Western Economists Classical economics (Modern economics)
Name	Adam Smith
Birth	June 16, 1723 (baptism) [OS: June 5, 1723] Kirkcaldy, Scotland
Death	July 17, 1790 (aged 67) Edinburgh, Scotland
School/tradition	Classical economics
Main interests	Political philosophy, ethics, economics
Notable ideas	Classical economics, modern free market, division of labour, the "invisible hand"
Influenced by	Aristotle, Hobbes, Butler, Locke, Mandeville, Hutcheson, Hume, Quesnay
Influenced	Chomsky, Comte, Engels, Friedman, Malthus, Marx, Mill, Keynes, Montesquieu, Ricardo, US Founding Fathers

Adam Smith (baptised June 16, 1723 – July 17, 1790 [OS: June 5, 1723 – July 17, 1790]) was a Scottish moral philosopher and a pioneering political economist. Classical economics is widely regarded as the first modern school of economic thought. Events 1487 - Battle of Stoke Field, the last dying breath of the Wars of the Roses. Year 1723 ( MDCCXXIII) was a Common year starting on Friday (link will display the full calendar of the Gregorian calendar (or a Old Style (or OS) and New Style (or NS) are used in English language historical studies either to indicate that the start of the Julian year Events 70 - Titus and his Roman Legions breach the middle wall of Jerusalem in the Siege of Jerusalem Year 1723 ( MDCCXXIII) was a Common year starting on Friday (link will display the full calendar of the Gregorian calendar (or a Kirkcaldy (kɪrˈkɔːdi Cathair Chaladain) is a town and former Royal burgh in Fife, on the east coast of Scotland. Scotland ( Gaelic: Alba) is a Country in northwest Europethat occupies the northern third of the island of Great Britain. Events 180 - Twelve inhabitants of Scillium in North Africa are executed for being Christians Year 1790 ( MDCCXC) was a Common year starting on Friday (link will display the full calendar of the Gregorian calendar (or a Common year Edinburgh ( ˈɛdɪnb(ərə Dùn Èideann) is the Capital of Scotland and is its second largest city after Glasgow. Scotland ( Gaelic: Alba) is a Country in northwest Europethat occupies the northern third of the island of Great Britain. Classical economics is widely regarded as the first modern school of economic thought. Political philosophy is the study of questions about the City, Government, Politics, Liberty, Justice, Property, Rights Ethics is a major branch of Philosophy, encompassing right conduct and good life Economics is the social science that studies the production distribution, and consumption of goods and services. Classical economics is widely regarded as the first modern school of economic thought. A free market is a Market in which property rights are voluntarily exchanged at a price arranged completely by the mutual consent of sellers and buyers Division of labour or specialization is the specialization of cooperative labour in specific circumscribed tasks and roles intended to increase the Productivity The invisible hand is a Metaphor coined by the Economist Adam Smith. Aristotle (Greek Aristotélēs) (384 BC – 322 BC was a Greek philosopher a student of Plato and teacher of Alexander the Great. Thomas Hobbes (born 5 April 1588died 4 December 1679 was an English philosopher, whose famous 1651 book Leviathan established the foundation You might also be looking for Joseph G Butler Jr, a philanthropist and historian or Joseph Campbell Butler, founding member of The Lovin' Spoonful John Locke (29 August 1632 – 28 October 1704 was an English Philosopher. Bernard Mandeville, or Bernard de Mandeville (1670 &ndash 1733 was a Philosopher, political Economist and Satirist. Francis Hutcheson ( August 8, 1694 August 8, 1746) was a Philosopher born in Ireland to a family of Scottish David Hume (26 April 1711 25 August 1776 Scottish Philosopher, Economist, and Historian is an important figure in Western philosophy François Quesnay ( June 4, 1694 - December 16, 1774) was a French Economist of the Physiocratic school Avram Noam Chomsky (noʊm ˈtʃɑmski born December 7 1928 is an American linguist, Philosopher, cognitive scientist, Political Auguste Comte (full name Isidore Marie Auguste François Xavier Comte; 17 January 1798 – 5 September 1857 was a French thinker who is generally credited for having Friedrich Engels (28 November 1820 – 5 August 1895 was a German social scientist and philosopher, who Milton Friedman (July 31 1912 November 16 2006 was an American Nobel Laureate Economist and Public intellectual. Thomas Robert Malthus FRS (13 February 1766 – 23 December 1834 was an English political economist and demographer who expressed views John Stuart Mill (20 May 1806 &ndash 8 May 1873 British Philosopher, political economist, civil servant and Member of Parliament, was an influential John Maynard Keynes 1st Baron Keynes CB (ˈkeɪnz "cains" (5 June 1883 &ndash 21 April 1946 was a British Economist whose ideas Charles-Louis de Secondat baron de La Brède et de Montesquieu (Eng David Ricardo (18 April 1772 &ndash 11 September 1823 was an English political economist, often credited with systematizing economics and was one of the most influential The Founding Fathers of the United States are the Political leaders who signed the Declaration of Independence or otherwise participated in the In Christianity, baptism ( Greek, "immersing" "performing Ablutions " is the ritual act with the use of water by which one is admitted Events 1487 - Battle of Stoke Field, the last dying breath of the Wars of the Roses. Year 1723 ( MDCCXXIII) was a Common year starting on Friday (link will display the full calendar of the Gregorian calendar (or a Events 180 - Twelve inhabitants of Scillium in North Africa are executed for being Christians Year 1790 ( MDCCXC) was a Common year starting on Friday (link will display the full calendar of the Gregorian calendar (or a Common year Old Style (or OS) and New Style (or NS) are used in English language historical studies either to indicate that the start of the Julian year Events 70 - Titus and his Roman Legions breach the middle wall of Jerusalem in the Siege of Jerusalem Year 1723 ( MDCCXXIII) was a Common year starting on Friday (link will display the full calendar of the Gregorian calendar (or a Events 180 - Twelve inhabitants of Scillium in North Africa are executed for being Christians Year 1790 ( MDCCXC) was a Common year starting on Friday (link will display the full calendar of the Gregorian calendar (or a Common year Scotland ( Gaelic: Alba) is a Country in northwest Europethat occupies the northern third of the island of Great Britain. Ethics is a major branch of Philosophy, encompassing right conduct and good life Political economy originally was the term for studying production buying and selling and their relations with law custom and government One of the key figures of the intellectual movement known as the Scottish Enlightenment, he is known primarily as the author of two treatises: The Theory of Moral Sentiments (1759), and An Inquiry into the Nature and Causes of the Wealth of Nations (1776). The Scottish Enlightenment was the period in 18th century Scotland characterised by an outpouring of intellectual and scientific accomplishments The Theory of Moral Sentiments was written by Adam Smith in 1759 An Inquiry into the Nature and Causes of the Wealth of Nations is the Magnum opus of the Scottish economist Adam Smith. Smith is also known for his explanation of how rational self-interest and competition, operating in a social framework which ultimately depends on adherence to moral obligations, can lead to economic well-being and prosperity. His work helped to create the modern academic discipline of economics and provided one of the best-known rationales for free trade. Economics is the social science that studies the production distribution, and consumption of goods and services. Free trade is a system in which the trade of goods and services between or within countries flows unhindered by government-imposed restrictions He is widely acknowledged as the "father of economics". ^[1]

Smith entered the University of Glasgow when he was fourteen and studied moral philosophy under Francis Hutcheson, where he developed his passion for liberty, reason, and free speech. The University of Glasgow (Oilthigh Ghlaschu was founded in 1451 in Glasgow, Scotland and along with its contemporary institutions the University of St Andrews Ethics is a major branch of Philosophy, encompassing right conduct and good life Francis Hutcheson ( August 8, 1694 August 8, 1746) was a Philosopher born in Ireland to a family of Scottish Liberty, the freedom to act or believe without being stopped by unnecessary force Reason involves the ability to think understand and draw Conclusions in an Abstract way as in Human thinking Freedom of speech is the freedom to speak freely without Censorship or Limitation. In 1740, Smith left the University of Glasgow to attend Balliol College, Oxford. Balliol College (ˈbeɪlɪəl founded in 1263 is one of the constituent colleges of the University of Oxford in England.

