Adam Smith FRSA (16 June 1723 NS (5 June 1723 OS) – 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 era.[1] Smith is best known for 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, usually abbreviated as The Wealth of Nations, is considered his magnum opus and the first modern work of economics.[2]

Adam Smith
FRSA

Born 16 June 1723 NS
(5 June 1723 OS)
Kirkcaldy, Fife, Scotland
Died 17 July 1790 (aged*67)
Edinburgh, Scotland
Nationality Scottish
Alma*mater University of Glasgow
Balliol College, Oxford
Notable work The Wealth of Nations
The Theory of Moral Sentiments
Region Western philosophy
School Classical economics
Main interests
Political philosophy, ethics, economics
Notable ideas
Classical economics,
modern free market,
division of labour,
the "invisible hand"
Influences
Aristotle*· Hume*· Hutcheson*· Mandeville*· Quesnay*· Rousseau*· Locke*· Burke*· Voltaire
Influenced
Bastiat*· Friedman*· Hayek*· Mises*· Rothbard*· Rand*· Krugman*· Sowell*· Hegel*· Hodgskin*· Keynes*· Malthus*· Marx *· Mill*· Ricardo*· Saint-Simon*· Say*· US Founding Fathers*· Chomsky*· George*· Comte*· Nash
Signature

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 in the moralising tradition of William Hogarth and Jonathan Swift. In 2005, The Wealth of Nations was named among the 100 Best Scottish Books of all time.[3] The minor planet 12838*Adamsmith was named in his memory.[4]

Biography Edit

Early life Edit

Portrait of Smith's mother, Margaret Douglas
Smith was born in Kirkcaldy, in the County of Fife, Scotland. His father, also Adam Smith, was a Scottish Writer to the Signet (senior solicitor), advocate and prosecutor (Judge Advocate) and also served as comptroller of the Customs in Kirkcaldy.[5] In 1720, he married Margaret Douglas, daughter of the landed Robert Douglas of Strathendry, also in Fife. His father died two months after he was born, leaving his mother a widow.[6] The date of Smith's baptism into the Church of Scotland at Kirkcaldy was 5 June 1723[7] and this has often been treated as if it were also his date of birth,[5] which is unknown. Although few events in Smith's early childhood are known, the Scottish journalist John Rae, Smith's biographer, recorded that Smith was abducted by gypsies at the age of three and released when others went to rescue him.[N 1] Smith was close to his mother, who probably encouraged him to pursue his scholarly ambitions.[9] He attended the Burgh School of Kirkcaldy—characterised by Rae as "one of the best secondary schools of Scotland at that period"[8]—from 1729 to 1737, he learned Latin, mathematics, history, and writing.[9]