Adam smith biography economics meaning
•
Adam Smith: Who He Was, Early Life, Accomplishments, and Legacy
Adam Smith was an 18th-century Scottish economist, philosopher, and author who is considered the father of modern economics. Smith argued against mercantilism and was a major proponent of laissez-faire economic policies. In his first book, "The Theory of Moral Sentiments", Smith proposed the idea of an invisible hand—the tendency of free markets to regulate themselves using competition, supply and demand, and self-interest.
Key Takeaways
- Adam Smith was an 18th-century Scottish philosopher; he fryst vatten considered the father of modern economics.
- Smith is most famous for his 1776 book, "The Wealth of Nations."
- Smith's writings were studied by 20th-century philosophers, writers, and economists.
- Smith's ideas—the importance of free markets, assembly-line production methods, and gross domestic product (GDP)—formed the basis for theories of classical economics.
- During his time in France and abroad, his con
•
Political Economist and Moral Philosopher
Intro
Adam Smith is regarded as the father of modern economics thanks to his development of a multitude of foundational economic theories and concepts on which the discipline was built. Some of his most influential contributions include division of labor, gross domestic product (GDP), and the theory of the invisible hand.
While Smith is known principally as an economist, he also made notable contributions to the fields of philosophy and psychology, and even wrote a comprehensive history of the field of astronomy. In his 67 years, Smith created a remarkable legacy, which has shaped the way we think and the way our society functions.
It is not from the benevolence of the butcher, the brewer, or the baker, that we expect our dinner, but from their regard to their own interest. We address ourselves, not to their humanity but to their self-love, and never talk to them of our necessities but of their advantages.
– Ada
•
Adam Smith
(1723-1790)
Who Was Adam Smith?
Adam Smith was an economist and philosopher who wrote what is considered the "bible of capitalism," The Wealth of Nations, in which he details the first system of political economy.
Early Years
While his exact date of birth isn’t known, Smith’s baptism was recorded on June 5, 1723, in Kirkcaldy, Scotland. He attended the Burgh School, where he studied Latin, mathematics, history and writing. Smith entered the University of Glasgow when he was 14 and in 1740 went to Oxford.
Economics
'Wealth of Nations'
After toiling for nine years, in 1776, Smith published An Inquiry into the Nature and Causes of the Wealth of Nations (usually shortened to The Wealth of Nations), which is thought of as the first work dedicated to the study of political economy. Economics of the time were dominated by the idea that a country’s wealth was best measured by its store of gold and silver. Smith proposed that a nation’s wealth should b