The Wealth of Nations is Smith's magnum opus, and is considered to be one of the most influential books ever written. Magnum opus (sometimes Opus magnum, plural magna opera) from the Latin meaning great work, refers to the best the greatest

Contents 1 Biography 1.1 Early life 1.2 Formal education 1.3 Teaching and early writings 1.4 Tutoring and travels 1.5 Later years and writings 2 Personality and beliefs 2.1 Character 2.2 Appearance 2.3 Religious views 3 Published works 3.1 The Theory of Moral Sentiments (1759) 3.2 The Wealth of Nations (1776) 3.3 Other Works 4 Influence 4.1 Legacy 4.2 As a symbol of free market economics 5 Notes 6 References 7 Further reading 8 External links

Biography

Early life

Adam Smith was born to Margaret Lindsay Douglas at Kirkcaldy, Scotland. Kirkcaldy (kɪrˈkɔːdi Cathair Chaladain) is a town and former Royal burgh in Fife, on the east coast of Scotland. Scotland ( Gaelic: Alba) is a Country in northwest Europethat occupies the northern third of the island of Great Britain. His father, also named Adam Smith, was a lawyer, civil servant, and widower who married Margaret Douglas in 1720. A lawyer, according to Black's Law Dictionary, is "a person learned in the law as an attorney, Counsel or Solicitor; a person See also Bureaucrat The term civil service has two distinct meanings Branch of governmental service in which individuals are hired on the basis WIDOW is a full-length Album recorded by British rock band Ritual released in 1983 His father died six months before Smith's birth. ^[2] The exact date of Smith's birth is unknown; however, his baptism was recorded on June 16, 1723 at Kirkcaldy. Events 1487 - Battle of Stoke Field, the last dying breath of the Wars of the Roses. Year 1723 ( MDCCXXIII) was a Common year starting on Friday (link will display the full calendar of the Gregorian calendar (or a ^[3] Few events in Smith's early childhood were recorded, but one event recorded by Scottish journalist John Rae stated that Smith was abducted by gypsies at the age of four and eventually released when others went to rescue him. John Rae (1845 &ndash 1915 was a Scottish journalist and biographer ^[I]

Smith was particularly close to his mother, and it was likely she who encouraged him to pursue his scholarly ambitions. ^[4] Smith attended the Burgh School of Kirkcaldy from 1729 to 1737, and there studied Latin, mathematics, history, and writing. Latin ( lingua Latīna, laˈtiːna is an Italic language, historically spoken in Latium and Ancient Rome. Mathematics is the body of Knowledge and Academic discipline that studies such concepts as Quantity, Structure, Space and History is the study of the past particularly the written record Those who study history as a Profession are called Historians Etymology ^[4] Rae characterized the Burgh School as "one of the best secondary schools of Scotland at that period. "^[5]

Formal education

Smith entered the University of Glasgow when he was fourteen and studied moral philosophy under Francis Hutcheson. The University of Glasgow (Oilthigh Ghlaschu was founded in 1451 in Glasgow, Scotland and along with its contemporary institutions the University of St Andrews Ethics is a major branch of Philosophy, encompassing right conduct and good life Francis Hutcheson ( August 8, 1694 August 8, 1746) was a Philosopher born in Ireland to a family of Scottish ^[6] Here he developed his passion for liberty, reason, and free speech. Liberty, the freedom to act or believe without being stopped by unnecessary force Reason involves the ability to think understand and draw Conclusions in an Abstract way as in Human thinking Freedom of speech is the freedom to speak freely without Censorship or Limitation. In 1740, Smith was awarded the Snell exhibition and left the University of Glasgow to attend Balliol College, Oxford. The Snell Exhibition is an annual scholarship awarded by Balliol College Oxford and its recipients are referred to as Snell Exhibitioners. Balliol College (ˈbeɪlɪəl founded in 1263 is one of the constituent colleges of the University of Oxford in England. ^[7]

Smith considered the teaching at Glasgow to be far superior to that at Oxford, and found his Oxford experience intellectually stifling. ^[8] In Book V, Chapter II of his Wealth of Nations, Smith wrote: "In the University of Oxford, the greater part of the public professors have, for these many years, given up altogether even the pretence of teaching". An Inquiry into the Nature and Causes of the Wealth of Nations is the Magnum opus of the Scottish economist Adam Smith. Smith is also reported to have complained to friends that Oxford officials once detected him reading a copy of David Hume's Treatise on Human Nature, and they subsequently confiscated his book and punished him severely for reading it. David Hume (26 April 1711 25 August 1776 Scottish Philosopher, Economist, and Historian is an important figure in Western philosophy A Treatise of Human Nature is a book by Scottish philosopher David Hume, first published in 1739 – 1740. ^[5][9][10]

Commenting on his schooling, William Robert Scott said "the Oxford of his time gave little if any help towards what was to be his lifework. The University of Oxford (informally "Oxford University" or simply "Oxford" located in the city of Oxford, Oxfordshire, England is the "^[11] Nevertheless, Smith took the opportunity while at Oxford to teach himself several subjects by reading copious amounts of books from the shelves of the large Oxford library. ^[12] Smith had originally intended to study theology and enter the clergy, but his subsequent learning, especially from the skeptical writings of David Hume, persuaded him to take a different route. Theology is the study of a god or the gods from a religious perspective Clergy is the generic term used to describe the formal religious leadership within a given Religion. David Hume (26 April 1711 25 August 1776 Scottish Philosopher, Economist, and Historian is an important figure in Western philosophy ^[10] Besides Smith's ability to study on his own, his time at Oxford was not a happy one, according to his letters. ^[13]

In Book V of The Wealth of Nations, Smith comments on the low quality of instruction and the meager intellectual activity at English universities, when compared to their Scottish counterparts. An Inquiry into the Nature and Causes of the Wealth of Nations is the Magnum opus of the Scottish economist Adam Smith. He attributes this both to the rich endowments of the colleges at Oxford and Cambridge, which made the income of professors independent of their ability to attract students, and to the fact that distinguished men of letters could make an even more comfortable living as ministers of the Church of England. The University of Cambridge (often Cambridge University) located in Cambridge, England, is the second-oldest university in the An intellectual (from the adjective meaning "involving thought and reason" is a person who tries to use his or her Intelligence and analytical thinking, In Christian churches, a minister is someone who is authorized by a church or religious organization to perform clergy functions such as teaching of beliefs The Church of England is the officially established Christian church in England, the Mother Church of the worldwide Anglican

Near the end of his time at Oxford, Smith began suffering from shaking fits, probably the symptoms of a nervous breakdown. Mental breakdown (also known as nervous breakdown or snapping) is a non-medical term used to describe a sudden acute attack of Mental illness such as ^[14] He left Oxford University in 1746, before his scholarship ended. ^[14][15]

Teaching and early writings

Smith began delivering public lectures in 1748 at Edinburgh under the patronage of Lord Kames. Edinburgh ( ˈɛdɪnb(ərə Dùn Èideann) is the Capital of Scotland and is its second largest city after Glasgow. Henry Home Lord Kames (1696 December 27, 1782) was a Scottish Philosopher of the 18th century Some of these dealt with rhetoric and belles-lettres, but he later took up the subject of "the progress of opulence", and it was then in his mid-to-late 20s that he first expounded the economic philosophy of "the obvious and simple system of natural liberty" which he would later publish in greater detail in his Wealth of Nations. See also Académie des Inscriptions et Belles-Lettres. Belles-lettres or belles lettres is a term that is used to describe a category An Inquiry into the Nature and Causes of the Wealth of Nations is the Magnum opus of the Scottish economist Adam Smith. While Smith was not skillful or adept at public speaking, his lectures met with success. ^[16]

In 1750, he met the philosopher David Hume, who was his senior by more than a decade. David Hume (26 April 1711 25 August 1776 Scottish Philosopher, Economist, and Historian is an important figure in Western philosophy The alignments of opinion that can be found within their respective writings covering history, politics, philosophy, economics, and religion indicate that they both shared a closer intellectual alliance and friendship than with the others who were to play important roles during the emergence of what has come to be known as the Scottish Enlightenment. The Scottish Enlightenment was the period in 18th century Scotland characterised by an outpouring of intellectual and scientific accomplishments ^[17]

In 1751, Smith earned a professorship at Glasgow University teaching logic courses. Logic is the study of the principles of valid demonstration and Inference. Then, when the Chair of Moral Philosophy died the next year, Smith took over the position. The Chair of Moral Philosophy is a professorship at Glasgow University, Scotland, which was established in 1727 ^[16] Smith would continue academic work for the next thirteen years and which Smith characterized as "by far the most useful and therefore by far the happiest and most honourable period [of his life]. "^[18]

