Adam Smith

  • adam smith

    frsa
    a sketch of adam smith facing to the right
    born16 june [o.s. 5 june] 1723
    kirkcaldy, fife, scotland
    died17 july 1790(1790-07-17) (aged 67)
    edinburgh, scotland
    nationalityscottish
    alma materuniversity of glasgow
    balliol college, oxford
    notable work
    the wealth of nations
    the theory of moral sentiments
    regionwestern philosophy
    schoolclassical liberalism
    main interests
    political philosophy, ethics, economics
    notable ideas
    classical economics, modern free market, absolute advantage, division of labour, the "invisible hand", economic liberalism
    signature
    adam smith signature 1783.svg

    adam smith frsa (16 june [o.s. 5 june] 1723[4] – 17 july 1790) was 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,[5] also known as ''the father of economics''[6] or ''the father of capitalism''.[7] 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.[8]

    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 the university of edinburgh,[9] 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 writers such as horace walpole.[10]

  • biography
  • personality and beliefs
  • published works
  • legacy
  • see also
  • references
  • further reading
  • external links

Adam Smith

A sketch of Adam Smith facing to the right
Born16 June [O.S. 5 June] 1723
Kirkcaldy, Fife, Scotland
Died17 July 1790(1790-07-17) (aged 67)
Edinburgh, Scotland
NationalityScottish
Alma materUniversity of Glasgow
Balliol College, Oxford
Notable work
The Wealth of Nations
The Theory of Moral Sentiments
RegionWestern philosophy
SchoolClassical liberalism
Main interests
Political philosophy, ethics, economics
Notable ideas
Classical economics, modern free market, absolute advantage, division of labour, the "invisible hand", economic liberalism
Signature
Adam Smith signature 1783.svg

Adam Smith FRSA (16 June [O.S. 5 June] 1723[4] – 17 July 1790) was 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,[5] also known as ''The Father of Economics''[6] or ''The Father of Capitalism''.[7] 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.[8]

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 the University of Edinburgh,[9] 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 writers such as Horace Walpole.[10]