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Adam Smith

Adam Smith was an 18th century Scottish economist known as the "Father of Economics" or "Father of Capitalism". He wrote two influential works, The Theory of Moral Sentiments and An Inquiry into the Nature and Causes of the Wealth of Nations, which introduced concepts like the division of labor and how competition and self-interest can lead to economic prosperity. Smith studied at the University of Glasgow and Oxford and taught moral philosophy at Glasgow, where he developed his theories on economics and political philosophy that formed the basis of classical economic theory.

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99 views

Adam Smith

Adam Smith was an 18th century Scottish economist known as the "Father of Economics" or "Father of Capitalism". He wrote two influential works, The Theory of Moral Sentiments and An Inquiry into the Nature and Causes of the Wealth of Nations, which introduced concepts like the division of labor and how competition and self-interest can lead to economic prosperity. Smith studied at the University of Glasgow and Oxford and taught moral philosophy at Glasgow, where he developed his theories on economics and political philosophy that formed the basis of classical economic theory.

Uploaded by

Christy George
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Adam Smith –Father of Economics

(16 June 1723 – 17 July 1790)

A Scottish economist, philosopher and author as well as a moral philosopher, a


pioneer of political economy and a key figure during the Scottish
Enlightenment, also known as ''The Father of Economics'' or ''The Father of
Capitalism''. He defines economics as "an inquiry into the nature and causes of the
wealth of nations. Smith wrote two classic works, The Theory of Moral
Sentiments (1759) and An Inquiry into the Nature and Causes of the Wealth of
Nations (1776). The latter, often abbreviated
as The Wealth of Nations, is considered
his magnum opus and the first modern work of
economics. In his work, Adam Smith introduced
his theory of absolute advantage.
Smith studied social philosophy at the University
of Glasgow and at Balliol College, Oxford, where
he was one of the first students to benefit from
scholarships set up by fellow Scot John Snell.
After graduating, he delivered a successful series
of public lectures at Edinburgh, leading him to
collaborate with David Hume during the Scottish
Enlightenment. Smith obtained a professorship
at Glasgow, teaching moral philosophy and
during this time, wrote and published The Theory of Moral Sentiments. In his later
life, he took a tutoring position that allowed him to travel throughout Europe,
where he met other intellectual leaders of his day.
Smith laid the foundations of classical free market economic theory. The Wealth
of Nations was a precursor to the modern academic discipline of economics. In
this and other works, he developed the concept of division of labour and
expounded upon how rational self-interest and competition can lead to economic
prosperity. Smith was controversial in his own day and his general approach and
writing style were often satirised by Tory writers such as Horace Walpole. In
2005, The Wealth of Nations was named among the 100 best Scottish books of all
time. Smith died in the northern wing of Panmure House in Edinburgh after a
painful illness. His body was buried in the Canongate Kirkyard. On his deathbed,
Smith expressed disappointment that he had not achieved more.

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