His lectures covered the fields of ethics, rhetoric, jurisprudence, political economy, and "police and revenue". Ethics is a major branch of Philosophy, encompassing right conduct and good life Rhetoric has had many definitions no simple definition can do it justice Jurisprudence is the Theory and Philosophy of Law. Scholars of jurisprudence or legal philosophers hope to obtain a deeper understanding of the nature Political economy originally was the term for studying production buying and selling and their relations with law custom and government He published his The Theory of Moral Sentiments in 1759, embodying some of his Glasgow lectures. The Theory of Moral Sentiments was written by Adam Smith in 1759 Glasgow (ˈglæzgoʊ is the largest city in Scotland and third most populous in the United Kingdom This work was concerned with how human communication depends on sympathy between agent and spectator, or the individual and other members of society. His analysis of language evolution was somewhat superficial, as shown only fourteen years later by a more rigorous examination of primitive language evolution by Lord Monboddo in his Of the Origin and Progress of Language. James Burnett Lord Monboddo ( October 25, 1714 - May 26, 1799) was a Scottish Judge, scholar of language evolution and ^[19] Smith's capacity for fluent, persuasive, if rather rhetorical argument, is much in evidence. He bases his explanation not on a special "moral sense", as the third Lord Shaftesbury and Hutcheson had done, nor on utility as Hume did, but on sympathy. Utilitarianism is the idea that the moral worth of an action is solely determined by its contribution to overall Utility, that is its contribution to happiness Smith's popularity greatly increased due to the The Theory of Moral Sentiments, and as a result, many wealthy students left their schools in other countries to enroll at Glasgow to learn under Smith. The Theory of Moral Sentiments was written by Adam Smith in 1759 ^[20]

After the publication of The Theory of Moral Sentiments, Smith began to give more attention to jurisprudence and economics in his lectures and less to his theories of morals. The Theory of Moral Sentiments was written by Adam Smith in 1759 An impression can be obtained about the development of his ideas on political economy from the notes of his lectures taken down by a student in 1763 which were later edited by Edwin Cannan,^[21] and from what Scott, its discoverer and publisher, describes as "An Early Draft of Part of The Wealth of Nations". Edwin Cannan (1861–1935 was a British economist and historian of economic thought For example, one quotation from these notes records Smith as stating that "Division of labor is the great cause of the increase of public opulence, which is always proportioned to the industry of the people, and not to the quantity of gold and silver, as is foolishly imagined," which would be a sentiment echoed later in the Wealth of Nations. An Inquiry into the Nature and Causes of the Wealth of Nations is the Magnum opus of the Scottish economist Adam Smith. ^[20] Cannan's work appeared as Lectures on Justice, Police, Revenue and Arms. A more complete version was published as Lectures on Jurisprudence in the Glasgow Edition of 1776. Lectures on Jurisprudence is a book of Adam Smith 's lectures comprising notes taken from his early lectures plus an early draft of The Wealth of Nations.

In 1762, the academic senate of the University of Glasgow conferred on Smith the title of Doctor of Laws (LL. An Academic Senate is a governing body in some Universities and Colleges in the English-speaking world and typically the supreme academic authority for The University of Glasgow (Oilthigh Ghlaschu was founded in 1451 in Glasgow, Scotland and along with its contemporary institutions the University of St Andrews Doctor of Laws ( Latin: Legum Doctor, LLD) is a Doctorate -level Academic degree in Law. D. ). At the end of 1763, he obtained a lucrative offer from Charles Townshend (who had been introduced to Smith by David Hume) to tutor his stepson, the young Duke of Buccleuch. Charles Townshend ( August 29, 1725 &ndash September 4, 1767) was born at his family's seat of Raynham Hall in Boston, David Hume (26 April 1711 25 August 1776 Scottish Philosopher, Economist, and Historian is an important figure in Western philosophy Henry Scott 3rd Duke of Buccleuch and 5th Duke of Queensberry KG KT ( 2 September 1746 - 11 January 1812) was a Scottish nobleman Smith subsequently resigned from his professorship to take the tutoring position. Because he resigned in the middle of the term, Smith attempted to return the fees he had collected from his students, but they refused. ^[22]

Tutoring and travels

Smith's tutoring job entailed touring Europe with Henry Scott while teaching him subjects including proper Polish. The physiocrats were a group of Economists who believed that the wealth of nations was derived solely from the value of land Agriculture or land development Polish ( język polski, polszczyzna) is the Official language of Poland. ^[22] Smith was paid GB£300 per year plus expenses along with £300 per year pension, which was roughly twice his former income as a teacher. The Pound Sterling ( symbol £; ISO code: GBP) subdivided into 100 pence (singular penny) is the Currency ^[22]

Smith first traveled as a tutor to Toulouse, France, where he stayed for a year and a half. Toulouse ( pronounced in standard French, and in the local accent ( Occitan: Tolosa, pronounced) is a city in southwest This article is about the country For a topic outline on this subject see List of basic France topics. ^[22] According to accounts, Smith found Toulouse to be very boring, and he wrote to Hume that he "had begun to write a book in order to pass away the time. "^[22]

After touring the south of France, the group moved to Geneva. Geneva (Genève is the second-most populous city in Switzerland (after Zürich) and is the most populous city of Romandy (the French -speaking While in Geneva, Smith met with the philosopher Voltaire. François-Marie Arouet ( 21 November 1694 30 May 1778) better known by the Pen name Voltaire, was a French ^[23] After staying in Geneva, the party went to Paris. Geneva (Genève is the second-most populous city in Switzerland (after Zürich) and is the most populous city of Romandy (the French -speaking Paris (ˈpærɨs in English; in French) is the Capital of France and the country's largest city

While in Paris, Smith came to know intellectual leaders such as Benjamin Franklin,^[24] Turgot, Jean D'Alembert, André Morellet, Helvétius and, in particular, Francois Quesnay, the head of the Physiocratic school whose work he respected greatly. Benjamin Franklin ( April 17 1790 was one of the Founding Fathers of the United States of America. Anne-Robert-Jacques Turgot Baron de Laune, often referred to as Turgot ( 10 May 1727 &ndash 18 March 1781) was a French André Morellet ( March 7, 1727 - January 12, 1819) was a French Economist and writer Claude Adrien Helvétius (26 February 1715&ndash26 December 1771 was a French Philosopher and Litterateur. François Quesnay ( June 4, 1694 - December 16, 1774) was a French Economist of the Physiocratic school The physiocrats were a group of Economists who believed that the wealth of nations was derived solely from the value of land Agriculture or land development ^[25] The physiocrats put forth two economic arguments regarding how wealth was accumulated. First, that wealth came from production and not from the attainment of precious metals, which was adverse to mercantilist thought. Mercantilism is the idea that a colony should export more goods than it imports and that a colony should sell at higher prices and buy at lower prices Second, that only agriculture produced wealth and that merchants, manufacturers and other workers did not. ^[24] While Smith did not embrace all of the physiocrats ideas, he did say that physiocracy is "with all its imperfections [perhaps] the nearest approximation to the truth that has yet been published upon the subject of political economy. "^[26]

In 1766, Henry Scott's younger brother died in Paris and Smith's tour as a tutor ended shortly thereafter. ^[26]

Later years and writings

After his stint as a tutor ended, Smith returned home to Kirkcaldy in 1766, and he devoted much of the next ten years to his magnum opus, The Wealth of Nations, published in 1776. Magnum opus (sometimes Opus magnum, plural magna opera) from the Latin meaning great work, refers to the best the greatest An Inquiry into the Nature and Causes of the Wealth of Nations is the Magnum opus of the Scottish economist Adam Smith. ^[27] The publication of the book was an instant success selling out the first edition in only six months. ^[28]

He was elected fellow of the Royal Society of London in May 1773^[29] In 1775, he was elected a member of the Literary Club established by Dr Samuel Johnson. The Royal Society of London for the Improvement of Natural Knowledge, known simply as The Royal Society, is a Learned society for science that was founded in 1660 London ( ˈlʌndən is the capital and largest urban area in the United Kingdom. Samuel Johnson (often referred to as Dr Johnson) (18 September Other members included Edmund Burke, Edward Gibbon and Joshua Reynolds. Edmund Burke ( 12 January, 1729 9 July, 1797) was an Irish statesman author orator Political theorist, and Edward Gibbon ( April 27, 1737 January 16, 1794) was an English historian and Member of Parliament. Sir Joshua Reynolds RA FRS FRSA (16 July 1723 &ndash 23 February 1792 was the most important and influential of 18th century English painters ^[30]

In 1778, Smith was appointed to a post as commissioner of customs in Scotland and went to live with his mother in Edinburgh. Commissioner is a designation that may be used for a variety of official positions especially referring to a high-ranked public (administrative or Police) official or an analogous Customs is an Authority or agency in a Country responsible for collecting and safeguarding customs duties and for controlling the flow of goods ^[31] Five years later, he became one of the founding members of the Royal Society of Edinburgh^[32] and from 1787–1789 he occupied the honorary position of Lord Rector of the University of Glasgow. The Royal Society of Edinburgh is Scotland 's National academy of science and letters The position of Lord Rector of the University of Glasgow is elected every three years by the students at the University of Glasgow. ^[33] He died in Edinburgh on July 17, 1790 after a painful illness and was buried in the Canongate Kirkyard. Events 180 - Twelve inhabitants of Scillium in North Africa are executed for being Christians Year 1790 ( MDCCXC) was a Common year starting on Friday (link will display the full calendar of the Gregorian calendar (or a Common year The Kirk of the Canongate - or Canongate Kirk - serves the Parish of Canongate in Edinburgh 's Old Town, in Scotland ^[34] On his death bed, Smith expressed disappointment that he had not achieved more. ^[35]

