner in which individuals are socialized to become the market-oriented and class-bound actors that set the economic system into motion. The Theory quickly brought Smith wide esteem and in particular attracted the attention of Charles Townshend , himself something of an amateur economist, a considerable wit, and somewhat less of a statesman, whose fate it was to be the chancellor of the Exchequer responsible for the measures of taxation that ultimately provoked the American Revolution . Townshend had recently married and was searching for a tutor for his stepson and ward, the young duke of Buccleuch. Influenced by the strong recommendations of Hume and his own admiration for The Theory of Moral Sentiments , he approached Smith to take the charge. The terms of employment were lucrative (an annual salary of £300 plus traveling expenses and a pension of £300 a year thereafter), considerably more than Smith had earned as a professor. Accordingly, Smith resigned his Glasgow post in 1763 and set off for France the next year as the tutor of the young duke. They stayed mainly in Toulouse , where Smith began working on a book (eventually to be The Wealth of Nations ) as an antidote to the excruciating boredom of the provinces. After 18 months of ennui he was rewarded with a two-month sojourn in Geneva , where he met Voltaire , for whom he had the profoundest respect, thence to Paris, where Hume, then secretary to the British embassy, introduced Smith to the great literary salons of the French Enlightenment . There he met a group of social reformers and theorists headed by François Quesnay , who called themselves les économistes but are known in history as the physiocrats . There is some controversy as to the precise degree of influence the physiocrats exerted on Smith, but it is known that he thought sufficiently well of Quesnay to have considered dedicating The Wealth of Nations to him, had not the French economist died before publication. The stay in Paris was cut short by a shocking event. The younger brother of the duke of Buccleuch, who had joined them in Toulouse, took ill and perished despite Smith’s frantic ministrations. Smith and his charge immediately returned to London. Smith worked in London until the spring of 1767 with Lord Townshend, a period during which he was elected a fellow of the Royal Society and broadened still further his intellectual circle to include Edmund Burke , Samuel Johnson , Edward Gibbon , and perhaps Benjamin Franklin . Late that year he returned to Kirkcaldy , where the next six years were spent dictating and reworking The Wealth of Nations , followed by another stay of three years in London, where the work was finally completed and published in 1776.
Wealth and Production of GoodsHonors and awards, the bottom line, adam smith: who he was, early life, accomplishments and legacy. Adam Smith is considered the father of modern economics :max_bytes(150000):strip_icc():format(webp)/profilepic__rakesh_sharma-5bfc262dc9e77c00517eda0b.jpg "adam smith biography") Erika Rasure is globally-recognized as a leading consumer economics subject matter expert, researcher, and educator. She is a financial therapist and transformational coach, with a special interest in helping women learn how to invest. :max_bytes(150000):strip_icc():format(webp)/CSP_ER9-ErikaR.-dce5c7e19ef04426804e6b611fb1b1b4.jpg "adam smith biography") Yarilet Perez is an experienced multimedia journalist and fact-checker with a Master of Science in Journalism. She has worked in multiple cities covering breaking news, politics, education, and more. Her expertise is in personal finance and investing, and real estate. :max_bytes(150000):strip_icc():format(webp)/YariletPerez-d2289cb01c3c4f2aabf79ce6057e5078.jpg "adam smith biography") Adam Smith was an 18th-century Scottish economist, philosopher, and author who is considered the father of modern economics. Smith argued against mercantilism and was a major proponent of laissez-faire economic policies. In his first book, "The Theory of Moral Sentiments," Smith proposed the idea of an invisible hand—the tendency of free markets to regulate themselves using competition, supply and demand, and self-interest. Smith is also known for creating the concept of gross domestic product (GDP) and for his theory of compensating wage differentials. According to this theory, dangerous or undesirable jobs tend to pay higher wages to attract workers to these positions. Smith's most notable contribution to the field of economics was his 1776 book, " An Inquiry into the Nature and Causes of the Wealth of Nations ." Key Takeaways
