Adam Smith
Adam Smith (baptised 16 June 1723 – 17 July 1790) was a pioneering Scottish economist and philosopher, known for his profound influence on the field of political economy. Often referred to as the "father of economics," Smith laid the foundations for classical economics and is best known for his seminal work, The Wealth of Nations.
Early Life
Adam Smith was born in Kirkcaldy, a small but thriving fishing village near Edinburgh, Scotland, to Adam Smith Sr., the comptroller of customs, and Margaret Douglas, daughter of a substantial landowner. Details about Smith's childhood are scarce, though it is noted that he received his elementary education in Kirkcaldy. An interesting anecdote from his early years tells of how he was reportedly abducted by gypsies at the age of four, only to be abandoned and later found. His principal biographer, John Rae, remarked humorously that Smith would have made a poor gypsy.
Education and Academic Career
Smith's education continued at the University of Glasgow, where he studied moral philosophy under the guidance of Francis Hutcheson. His time at Glasgow was formative, nurturing his interest in philosophy and economics. Smith later attended Balliol College, Oxford, although he found the environment there less stimulating. Nevertheless, his time at Oxford allowed him to further develop his intellectual pursuits.
In 1751, Smith was appointed as professor of logic at Glasgow University, and a year later, he took up the chair of moral philosophy. His lectures covered topics such as ethics, rhetoric, jurisprudence, political economy, and "police and revenue."
Major Works
The Theory of Moral Sentiments
Smith's first major work, The Theory of Moral Sentiments, was published in 1759. It explored the nature of ethics and human sympathy. Smith proposed that human morality is rooted in sympathy, which enables people to understand and share the feelings of others. This work established Smith as a prominent figure in moral philosophy and laid the groundwork for his later economic theories.
An Inquiry into the Nature and Causes of the Wealth of Nations
Smith's magnum opus, The Wealth of Nations, published in 1776, is considered a foundational text in classical economics. In this work, Smith introduced concepts such as the division of labor, the invisible hand, and free markets. He argued that rational self-interest and competition lead to economic prosperity. The book's impact was profound, influencing economic thought and policy for generations and establishing Smith's reputation as a leading economic thinker.
Legacy
Adam Smith's ideas have had a lasting impact on the development of economic thought and liberalism. His advocacy for free markets and limited government intervention paved the way for the rise of capitalism, influencing both economic theory and public policy. Smith's work remains a cornerstone of economic education and continues to be studied and debated by scholars worldwide.