Smith's literary executors were two friends from the Scottish academic world: the physicist and chemist Joseph Black, and the pioneering geologist James Hutton. Joseph Black ( April 16, 1728 &ndash December 6, 1799) was a Scottish Physicist and Chemist, known for his James Hutton MD (3 June 1726 OS (14 June 1726 NS) Edinburgh 26 March 1797 was a Scottish Geologist, ^[36] Smith left behind many notes and some unpublished material, but gave instructions to destroy anything that was not fit for publication. ^[37] He mentioned an early unpublished History of Astronomy as probably suitable, and it duly appeared in 1795, along with other material such as Essays on Philosophical Subjects. Essays on Philosophical Subjects, by the Scottish economist Adam Smith. ^[36]

Personality and beliefs

Character

Not much is known about Smith's personal views beyond what can be deduced from his published works. His personal papers were destroyed after his death. ^[37] He never married^[38] and seems to have maintained a close relationship with his mother, with whom he lived after his return from France and who died six years before his own death. ^[39]

Contemporary accounts describe Smith as an eccentric but benevolent intellectual, comically absent minded, with peculiar habits of speech and gait and a smile of "inexpressible benignity. A sketch (from Ancient Greek σχέδιος - schedios “‘made suddenly off-hand’” from σχεδιάζω - schediazo “‘to do a "^[40] He was known to talk to himself, and had occasional spells of imaginary illness. ^[35]

Smith is often described as a prototypical absent-minded professor. The absent-minded professor is a Stock character of popular fiction usually portrayed as an Academic with important information but whose focus on their learning ^[41] He is reported to have had books and papers stacked up in his study, with a habit he developed during childhood of speaking to himself and smiling in rapt conversation with invisible companions. ^[41]

Various anecdotes have discussed his absentminded nature. In one story, Smith reportedly took the T. Honorable Charles Townshend on a tour of a tanning factoring and while discussing free trade, Smith walked into a huge tanning pit from which he had to be removed. Charles Townshend ( August 29, 1725 &ndash September 4, 1767) was born at his family's seat of Raynham Hall in Boston, Tanning is the process of converting Putrescible skin into non-putrescible Leather, usually with Tannin, an Acidic Chemical compound ^[42] Another episode records that he put bread and butter into a teapot, drank the concoction, and declared it to be the worst cup of tea he ever had. In another example, Smith went out walking and daydreaming in his nightgown and ended up fifteen miles outside town before nearby church bells brought him back to reality. ^[41][42]

Appearance

Smith is reported to have been an odd-looking fellow. One author stated that Smith "had a large nose, bulging eyes, a protruding lower lip, a nervous twitch, and a speech impediment. "^[43] Smith is reported to have acknowledged his looks at one point saying "I am a beau in nothing but my books. "^[43]

Religious views

There has been considerable scholarly debate about the nature of Adam Smith's religious views. Smith's father had a strong interest in Christianity^[44] and belonged to the moderate wing of the Church of Scotland (the national church of Scotland since 1690). The Church of Scotland (Eaglais na h-Alba known informally by its Scots language name The Kirk, is the National church of Scotland. The term national church is usually a reference to a church organization in Christianity that claims pastoral jurisdiction over a Nation. Smith may have gone to England with the intention of a career in the Church of England: this is controversial and depends on the status of the Snell Exhibition. England is a Country which is part of the United Kingdom. Its inhabitants account for more than 83% of the total UK population whilst its mainland At Oxford, Smith rejected Christianity and it is generally believed that he returned to Scotland as a Deist. Deism is the belief that a supreme God exists and created the physical universe and that religious truths can be arrived at by the application of reason alone without dependence on revelation ^[45]

Economist Ronald Coase has challenged the view that Smith was a Deist, stating that while Smith may have referred to the "Great Architect of the Universe", other scholars have "very much exaggerated the extent to which Adam Smith was committed to a belief in a personal God". Ronald Harry Coase (born December 29, 1910) is a British Economist and the Clifton R The Great Architect of the Universe (also Grand Architect of the Universe or Supreme Architect of the Universe) is a conception of God discussed by many ^[46] He based this on analysis of a remark in The Wealth of Nations where Smith writes that the curiosity of mankind about the "great phenomena of nature" such as "the generation, the life, growth and dissolution of plants and animals" has led men to "enquire into their causes". Coase notes Smith's observation that: "Superstition first attempted to satisfy this curiosity, by referring all those wonderful appearances to the immediate agency of the gods. "Smith's close friend and colleague David Hume, with whom he agreed on most matters, was described by contemporaries an Atheist, though in modern terms he might be regarded as an agnostic or more simply as irreligious. David Hume (26 April 1711 25 August 1776 Scottish Philosopher, Economist, and Historian is an important figure in Western philosophy Atheism Agnosticism ( Greek: α- a-, without + γνώσις gnōsis, knowledge after Gnosticism) is the philosophical view that the Irreligion is a lack of religion indifference to religion or hostility to religion ^[47]

Smith's account of Hume's courage and tranquillity in the face of death, in a letter to William Strahan^[48] aroused violent public controversy, since it contradicted the assumption, widespread among orthodox believers, that an untroubled death was impossible without the consolation of religious belief. ^[49]

Published works

Adam Smith published a large body of works throughout his life, some of which have shaped the field of economics. Smith's first book, The Theory of Moral Sentiments was written in 1759. The Theory of Moral Sentiments was written by Adam Smith in 1759 ^[50] It provided the ethical, philosophical, psychological and methodological underpinnings to Smith's later works, including An Inquiry Into the Nature and Causes of the Wealth of Nations (1776), A Treatise on Public Opulence (1764) (first published in 1937), Essays on Philosophical Subjects (1795), Lectures on Justice, Police, Revenue, and Arms (1763) (first published in 1896), and Lectures on Rhetoric and Belles Lettres. An Inquiry into the Nature and Causes of the Wealth of Nations is the Magnum opus of the Scottish economist Adam Smith. Essays on Philosophical Subjects, by the Scottish economist Adam Smith. Lectures on Jurisprudence is a book of Adam Smith 's lectures comprising notes taken from his early lectures plus an early draft of The Wealth of Nations. In The Theory of Moral Sentiments, Smith critically examined the moral thinking of the time and suggested that conscience arises from social relationships. ^[51] Smith followed the views of his mentor, Francis Hutcheson of the University of Glasgow, who divided moral philosophy into four parts: ethics and virtue; private rights and natural liberty; familial rights (called Oeconomicks); and state and individual rights (called Politicks). Francis Hutcheson ( August 8, 1694 August 8, 1746) was a Philosopher born in Ireland to a family of Scottish The University of Glasgow (Oilthigh Ghlaschu was founded in 1451 in Glasgow, Scotland and along with its contemporary institutions the University of St Andrews More specifically, Smith divided moral systems into the categories of the "nature of morality" (propriety, prudence, and benevolence) and "motive of morality" (self-love, reason, and sentiment).

Shortly before his death, Smith had nearly all his manuscripts destroyed. In his last years, he seemed to have been planning two major treatises, one on the theory and history of law and one on the sciences and arts. The posthumously published Essays on Philosophical Subjects, a history of astronomy down to Smith's own era, plus some thoughts on ancient physics and metaphysics, probably contain parts of what would have been the latter treatise. Astronomy (from the Greek words astron (ἄστρον "star" and nomos (νόμος "law" is the scientific study The modern discipline of Physics emerged in the 17th century following in traditions of inquiry established by Galileo Galilei, René Descartes, Isaac Metaphysics is the branch of Philosophy investigating principles of reality transcending those of any particular science Lectures on Jurisprudence were notes taken from Smith's early lectures, plus an early draft of The Wealth of Nations, published as part of the 1976 Glasgow Edition of the works and correspondence of Adam Smith.