The recorded history of Smith's life begins at his baptism on June 5, 1723, in Kirkcaldy, Scotland; his exact birthdate is undocumented, but he was raised by his mother, Margaret Douglas, after the death of his father, Adam Smith. He attended the University of Glasgow at the age of 13 and attended Balliol College at Oxford University, where he studied European literature. He returned home and delivered a series of well-received lectures at Glasgow University, which appointed him first as the chair of logic in 1751 and then chair of moral philosophy in 1752. After returning to Scotland, Smith held a series of public lectures at the University of Edinburgh. The success of his lecture series helped him earn a professorship at Glasgow University in 1751. He eventually earned the position of Chair of Moral Philosophy. During his years spent teaching and working at Glasgow, Smith worked on getting some of his lectures published. His book "The Theory of Moral Sentiments" was eventually published in 1759. Smith moved to France in 1763 to accept a more remunerative position as a personal tutor to the stepson of Charles Townshend, an amateur economist and the future Chancellor of the Exchequer. During his time in France, Smith counted as his contemporaries Benjamin Franklin and the philosophers David Hume and Voltaire. Notable Accomplishments and The Wealth of NationsDuring his years spent teaching and working at Glasgow, Smith worked on getting some of his lectures published. His book "The Theory of Moral Sentiments" was eventually published in 1759. Smith published his most important work, "An Inquiry into the Nature and Causes of the Wealth of Nations" (shortened to "The Wealth of Nations"), in 1776 after returning from France and retiring to his birthplace of Kirkcaldy, Scotland. In his book, Smith popularized many of the ideas that form the basis for classical economics. Other economists built on Smith's work to solidify classical economic theory, the dominant school of economic thought through the Great Depression. Smith's ideas are evident in the work of David Ricardo and Karl Marx in the 19th century and John Maynard Keynes and Milton Friedman in the twentieth century. Smith's work discusses the evolution of human society from a hunter stage without property rights or fixed residences to nomadic agriculture with shifting residences. The next stage is a feudal society where laws and property rights are established to protect privileged classes. Finally, modern society is characterized by laissez-faire or free markets, where new institutions are established to conduct market transactions. Smith's work addresses the idea of the " economic man ," defined as someone who pursues their self-interested goals and interests, which impacts their behavior in economics. The Philosophy of Free MarketsThe philosophy of free markets emphasizes minimizing the role of government intervention and taxation in the free markets. Although Smith advocated for a limited government, he did see the government as responsible for the education and defense sectors of a country. From Smith comes the idea of the " invisible hand " that guides the forces of supply and demand in an economy. According to this theory, by looking out for themselves, every person inadvertently helps create the best outcome for all. A hypothetical butcher, brewer, and baker in this economy hope to make money by selling products that people want to buy. If they are effective in meeting the needs of their customers, they will enjoy financial rewards. While they are engaging in enterprise to earn money, they also provide products that people want. Smith argued that this kind of system creates wealth for the butcher, brewer, and baker and creates wealth for the entire nation. The Invisible Hand TheoryAccording to Smith's beliefs and theory, a wealthy nation is one that is populated with citizens working productively to better themselves and address their financial needs. In this kind of economy, according to Smith, a man would invest his wealth in the enterprise most likely to help him earn the highest return for a given risk level. The invisible-hand theory is often presented in terms of a natural phenomenon that guides free markets and capitalism in the direction of efficiency, through supply and demand and competition for scarce resources, rather than as something that results in the well-being of individuals. For Smith, an institutional framework is necessary to steer humans toward productive pursuits that are beneficial to society. This framework consists of institutions like a justice system designed to protect and promote free and fair competition. However, there must be competition undergirding this framework, and competition is the "desire that comes with us from the womb, and never leaves us, until we go into the grave." While Smith is considered "the father of economics," his studies were in philosophy and literature. The ideas promoted by "The Wealth of Nations" generated international attention and were a motivating factor in the evolution from land-based wealth to wealth created by assembly-line production methods made possible by the division of labor. Smith used the example of the labor required to make a pin to illustrate the effectiveness of this method. If one person were to undertake the 18 steps required to complete