Adam smith

Adam Smith (1723 – 1790) was a Scottish economist, philosopher, and author. He is considered the father of modern economics and a major proponent of laissez-faire economic policies.

Early life

Adam Smith was born in Kirkcaldy, Scotland, in 1723. His father, also named Adam Smith, was a lawyer and civil servant. His mother, Margaret Douglas, came from a well-established Scottish family. Smith was educated at the University of Glasgow and later at Balliol College, Oxford.

Career

Smith began his career as a public lecturer in Edinburgh, where he met and became friends with other notable Scottish intellectuals, including David Hume and James Boswell. In 1751, he was appointed professor of logic at the University of Glasgow, and a year later, he took the chair of moral philosophy.

The Wealth of Nations

Smith's most famous work, The Wealth of Nations, was published in 1776. In it, he outlined the concept of the invisible hand, the idea that individuals' self-interested actions can lead to positive social outcomes. He also argued for free trade and against mercantilism.

Legacy

Adam Smith's ideas have had a profound impact on the field of economics and the policies of governments around the world. His work continues to be studied and debated by economists, philosophers, and scholars in related fields.

See also

• History of economic thought
• Classical economics
• Invisible hand
• Free trade

External links

• Adam Smith Institute
• Biography at the Library of Economics and Liberty