The Theory of Moral Sentiments (1759)

Smith published his first work, The Theory of Moral Sentiments, in 1759 though Smith continued to revise the work throughout his life, making extensive revisions to the final (6th) edition shortly before his death in 1790. ^[52] Although The Wealth of Nations is widely regarded as Smith's most influential work, it has been reported that Smith himself "always considered his Theory of Moral Sentiments a much superior work to his Wealth of Nations. "^[53] P. J. O'Rourke, author of the commentary On The Wealth of Nations (2007), has agreed, calling Theory "the better book". Patrick Jake O'Rourke (born November 14, 1947 in Toledo Ohio) is a conservative American political satirist, journalist ^[54] It was in the TMS that Smith first referred to the "invisible hand" to describe the apparent benefits to society of people behaving in their own interests. Smith writes (6th ed. p?):

. . . In spite of their natural selfishness and rapacity, though they mean only their own conveniency, though the sole end which they propose . . . be the gratification of their own vain and insatiable desires, they divide with the poor the produce of all their improvements. They are led by an invisible hand to make nearly the same distribution of the necessaries of life, which would have been made, had the earth been divided into equal portions among all its inhabitants, and thus without intending it, without knowing it, advance the interest of the society.

Smith's aim in the TMS is to explain the source of mankind's ability to form moral judgements, in spite of man's natural inclinations toward self-interest. Smith proposes a theory of sympathy in which the act of observing others makes people aware of themselves and the morality of their own behavior. Haakonssen (2002) writes in his introduction to the TMS that in Smith's theory, "one only learns to see oneself as a person and as a member of a moral universe of agents through sympathy with others’ view of one’s identity and situation in the world. Society is, as Smith says, the mirror in which one catches sight of oneself, morally speaking. "^[55] Through sympathy, people perceive an imaginary "impartial spectator" of themselves which forms the basis of their morality.

However, Smith qualifies that morality does not rest solely on imagining how others perceive oneself but also on one's independent judgement, provided by the ability to reason. While others may be perceived as "the immediate judge of mankind . . . an appeal lies . . . to that of the supposed impartial and well-informed spectator, to that of the man within the breast. . . " (6th ed. p. 322) Moral judgements are formed both by imagining how others would perceive onseself and by tempering that view with one's own rational judgement.

In part because The Theory of Moral Sentiments emphasizes sympathy for others while The Wealth of Nations famously emphasizes the role of self interest, some scholars have perceived a conflict between these works. As one economic historian observed: "Many writers, including the present author at an early stage of his study of Smith, have found these two works in some measure basically inconsistent. "^[56]

In recent years most scholars of Adam Smith's work have argued that no contradiction exists. In The Theory of Moral Sentiments, Smith develops a theory of psychology in which individuals find it in their self-interest to develop sympathy as they seek approval of the "impartial spectator. " The self-interest he speaks of is not a narrow selfishness but something that involves sympathy. As Haakonssen adds in the introduction to the TMS published by Cambridge University Press: TMS and WN "only contradict each other if Smithian sympathy is misinterpreted as benevolence and self-interest wrongly is narrowed to selfishness and then taken to be the reductive basis for all human motivation. . . "^[57] Although in some contexts, such as buying and selling, sympathy generally need not be considered, Smith's espousal of self-interest is generally interpreted to be broad enough so as not to conflict with notions in the TMS. In a published lecture, Vernon L. Smith further argued that TMS and WN together encompassed:

"one behavioral axiom, 'the propensity to truck, barter, and exchange one thing for another,' where the objects of trade I will interpret to include not only goods, but also gifts, assistance, and favors out of sympathy . Vernon Lomax Smith (born January 1, 1927) is professor of Economics at Chapman University School of Law and School of Business in Orange . . whether it is goods or favors that are exchanged, they bestow gains from trade that humans seek relentlessly in all social transactions. Thus, Adam Smith's single axiom, broadly interpreted . . . is sufficient to characterize a major portion of the human social and cultural enterprise. It explains why human nature appears to be simultaneously self-regarding and other-regarding. "^[58]

Rather than viewing the Wealth of Nations and Theory of Moral Sentiments as presenting incompatible view of human nature, most Smith scholars regard the works to emphasize different aspects of human nature that vary depending on the situation. The WN draws on situations where man's morality is likely to play a smaller role (such as the laborer involved in pin-making) whereas the TMS focuses on situations where man's morality is likely to play a dominant role among more personal exchanges.

The Wealth of Nations (1776)

Main article: The Wealth of Nations

An Inquiry into the Nature and Causes of the Wealth of Nations is the magnum opus of Smith, published on March 9, 1776, during the Scottish Enlightenment. An Inquiry into the Nature and Causes of the Wealth of Nations is the Magnum opus of the Scottish economist Adam Smith. Magnum opus (sometimes Opus magnum, plural magna opera) from the Latin meaning great work, refers to the best the greatest Events 590 - Bahram Chobin is crowned as king Barham VI of Persia. Year 1776 ( MDCCLXXVI) was a Leap year starting on Monday (link will display the full calendar of the Gregorian calendar (or a The Scottish Enlightenment was the period in 18th century Scotland characterised by an outpouring of intellectual and scientific accomplishments It is a clearly written account of political economy at the dawn of the Industrial Revolution, and is widely considered to be the first modern work in the field of economics. Political economy originally was the term for studying production buying and selling and their relations with law custom and government The Industrial Revolution was a period in the late 18th and early 19th centuries when major changes in agriculture manufacturing and transportation had a profound effect on the Economics is the social science that studies the production distribution, and consumption of goods and services. It is broken down into five books between two volumes. The Wealth of Nations was written for the average educated individual of the 18th century rather than for specialists and mathematicians. There are three main concepts that Smith expands upon in this work that forms the foundation of free market economics: division of labour, pursuit of self interest, and freedom of trade.

The Wealth of Nations was Smith's most influential work, and is considered to be very important in the creation of the field of economics and its development into an autonomous systematic discipline. In the Western world, it is considered one of the most influential books on the subject ever published. When the book, which has become a classic manifesto against mercantilism (the theory that large reserves of bullion are essential for economic success), appeared in 1776, there was a strong sentiment for free trade in both Britain and America. Mercantilism is the idea that a colony should export more goods than it imports and that a colony should sell at higher prices and buy at lower prices Precious Metal is the eighteenth episode in the of the popular American Crime drama, which is set in Las Vegas, Nevada. Free trade is a system in which the trade of goods and services between or within countries flows unhindered by government-imposed restrictions This new feeling had been born out of the economic hardships and poverty caused by the American War of Independence. In this article the inhabitants of the thirteen colonies that supported the American Revolution are primarily referred to as "Americans" with occasional references to "Patriots" However, at the time of publication, not everybody was immediately convinced of the advantages of free trade: the British public and Parliament still clung to mercantilism for years to come.

The Wealth of Nations also rejects the Physiocratic school's emphasis on the importance of land; instead, Smith believed labour was paramount, and that a division of labour would effect a great increase in production. The physiocrats were a group of Economists who believed that the wealth of nations was derived solely from the value of land Agriculture or land development Division of labour or specialization is the specialization of cooperative labour in specific circumscribed tasks and roles intended to increase the Productivity One example he used was the making of pins. One worker could probably make only twenty pins per day. However, if ten people divided up the eighteen steps required to make a pin, they could make a combined amount of 48,000 pins in one day. However, Smith also concluded that excessive division of labor would negatively affect worker's intellect through the carrying out of monotonous and repetitive tasks and hence he called for the establishment of a public education system.

Nations was so successful, in fact, that it led to the abandonment of earlier economic schools, and later economists, such as Thomas Malthus and David Ricardo, focused on refining Smith's theory into what is now known as classical economics. Thomas Robert Malthus FRS (13 February 1766 – 23 December 1834 was an English political economist and demographer who expressed views David Ricardo (18 April 1772 &ndash 11 September 1823 was an English political economist, often credited with systematizing economics and was one of the most influential Classical economics is widely regarded as the first modern school of economic thought. Both Modern economics and, separately, Marxian economics owe significantly to classical economics. Economics is the social science that studies the production distribution, and consumption of goods and services. Note Marxian economics is not restricted to Marxist economics as it includes the economic thought of those inspired by Marx's works who do not identify with Malthus expanded Smith's ruminations on overpopulation, while Ricardo believed in the "iron law of wages"—that overpopulation would prevent wages from topping the subsistence level. Overpopulation refers to a condition where an Organism 's numbers exceed the Carrying capacity of its Habitat. The Subsistence Theory of Wages, also known as the "Iron Law of Wages" was a law of economics that asserted that real wages in the long run would trend toward the value needed Smith postulated an increase of wages with an increase in production, a view considered more accurate today.