the tasks, they could only make a handful of pins per week. However, if the 18 tasks were completed in assembly-line fashion by 10 individuals, production would jump to thousands of pins per week. Smith argued that the division of labor and resulting specialization produces prosperity. Gross Domestic Product (GDP)The ideas in "The Wealth of Nations" provided the genesis for the concept of gross domestic product (GDP) and transformed the importing and exporting business. Before the publication of "The Wealth of Nations," countries declared their wealth based on the value of their gold and silver deposits. However, Smith was highly critical of mercantilism; he argued that countries should be evaluated based on their levels of production and commerce. This concept was the basis for creating the GDP metric for measuring a nation's prosperity. When "The Wealth of Nations" was published, many countries were hesitant to trade with other countries. Smith argued that a free exchange should be created because both countries are better off from the exchange. As a result of this shift in attitudes toward trading, there was an increase in imports and exports . Smith also argued for legislation that would make trading as easy as possible. Adam Smith ordered that all his unpublished works be destroyed after his death. Smith's most prominent ideas—the "invisible hand" and division of labor—are now foundational economic theories. His theories on economics continue to live on in the 21st century in modern economic theory. Smith was a proponent of the belief that the labor of the poor is a key measure of how an economy performs, but Smith was known for being concerned with inequality itself. Karl Marx, a political economist and social philosopher like Smith, was greatly inspired by "The Wealth of Nations" and built greatly upon Smith's works. However, while Smith wrote that capitalism was an ideal state for economic growth, Marx believed that capitalism led to greed and inequality among citizens, and would ultimately lead itself to collapse. Adam Smith's writings influence economics today as he believed wealth is created via labor, and self-interest spurs people to use their resources to earn money. Smith's theories that economies thrive with competition, capitalism, and a free market are alive and well in the 21st century. In 2007, the Bank of England placed Smith's image on the £20 note. He was a fellow of the Royal Society of Arts, and several buildings in Scotland are named after him. An award in his name, the Adam Smith Award, is the highest honor bestowed by The Association of Private Enterprise Education. The University of Glasgow has a chair, library, research center, and building in his name. Why Is Adam Smith Called the Father of Economics?Adam Smith is called the "father of economics" because of his theories on capitalism, free markets, and supply and demand. What Books Did Adam Smith Write?Adam Smith wrote "The Wealth of Nations," "The Theory of Moral Sentiments," "Lectures on Justice, Police, Revenue, and Arms," and "Essays on Philosophical Subjects." What Were Adam Smith's 3 Laws of Economics?The law of self-interest, the law of competition, and the law of supply and demand were the three laws of economics written by Adam Smith. Adam Smith died on July 17, 1790, at age 68, in Edinburgh, Scotland, and was buried in Canongate Kirkyard. The ideas he popularized live on in the classical school of economics and in institutions like the Adam Smith Institute, Britain's leading free-market neoliberal think tank. Library of Congress. " Adam Smith: The Theory of Sentiments ." Adam Smith Institute. " The Theory of Moral Sentiments ." Smith, Robert S. “Compensating Wage Differentials and Public Policy: A Review.” Industrial and Labor Relations Review , vol. 32, no. 3, 1979, pp. 339–52. University of Groningen. " Biography of Adam Smith (1723-1790) ." The University of Chicago Press. " An Inquiry into the Nature and Causes of the Wealth of Nations ." Mark Skousen via Google Books. " The Big Three in Economics: Adam Smith, Karl Marx, and John Maynard Keynes ," Page 36. Ibiblio. " An Inquiry Into the Nature and Causes of The Wealth of Nations ," Pages 18-20. Foundation for Economic Education. " The Writings of Adam Smith ." Bank of England. " Withdrawn Paper £20 and £50 Notes ." University of Glasgow. " Adam Smith ." Biography.com. " Adam Smith ." National Records of Scotland. " Adam Smith (1723-1790) ." :max_bytes(150000):strip_icc():format(webp)/Self-interest_final-60e0c9c84c1044a694a6b06407a7f74e.png "adam smith biography")
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Adam Smith (baptized June 5, 1723, Kirkcaldy, Fife, Scotland—died July 17, 1790, Edinburgh) was a Scottish social philosopher and political economist, instrumental in the rise of classical liberalism. Adam Smith is a towering figure in the history of economic thought. Known primarily for a single work— An Inquiry into the Nature and Causes ...
