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Adam Smith

Adam Smith, a Scottish economist and philosopher, is regarded as a pioneer of political economy and a key figure in the Scottish Enlightenment. His seminal works, particularly 'The Wealth of Nations,' laid the groundwork for modern economics by introducing concepts like absolute advantage and the division of labor, while advocating for free market principles against mercantilism. Smith's ideas emphasized the role of natural, social, and economic factors in wealth distribution, marking him as a foundational figure in the development of economic thought.

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18 views1 page

Adam Smith

Adam Smith, a Scottish economist and philosopher, is regarded as a pioneer of political economy and a key figure in the Scottish Enlightenment. His seminal works, particularly 'The Wealth of Nations,' laid the groundwork for modern economics by introducing concepts like absolute advantage and the division of labor, while advocating for free market principles against mercantilism. Smith's ideas emphasized the role of natural, social, and economic factors in wealth distribution, marking him as a foundational figure in the development of economic thought.

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ECONIMICS

Adam Smith FRS FRSE FRSA (baptised 16 June [O.S. 5


June] 1723[1] – 17 July 1790) was a Scottish[a] economist and
philosopher who was a pioneer in the thinking of political
economy and key figure during the Scottish Enlightenment.
[3]
Seen by some as "The Father of Economics" [4] or "The Father
of Capitalism",[5] 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). The latter, often
abbreviated as The Wealth of Nations, is considered
his magnum opus and the first modern work that treats
economics as a comprehensive system and as an academic
discipline. Smith refuses to explain the distribution of wealth
and power in terms of God's will and instead appeals to natural, political, social,
economic, legal, environmental and technological factors and the interactions among
them. Among other economic theories, the work introduced Smith's idea of absolute
advantage.[6]

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,[7] 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.

As a reaction to the common policy of protecting national markets and merchants


through minimizing imports and maximizing exports, what came to be known
as mercantilism, 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

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