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Seen by some as "The Father of Economics" or "The Father of Capitalism", he wrote two classic works, The Theory of Moral Sentiments (1759) and An Inquiry into the Nature and Causes of the Wealth of Nations (1776).
- Early Life
- Notable Accomplishments and The Wealth of Nations
- Wealth and Production of Goods
- Legacy
- Honors and Awards
- The Bottom Line
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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 stud...
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 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 returnin...
The ideas promoted by The Wealth of Nationsgenerated 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 ...
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 concern...
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 ...
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.
Learn about the life, achievements, and legacy of Adam Smith, the 18th-century Scottish philosopher and author who is considered the father of modern economics. Explore his influential works, such as The Wealth of Nations, and his concepts of free markets, invisible hand, and GDP.
Jun 15, 2024 · Adam Smith, Scottish social philosopher and political economist who is a towering figure in the history of economic thought, best known for his book An Inquiry into the Nature and Causes of the Wealth of Nations (1776), the first comprehensive system of political economy.
- Adam Smith was the son by the second marriage of Adam Smith, the comptroller of customs at Kirkcaldy, Scotland, a small (population 1,500) but thri...
- Adam Smith received his elementary education at a two-room “burgh” school in Kirkcaldy, Scotland, before entering Glasgow College at age 14 in 1737...
- Returning to his home in Kirkcaldy, Scotland, in 1746 after six years of study at Oxford, Adam Smith cast about for suitable employment and through...
- Adam Smith is known primarily for a single work—An Inquiry into the Nature and Causes of the Wealth of Nations (1776), the first comprehensive syst...
Dec 1, 2023 · 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.
- Mark Cartwright
- Adam Smith is famous as a philosopher and economic theorist who proposed that states can create more wealth by not inhibiting trade and commerce. H...
- Adam Smith proposed a labour theory of value, where something has two values: its use value and its exchange value. The exchange value is based on...
- Adam Smith would not have wholly agreed with laissez-faire economics. He did believe in minimising state intervention in trade and commerce but not...
May 15, 2019 · Learn about the life and works of Adam Smith, the Scottish philosopher who is considered the founder of economics. Explore his theories on self-interest, moral sentiments, and the invisible hand, and how they influenced the US economy.
- Hannah Rasmussen
Learn about the life and work of Adam Smith, the father of modern economics, who argued for a free market system based on self-interest and moral sentiments. Explore his influences, travels, publications, and legacy in this comprehensive biography.
Smith believed that economic development was best fostered in an environment of free competition that operated in accordance with universal “natural laws.” Because Smith’s was the most systematic and comprehensive study of economics up until that time, his economic thinking became the basis for classical economics.