QUICK FACTS. Name: Adam Smith. Birth Year: 1723. Birth date: June 5, 1723. Birth City: Kirkcaldy. Birth Country: Scotland. Gender: Male. Best Known For: Scottish social philosopher and political ...
Economics. Adam Smith FRS FRSE FRSA (baptised 16 June [ O.S. 5 June] 1723 [ 1] - 17 July 1790) was a Scottish [ a] economist and philosopher who was a pioneer in the thinking of political economy and key figure during the Scottish Enlightenment. [ 3] Seen by some as "The Father of Economics" [ 4] or "The Father of Capitalism", [ 5] he wrote ...
Learn about the life and work of Adam Smith, the father of modern economics and a moral philosopher. Explore his influential books, his travels in Europe, his friendship with David Hume, and his legacy in the history of ideas.
Adam Smith (1723-1790) was a Scottish philosopher, economist, and leading Enlightenment figure. In The Wealth of Nations, he advocates free trade and limited interference in markets by governments, for which he is seen as the founder of liberal economics. Regarded incorrectly as a champion of laissez-faire economics, Smith supported state intervention in important areas like the education of ...
Adam Smith, (baptized June 5, 1723, Kirkcaldy, Fife, Scot.—died July 17, 1790, Edinburgh), Scottish social philosopher and political economist.The son of a customs official, he studied at the Universities of Glasgow and Oxford. A series of public lectures in Edinburgh (from 1748) led to a lifelong friendship with David Hume and to Smith's appointment to the Glasgow faculty in 1751.
Adam Smith (June 16, 1723-July 17, 1790) was a Scottish philosopher who today is considered to be the father of economics. His seminal work, "The Wealth of Nations," published in 1776, influenced generations of politicians, leaders, and thinkers, including Alexander Hamilton, who looked to Smith's theories when, as secretary of the treasury ...
Learn about the life and work of Adam Smith, a Scottish social philosopher and pioneer of classical economics. He wrote The Wealth of Nations and The Theory of Moral Sentiments, and influenced the Scottish Enlightenment and free trade movement.
James R. Otteson. In the Beginning. Adam Smith was born in 1723 in Kirkcaldy, Scotland. Along with figures like his teacher Francis Hutcheson (1694-1746) and his friend David Hume (1711-76), Smith played an important part in a period of astonishing learning that became known as the Scottish Enlightenment. He published two books in his ...
Learn about the life and work of Adam Smith, the father of modern economics. Explore his contributions to ethics, moral sentiments, free-market theory, and more.
Learn about the life, works, and philosophy of Adam Smith, the Scottish Enlightenment thinker who is often considered the father of modern capitalism. Explore his views on ethics, politics, economics, history, and more.
Adam Smith. 1723-1790. With The Wealth of Nations Adam Smith installed himself as the leading expositor of economic thought. Currents of Adam Smith run through the works published by David Ricardo and Karl Marx in the nineteenth century, and by John Maynard Keynes and Milton Friedman in the twentieth. Adam Smith was born in a small village in ...
Adam Smith - Economics, Capitalism, Philosophy: Beyond the few facts of his life, which can be embroidered only in detail, exasperatingly little is known about the man. Smith never married, and almost nothing is known of his personal side. Moreover, it was the custom of his time to destroy rather than to preserve the private files of illustrious men, with the unhappy result that much of Smith ...