One of the main points of The Wealth of Nations is that the free market, while appearing chaotic and unrestrained, is actually guided to produce the right amount and variety of goods by a so-called "invisible hand". The invisible hand is a Metaphor coined by the Economist Adam Smith. The image of the invisible hand was previously employed by Smith in Theory of Moral Sentiments, but it has its original use in his essay, "The History of Astronomy". If a product shortage occurs, for instance, its price rises, creating a profit margin that creates an incentive for others to enter production, eventually curing the shortage. If too many producers enter the market, the increased competition among manufacturers and increased supply would lower the price of the product to its production cost, the "natural price". Competition is a rivalry between individuals groups nations or animals for territory or resources Factor prices are the prices that the Factors of production of a finished item attract

Even as profits are zeroed out at the "natural price", there would be incentives to produce goods and services, as the costs of production, including compensation for the owner's labour, are also built into the price of the goods. If prices dip below a zero profit, producers would drop out of the market; if they were above a zero profit, producers would enter the market. Smith believed that while human motives are often selfishness and greed, the competition in the free market would tend to benefit society as a whole by keeping prices low, while still building in an incentive for a wide variety of goods and services. Selfishness denotes the precedence given in thought or deed to the Self, i Greed is the Selfish desire for or pursuit of Money, Wealth, power, Food, or other Possessions, especially when this denies Nevertheless, he was wary of businessmen and argued against the formation of monopolies. In Economics, a monopoly (from Greek monos, alone or single + polein, to sell exists when a specific individual or enterprise has sufficient

Smith vigorously attacked the antiquated government restrictions which he thought were hindering industrial expansion. Hinder is an American band from Oklahoma,that was formed in 2001 by drummer Cody Hanson, guitarist Joe Garvey, and Singer In fact, he attacked most forms of government interference in the economic process, including tariffs, arguing that this creates inefficiency and high prices in the long run. For other uses of this word see Tariff (disambiguation. A tariff is a tax imposed on goods when they are moved across a political boundary It is believed that this theory influenced government legislation in later years, especially during the 19th century. (However this was not an anarchistic opposition to government. Anarchism is a Political philosophy encompassing theories and attitudes which support the elimination of all compulsory Government, i Smith advocated a Government that was active in sectors other than the economy: he advocated public education of poor adults; institutional systems that were not profitable for private industries; a judiciary; and a standing army. )

Two of the most famous and often-quoted passages in The Wealth of Nations are:

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 own necessities but of their advantages.

And

As every individual, therefore, endeavours as much as he can both to employ his capital in the support of domestic industry, and so to direct that industry that its produce may be of the greatest value; every individual necessarily labours to render the annual value of society as great as he can. He generally, indeed, neither intends to promote the public interest, nor knows how much he is promoting it. By preferring the support of domestic to that of foreign industry, he intends only his own security; and by directing that industry in such a manner as its produce may be of the greatest value, he intends only his own gain, and he is in this, as in many other cases, led by an invisible hand to promote an end which was no part of his intention.

Nor is it always the worse for the society that it was no part of it. By pursuing his own interest he frequently promotes that of society more effectually than when he really intends to promote it. I have never known much good done by those who affected to trade for the public good. It is an affectation, indeed, not very common among merchants, and very few words need be employed in dissuading them from it.

Another favorite quote, usually recited by economists, also from The Wealth of Nations is:

People of the same trade seldom meet together, even for merriment and diversion, but the conversation ends in a conspiracy against the public, or in some contrivance to raise prices. It is impossible indeed to prevent such meetings, by any law which either could be executed, or would be consistent with liberty and justice. But though the law cannot hinder people of the same trade from sometimes assembling together, it ought to do nothing to facilitate such assemblies; much less to render them necessary.

Smith postulated four "maxims" of taxation: proportionality, transparency, convenience, and efficiency. He supported low taxes and was opposed to the taxation of capital gains. ^[59] Some economists credit Smith as one of the first to advocate a progressive tax. A progressive tax is a Tax imposed so that the Tax rate increases as the amount subject to taxation increases ^[60][61] Smith wrote, "It is not very unreasonable that the rich should contribute to the public expense, not only in proportion to their revenue, but something more in proportion. " In another quote, he supported taxation in proportion to the revenue (income) of the individual:

The subjects of every state ought to contribute towards the support of the government, as nearly as possible, in proportion to their respective abilities; that is, in proportion to the revenue which they respectively enjoy under the protection of the state. The expense of government to the individuals of a great nation is like the expense of management to the joint tenants of a great estate, who are all obliged to contribute in proportion to their respective interests in the estate. In the observation or neglect of this maxim consists what is called the equality or inequality of taxation.

Other Works

Influence

Legacy

The Wealth of Nations, one of the earliest attempts to study the rise of industry and commercial development in Europe, was a precursor to the modern academic discipline of economics. It provided one of the best-known intellectual rationales for free trade and capitalism, greatly influencing the writings of later economists. Capitalism is the Economic system in which the Means of production are owned by private Persons and operated for Profit and where Smith was ranked #30 in Michael H. Hart's list of the most influential figures in history,^[62] and he is known as the father of modern economics. The 100 A Ranking of the Most Influential Persons in History is a 1978 book by Michael H ^[63]

Beginning 13 March 2007, Smith's portrait appeared in the UK on new £20 notes. Events 1138 - Cardinal Gregorio Conti is elected Antipope as Victor IV, succeeding Anacletus II. Year 2007 ( MMVII) was a Common year starting on Monday of the Gregorian calendar in the 21st century. The Pound Sterling ( symbol £; ISO code: GBP) subdivided into 100 pence (singular penny) is the Currency He is the first Scotsman to feature on a currency issued by the Bank of England. The Bank of England (formally the Governor and Company of the Bank of England) is a state-owned institution and the Central bank of the United Kingdom ^[64] A picture of the note is available on the Bank of England website. ^[65] Despite the ubiquity provided by Smith's placement on such a common note, there is a lack of unanimity of opinion on Smith's legacy. Some feel that the works of Adam Smith have been misinterpreted, and others argue that Adam Smith's legacy has been "lost".

In a journal article, "The Rise of Adam Smith: Articles and Citations, 1970–1997", economist Jonathan B. Wight reports that only two articles on Adam Smith or his works were published the year before 1971. In 2002 Wight, the author of this paper and of other books and articles on Adam Smith and his works, reports that six hundred articles and thirty books were published in the twenty seven years between 1970 and 1997. A heightened interest in Adam Smith and his works has been sustained. And, this trend Wight writes is more than a "speculative bubble" in a 2004 conference paper titled "Is There a Speculative Bubble in Scholarship on Adam Smith?", presented at the Eleventh World Congress of Social Economics, Albertville, France.

The bicentennial anniversary of the publication of the Wealth of Nations was celebrated in 1976. Results of this celebration has been increased interest in Smith's first book, The Theory of Moral Sentiments, and in his other works, throughout academia. This heightened interest in his book on moral philosophy has also been sustained. Or, as some say, in 1976 there was a break with the earlier emphasis on an Adam Smith problem. After 1976 Adam Smith was more likely to be represented as the author of both The Wealth of Nations and The Theory of Moral Sentiments and thereby as the founder of a moral philosophy and the science of economics. His "economic man" or actor was also more often represented as a moral person. Finally, also pointed to was his opposition to slavery, colonialism, and empire or his statements about high wages for the poor, his views that a common street porter was not intellectually inferior to a philosopher (Levy, Peart). ^[66] And, more than one author refer to a need to recover "Adam Smith's lost legacy" (Kennedy, West).

In line with such trends, on January 24, 2008 Bill Gates said the following at the world economic forum in Davos, Switzerland: "Adam Smith, the very father of capitalism and the author of “Wealth of Nations,” who believed strongly in the value of self-interest for society, opened his first book with the following lines: "How selfish soever man may be supposed, there are evidently some principles in his nature, which interest him in the fortunes of others, and render their happiness necessary to him, though he derives nothing from it, except the pleasure of seeing it. Events 41 - Gaius Caesar (Caligula, known for his eccentricity and cruel Despotism, is Assassinated by his disgruntled 2008 ( MMVIII) is the current year in accordance with the Gregorian calendar, a Leap year that started on Tuesday of the Common If you would like to experiment with Wikipedia please copy "

Expressing his interest in reducing poverty in 2008, he spoke about a "creative" capitalism, rather than an "unfettered" or laissez-faire capitalism. "Creative capitalism takes this interest in the fortunes of others and ties it to our interest in our own fortunes in ways that help advance both. This hybrid engine of self-interest and concern for others can serve a much wider circle of people than can be reached by self-interest or caring alone. "^[67] Nearly two years before, Gates' interest in Adam Smith was also evident. On June 25, 2006, Gates presented a copy of Adam Smith's Wealth of Nations to Warren Buffett after Buffett announced that he would donate his wealth to The Bill and Melinda Gates Foundation. Events 524 - Battle of Vézeronce, the Franks defeat the Burgundians Year 2006 ( MMVI) was a Common year starting on Sunday of the Gregorian calendar. An Inquiry into the Nature and Causes of the Wealth of Nations is the Magnum opus of the Scottish economist Adam Smith. Warren Buffett (born August 30 1930 is an American Investor, Businessman, and Philanthropist. The Bill & Melinda Gates Foundation (B&MGF is the largest transparently operated Private foundation in the world founded by Bill and Melinda ^[68]

There, in addition, has been a controversy over the extent of Smith's originality in The Wealth of Nations. Some argue that the work added only modestly to the already established ideas of thinkers such as Anders Chydenius (The National Gain 1765), David Hume and the Baron de Montesquieu. Anders Chydenius ( 26 February 1729 - 1 February 1803) was the leading classical liberal of Nordic history The National Gain ( Swedish title Den nationnale winsten) is the main work of the Finnish scientist philosopher and politician Anders David Hume (26 April 1711 25 August 1776 Scottish Philosopher, Economist, and Historian is an important figure in Western philosophy Charles-Louis de Secondat baron de La Brède et de Montesquieu (Eng Indeed, many of the theories Smith set out simply described historical trends away from mercantilism and towards free trade that had been developing for many decades and had already had significant influence on governmental policy. Nevertheless, Smith's work organized their ideas comprehensively, and so remains one of the most influential and important books in the field today.

A large-scale memorial of Smith was created in 2007 in Edinburgh. James Sanborn (born 1945 in Washington DC) is an American sculptor. Cleveland State University ( abbr CSU) is a Public university located in Cleveland Ohio. It is a 20 feet (6. 1 m)-tall statue and it stands above the Royal Mile outside St Giles' Cathedral in Parliament Square, near the Mercat cross. The Royal Mile is the popular name for the succession of streets which form the main thoroughfare of Edinburgh's Old Town. A prominent feature of the Edinburgh skyline St Giles' Cathedral or the High Kirk of Edinburgh is a Church of Scotland place of worship decorating the A mercat cross is a Market cross found in Scottish cities and towns where trade and commerce was a part of economic life ^[69] 20th century sculptor James Sanborn (best known for creating the Kryptos sculpture at the United States Central Intelligence Agency) has created multiple pieces which feature Adam Smith's work. James Sanborn (born 1945 in Washington DC) is an American sculptor. Kryptos is a Sculpture by American artist James Sanborn located on the grounds of the Central Intelligence Agency (CIA in near as long as it used to be several months ago It has been actively summarized and split into sub-articles and there is a dynamic talk page discussion of all At Central Connecticut State University is Circulating Capital, a tall cylinder which features an extract from The Wealth of Nations on the lower half, and on the upper half, some of the same text but represented in binary code. Central Connecticut State University is a state university in New Britain, Connecticut. ^[70] At the University of North Carolina at Charlotte, outside the Belk College of Business Administration, is Adam Smith's Spinning Top. The University of North Carolina at Charlotte (also known as UNC Charlotte or Charlotte) is a public coeducational research intensive university located in ^[71][72] Another Adam Smith sculpture is at Cleveland State University. Cleveland State University ( abbr CSU) is a Public university located in Cleveland Ohio. ^[73]

As a symbol of free market economics

Smith has been celebrated by advocates of free market policies as the founder of free market economics, a view reflected in the naming of bodies such as the Adam Smith Institute, Adam Smith Society^[74] and the Australian Adam Smith Club,^[75] and in the Adam Smith necktie, popularised by Ralph Harris of the Institute of Economic Affairs. The Adam Smith Institute is a Think tank based in the United Kingdom, named after the father of modern Economics, Adam Smith. Ralph Harris Baron Harris of High Cross ( 10 December 1924 – 19 October 2006) was a British Economist. The Institute of Economic Affairs ( IEA) styles itself the UK's pre-eminent Free-market Think-tank, founded in 1955 ^[76]

Alan Greenspan argues that, while the term "laissez-faire" had been developed by the Physiocrats, it was Smith who developed the underlying principles. Alan Greenspan (born March 6 1926 in New York City) is an American Economist and was from 1987 to 2006 the Chairman of the Federal Reserve of ^[77]

The French Physiocrats, among others, struggled in the middle of the eighteenth century to develop rudimentary principles to untangle that conundrum. Those principles were an attempt to explain how an economy governed by a calculable regularity—that is, natural law and, as characterized by the Physiocrat Vincent de Tournay, "Laissez-faire, laissez-passer"—would function. The Physiocrats' influence, however, waned rapidly along with the influence of other political economists as evidence grew that their models were, at best, incomplete.

It was left to Adam Smith to identify the more-general set of principles that brought conceptual clarity to the seeming chaos of market transactions. In 1776, Smith produced one of the great achievements in human intellectual history: An Inquiry into the Nature and Causes of the Wealth of Nations. Most of Smith's free-market paradigm remains applicable to this day.

P. J. O'Rourke, author of the commentary On The Wealth of Nations (2007) describes Adam Smith as the "founder of free market economics" and has claimed that Smith's reasoning anticipated the Internet. Patrick Jake O'Rourke (born November 14, 1947 in Toledo Ohio) is a conservative American political satirist, journalist ^[78]

However, other writers have argued that Smith's support for laissez-faire has been overstated. Herbert Stein, in an article entitled "Adam Smith did not wear an Adam Smith necktie," wrote that the people who wear the Adam Smith tie do it "to make a statement of their devotion to the idea of free markets and limited government. Herbert Stein ( August 27, 1916 &ndash September 8, 1999) was a senior fellow at the American Enterprise Institute and was on the What stands out in the Wealth of Nations, however, is that their patron saint was not pure or doctrinaire about this idea. He viewed government intervention in the market with great skepticism. He regarded his exposition of the virtues of the free market as his main contribution to policy, and the purpose for which his economic analysis was developed. "Yet he was prepared to accept or propose qualifications to that policy in the specific cases where he judged that their net effect would be beneficial and would not undermine the basically free character of the system," wrote Stein. "He did not wear the Adam Smith necktie. " In Stein's reading, The Wealth of Nations could justify the Food and Drug Administration, The Consumer Product Safety Commission, mandatory employer health benefits, environmentalism, and "discriminatory taxation to deter improper or luxurious behavior. The United States Consumer Product Safety Commission (U S CPSC is an independent agency of the U Environmentalism is a broad philosophy and Social movement centered on a concern for the conservation and improvement of the environment. A Pigovian tax (also spelled Pigouvian tax) is a Tax levied to correct the negative externalities of a market activity "^[79]

Similarly, Vivienne Brown stated in The Economic Journal that in the 20th century United States, Reaganomics supporters, The Wall Street Journal, and other similar sources have spread among the general public a partial and misleading vision of Adam Smith, portraying him as an "extreme dogmatic defender of laissez-faire capitalism and supply-side economics". The Economic Journal is one of the leading scholarly journals of Economics. Reaganomics (a portmanteau of "Reagan" and "economics" refers to the Economic policies promoted by United States President Ronald Laissez-faire ( pronunciation: French,; English,) is a French phrase literally meaning Let do (“allow to do” Supply-side economics is an arguably heterodox school of Macroeconomic thought that argues that economic growth can be most effectively created using incentives for ^[80]

Noam Chomsky argues that Smith was a precursor of Marxian class analysis, saying,

He's pre-capitalist, a figure of the Enlightenment. Avram Noam Chomsky (noʊm ˈtʃɑmski born December 7 1928 is an American linguist, Philosopher, cognitive scientist, Political Class analysis is research in Sociology, Politics and Economics from the point of view of the stratification of the society into dynamic classes What we would call capitalism he despised [. . . ] He did give an argument for markets, but the argument was that under conditions of perfect liberty, markets will lead to perfect equality. That's the argument for them, because he thought that equality of condition (not just opportunity) is what you should be aiming at. It goes on and on. He gave a devastating critique of what we would call North-South policies. He was talking about England and India. He bitterly condemned the British experiments they were carrying out which were devastating India. ^[81]

Historians of economic thought including Jacob Viner regard Smith as a strong advocate of free markets and limited government (what Smith called "natural liberty") but not as a dogmatic supporter of laissez-faire. Jacob Viner ( May 3, 1892 - September 12, 1970) is best known for his enduring economic modelling of the firm, including the long- ^[82]

