Adam Smith

Adam Smith's mother

François Quesnay

Allan Ramsay - David Hume, 1711 - 1776. Historian and philosopher - Google Art Project

Kirkcaldy High Street Adam Smith Plaque

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Adam Smith (16 June 1723 – 17 July 1790) was a Scottish economist, philosopher, and author who is best known as the father of modern economics. His seminal work, The Wealth of Nations, laid the foundations for classical economics and free market theory.

Early Life

Adam Smith was born in Kirkcaldy, Scotland, to Margaret Douglas and Adam Smith, a solicitor and civil servant. He was baptized on 5 June 1723. His father died two months after his birth, leaving Smith's mother to raise him. Smith attended the Burgh School of Kirkcaldy, where he developed an interest in Latin, mathematics, history, and writing.

Education

Smith entered the University of Glasgow at the age of fourteen, studying moral philosophy under Francis Hutcheson. Here, he developed his passion for liberty, reason, and free speech. In 1740, he was awarded a scholarship to attend Balliol College, Oxford. However, he found the curriculum at Oxford unstimulating and left in 1746 without obtaining a degree.

Career

After leaving Oxford, Smith delivered a series of public lectures at the University of Edinburgh, which were well-received and helped him to gain recognition. In 1751, he was appointed professor of logic at Glasgow, and the following year, he took the chair of moral philosophy. His lectures covered the fields of ethics, rhetoric, jurisprudence, and political economy, or "police and revenue".

In 1759, Smith published his first book, The Theory of Moral Sentiments, which explored the nature of ethical judgments and the origin of human sympathy. This work established Smith's reputation as a leading moral philosopher.

The Wealth of Nations

Smith's most famous work, An Inquiry into the Nature and Causes of the Wealth of Nations (commonly referred to as The Wealth of Nations), was published in 1776. In it, Smith argued that economic prosperity and growth were dependent on the division of labor, the pursuit of self-interest, and the freedom of trade and markets. He introduced the concept of the "invisible hand," suggesting that individual self-interest in a free-market economy leads to economic well-being.

The Wealth of Nations had a profound impact on economic thought and was a critical influence on the development of capitalism and the industrial revolution. It remains a foundational text in the field of economics.

Later Life and Legacy

After the publication of The Wealth of Nations, Smith was appointed to a lucrative position as the commissioner of customs in Scotland. He spent the last years of his life in Edinburgh, where he died on 17 July 1790.

Adam Smith's contributions to economics and moral philosophy have had a lasting impact. He is remembered as the father of modern economics and a pioneer of political economy. His ideas on free markets, the division of labor, and the role of self-interest in promoting economic prosperity have shaped economic policies and thought for centuries.

See Also

• Classical economics
• Free market
• Economic liberalism
• Invisible hand