Adam Smith Biography (18th Century Scottish Economist Who is Considered the Father of Modern Economics) Birthday: June 5, 1723 . Born In: Kirkcaldy, Fife, Scotland. Advanced Search. Adam Smith was a pioneer of political economy and a thinker of modern economics. Due to his extensive work in economics and for being the most influential thinkers ...
Currents of Adam Smith ran through David Ricardo and Karl Marx in the nineteenth century, and through Keynes and Friedman in the twentieth. Adam Smith was born in a small village in Kirkcaldy, Scotland. There his widowed mother raised him until he entered the University of Glasgow at age fourteen, as was the usual practice, on scholarship.
A biographical sketch of the Scottish philosopher and economist Adam Smith, who lived from 1723 to 1790 and was a key figure of the Scottish Enlightenment. Learn about his family background, education, career, influences, and achievements in this chapter from a book by James Buchan.
Adam Smith 1723-1790. An outline biography. Adam Smith was born in 1723 in the town of Kirkaldy in the county of Fife just north of, and across the Firth (i.e. estuary) of Forth, from Edinburgh, Scotland. His mother, Margaret, nee Douglas, had come from a family of substantial landowners whilst his father had unfortunately died some six months ...
Adam Smith (1723 - 1790) was a Scottish philosopher whose works paved the way for the transition from old economic thought to the modern economic system. Smith was educated at the University of Glasgow and the Balliol College in Oxford. Smith's first work Theory of Moral Sentiments introduced several major philosophical breakthroughs.
Biography. Adam Smith (1723-1790) was a moral philosopher and economic thinker who is widely considered to be the father of modern economics. Smith's work is both a cornerstone in the history of modern philosophy and a major source of political and economic reform in the past two centuries. Smith was born to a widowed mother in….
Adam Smith - Economics, Philosophy, Wealth: In 1759 Smith published his first work, The Theory of Moral Sentiments. Didactic, exhortative, and analytic by turns, it lays the psychological foundation on which The Wealth of Nations was later to be built. In it Smith described the principles of "human nature," which, together with Hume and the other leading philosophers of his time, he took ...
Adam Smith: Biography. Adam Smith was a prominent Scottish philosopher and economist believed to be born in the early 18th. Smith began his educational career at the University of Glasgow and the University of Oxford, where he studied social philosophy. Afterwards, he went on to give a series of lectures at the University of Glasgow which is ...
Key Takeaways. Adam Smith was an 18th-century Scottish philosopher; he is considered the father of modern economics. Smith is most famous for his 1776 book, "The Wealth of Nations." Smith's ...
Adam Terrell Smith (born November 8, 1992) is an American professional basketball player for Bilbao of the Spanish Liga ACB. Standing at 6 ft 1 in (1.85 m), he plays at both the point guard and shooting guard positions. High school career.
Adam Smith (Kirkcaldy, bautizado el 16 de junio [O.S [2] 5 de junio ] de 1723-Edimburgo, 17 de julio de 1790) fue un economista y filósofo de la Ilustración escocesa, considerado uno de los mayores exponentes de la economía clásica y de la filosofía de la economía.. Es conocido principalmente por su obra Una investigación sobre la naturaleza y causas de la riqueza de las naciones (1776 ...
Adam Smith (Kirkcaldy, c 5 de junho de 1723 [nota 1] - Edimburgo, 17 de julho de 1790) foi um filósofo e economista escocês, que teve como cenário para a sua vida o atribulado Século das Luzes, [4] o século XVIII. [5] É o pai da economia moderna, e é considerado o mais importante teórico do liberalismo econômico.
Adam Smith-Neale (* 29. Oktober 1993 in Coventry) ist ein englischer Dartspieler, der aktuell bei der Professional Darts Corporation (PDC) unter Vertrag steht. Karriere. Smith-Neale begann seine Karriere 2010 bei der PDC. Ein Jahr später erspielte er sich bei der ersten PDC ...