Notes

---

References

• Buchan, James (2006-08-21), The Authentic Adam Smith: His Life and Ideas, W. W. Norton & Company, ISBN 0393061213, <http://www.amazon.com/dp/0393061213> . Year 2006 ( MMVI) was a Common year starting on Sunday of the Gregorian calendar. Events 1192 - Minamoto Yoritomo becomes Seii Tai Shōgun and the De facto ruler of Japan. W W Norton & Company is an American book publishing company that has remained independent since its founding
• Buchholz, Todd (1999-08-26), New ideas from Dead Economists: An introduction to modern economic thought, Penguin Books, ISBN 0140283137, <http://www.amazon.com/dp/0140283137> . Year 1999 ( MCMXCIX) was a Common year starting on Friday (link will display full 1999 Gregorian calendar) Events 1071 - Battle of Manzikert: The Seljuk Turks defeat the Byzantine Army at Manzikert. Penguin Books is a British Publisher founded in 1935 by Allen Lane.
• Bussing-Burks, Marie (2003), Influential Economists, Minneapolis: The Oliver Press, ISBN 1-881508-72-2, <http://www.amazon.com/dp/1881508722> .
• Campbell, R. H. (1985), Adam Smith, Routledge, ISBN 0709934734 . Routledge is a publisher of non-fiction academic books and journals
• Hart, Michael H. (March 1989), The 100, Carol Publishing Group, ISBN 0806510684 . Michael H Hart (born April 28, 1932 in New York City) is an Astrophysicist who has also written three books on History and controversial The 100 A Ranking of the Most Influential Persons in History is a 1978 book by Michael H
• Rae, John (1895), Life of Adam Smith, New York City: Macmillan Publishers, ISBN 0722226586, <http://books.google.com/books?id=V80JAAAAIAAJ&printsec=frontcover&dq=Adam+Smith+-inauthor:%22Adam+Smith%22&ei=lCArSNj3K4uujgGNgtnCDQ#PPA4,M1> . John Rae (1845 &ndash 1915 was a Scottish journalist and biographer The City of New York Macmillan Publishers Ltd, also known as The Macmillan Group, is a privately-held International Publishing company owned by Georg von Holtzbrinck
• Ross, Ian Simpson (1995-12-14), The Life of Adam Smith, Oxford University Press, ISBN 0198288212 . Year 1995 ( MCMXCV) was a Common year starting on Sunday. Events of 1995 Events 1287 - St Lucia's flood: The Zuider Zee sea wall in the Netherlands collapses killing over 50000 people
• Skousen, Mark (2001), The Making of Modern Economics: The Lives and Ideas of Great Thinkers, M. Mark Skousen (born 1947) is an American Economist, Investment analyst, Newsletter editor, college professor E. Sharpe, ISBN 0765604809, <http://books.google.com/books?id=nsnl3hHPuowC> .
• Smith, Adam (1977-02-15), An Inquiry into the Nature and Causes of the Wealth of Nations, University Of Chicago Press, ISBN 0226763749 . Also 1977 (album by Ash. Year 1977 ( MCMLXXVII) was a Common year starting on Saturday (link displays Events 590 - Khosrau II is crowned as king of Persia 1637 - Ferdinand III becomes Holy Roman Emperor The University of Chicago Press is the largest University press in the United States
• Smith, Adam (1982), The Theory of Moral Sentiments, ed. D.D. Raphael and A.L. Macfie, vol. I of the Glasgow Edition of the Works and Correspondence of Adam Smith, Liberty Fund, ISBN 0865970122, <http://oll.libertyfund.org/title/192> .
• Smith, Vernon L. (1998), The Two Faces of Adam Smith, Southern Economic Journal 
• Viner, Jacob (1991), Essays on the Intellectual History of Economic Thought edited by Douglas A. Irvin. , Princeton University Press 
• This article incorporates public domain text from: Cousin, John William (1910). The public domain is a range of abstract materials &ndash commonly referred to as Intellectual property &ndash which are not owned or controlled by anyone A Short Biographical Dictionary of English Literature. A Short Biographical Dictionary of English Literature is a collection of biographies of writers by John William Cousin (1849-1910 published in 1910 London, J. M. Dent & sons; New York, E. P. Dutton.

Further reading

• Copley, Stephen (March 1995). Adam Smith's Wealth of Nations: New Interdisciplinary Essays. Manchester University Press. Manchester University Press is the University press of the University of Manchester, England. ISBN 0719039436.  
• Glahe, F. (June 1977). Adam Smith and the Wealth of Nations: 1776–1976. University Press of Colorado. The University Press of Colorado is a nonprofit publisher supported partly by Adams State College, Colorado State University, Fort Lewis College, Mesa ISBN 0870810820.  
• Haakonssen, Knud (2006-03-06). Year 2006 ( MMVI) was a Common year starting on Sunday of the Gregorian calendar. Events 1079 - Omar Khayyám completes the Iranian calendar. 1454 - Thirteen Years' War: Delegates of The Cambridge Companion to Adam Smith. Cambridge University Press. Cambridge University Press (known colloquially as CUP is a Publisher given a Royal Charter by Henry VIII in 1534 ISBN 0521779243.  
• Hollander, Samuel (June 1973). Samuel Hollander (born April 6, 1937) is a British / Canadian / Israeli Economist. Economics of Adam Smith. University of Toronto Press. The University of Toronto Press Inc (or UTP) is a Publishing house and an independent division of the University of Toronto that engages in Academic ISBN 0802063020.  
• Muller, Jerry Z. (1995-07-03). Year 1995 ( MCMXCV) was a Common year starting on Sunday. Events of 1995 Events 324 - Battle of Adrianople Constantine I defeats Licinius, who flees to Byzantium. Adam Smith in His Time and Ours. Princeton University Press. The Princeton University Press is an independent publisher with close connections to Princeton University. ISBN 0691001618.  
• O'Rourke, P. J. (2006-12-04). Year 2006 ( MMVI) was a Common year starting on Sunday of the Gregorian calendar. "December 4th" redirects here For the song by Jay-Z, see December 4th (song. On The Wealth of Nations. Grove/Atlantic Inc.. Grove/Atlantic Inc is a New York -based independent publishing house that was formed by the merger of Grove Press and Atlantic Monthly Press ISBN 0871139499.  

External links

• Works by Adam Smith at Project Gutenberg
• An Inquiry into the Nature and Causes of the Wealth of Nations at MetaLibri Digital Library (PDF)
• The Theory of Moral Sentiments at the Library of Economics and Liberty
• The Wealth of Nations, available at Project Gutenberg. Project Gutenberg, abbreviated as PG, is a volunteer effort to Digitize, archive and distribute Cultural works Project Gutenberg, abbreviated as PG, is a volunteer effort to Digitize, archive and distribute Cultural works
• Works and Correspondence of Adam Smith

Academic offices
Preceded by Robert Cunninghame-Grahame of Gartmore	Rector of the University of Glasgow 1787—1789	Succeeded by Walter Campbell of Shawfield

Persondata
NAME	Smith, Adam
ALTERNATIVE NAMES
SHORT DESCRIPTION	Scottish philosopher and economist
DATE OF BIRTH	June 5, 1723 (1723-06-05) O.S. (June 16 N.S.)
PLACE OF BIRTH	Kirkcaldy, Fife, Scotland
DATE OF DEATH	July 17, 1790
PLACE OF DEATH	Edinburgh, Scotland

Robert Graham (1735 – 1797 who took the name Cunninghame Graham, was a Scottish politician and poet The position of Lord Rector of the University of Glasgow is elected every three years by the students at the University of Glasgow. Walter Campbell of Shawfield (1741 – October 19, 1816) the grandson of Daniel Campbell (d Events 70 - Titus and his Roman Legions breach the middle wall of Jerusalem in the Siege of Jerusalem Year 1723 ( MDCCXXIII) was a Common year starting on Friday (link will display the full calendar of the Gregorian calendar (or a Old Style (or OS) and New Style (or NS) are used in English language historical studies either to indicate that the start of the Julian year Events 1487 - Battle of Stoke Field, the last dying breath of the Wars of the Roses. Old Style (or OS) and New Style (or NS) are used in English language historical studies either to indicate that the start of the Julian year Kirkcaldy (kɪrˈkɔːdi Cathair Chaladain) is a town and former Royal burgh in Fife, on the east coast of Scotland. Fife ( Gaelic: Fìobha) is a Council area of Scotland, situated between the Firth of Tay and the Firth of Forth, with inland Scotland ( Gaelic: Alba) is a Country in northwest Europethat occupies the northern third of the island of Great Britain. Events 180 - Twelve inhabitants of Scillium in North Africa are executed for being Christians Year 1790 ( MDCCXC) was a Common year starting on Friday (link will display the full calendar of the Gregorian calendar (or a Common year Edinburgh ( ˈɛdɪnb(ərə Dùn Èideann) is the Capital of Scotland and is its second largest city after Glasgow. Scotland ( Gaelic: Alba) is a Country in northwest Europethat occupies the northern third of the island of Great Britain.

---

© 2009 citizendia.org; parts available under the terms of GNU Free Documentation License, from http://en.wikipedia.org
Dapyx Software network: MP3 Explorer | