Biography of Adam Smith (1723-1790)
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. After toiling for nine years, in 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. In time, The Wealth of Nations won Smith a far-reaching reputation, and the work, considered a foundational work of classical economics, is one of the most influential books ever written. In , Adam Smith began giving a series of public lectures at the University of Edinburgh. Through these lectures, in he met and became lifelong friends with Scottish philosopher and economist David Hume. This relationship led to Smith's appointment to the Glasgow University faculty in
After two centuries, Adam Smith remains a towering figure in the history of economic thought. Known primarily for a single work— An Inquiry into the Nature and Causes of the Wealth of Nations , the first comprehensive system of political economy —Smith is more properly regarded as a social philosopher whose economic writings constitute only the capstone to an overarching view of political and social evolution. Adam Smith was the son by the second marriage of Adam Smith, the comptroller of customs at Kirkcaldy, Scotland , a small population 1, but thriving fishing village near Edinburgh , and Margaret Douglas, daughter of a substantial landowner. Graduating in , Smith won a scholarship the Snell Exhibition to study at Balliol College, Oxford , which he attended for six years. Returning to his home in Kirkcaldy, Scotland , in after six years of study at Oxford , Adam Smith cast about for suitable employment and through family connections received an opportunity to present a course of public lectures in Edinburgh on rhetoric and belles lettres. He was the son by second marriage of Adam Smith, comptroller of customs at Kirkcaldy , a small population 1, but thriving fishing village near Edinburgh , and Margaret Douglas, daughter of a substantial landowner. Pursuit was mounted, and young Adam was abandoned by his captors.
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The Real Adam Smith: Morality and Markets - Full Video
Adam Smith was a moral philosopher and economic thinker who is widely considered to be the father of modern economics. His father, a lawyer and comptroller, died two months before he was born. Smith began rising to public recognition in , when he started a series of lectures in Edinburgh on rhetoric, belles lettres , and jurisprudence. Around the same time, he met and began a life-long friendship with David Hume, who was also a former student of Hutcheson. At the age of 28, Smith became professor of rhetoric and moral philosophy at the University of Glasgow. His lectures formed the basis of The Theory of Moral Sentiments , which was met with great acclaim in Britain and across the Continent. In , Smith was able to visit France while serving as a traveling tutor to a young English aristocrat.
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. 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 ,  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.
Adam Smith was a great philosopher and economist of the 18th century. He was one of the leading figures of the Scottish Enlightenment. Adam Smith is sometimes called the father of economics. Adam Smith was born in at Kirkcaldy in Scotland. His exact date of birth is not known but he was christened on 5 June.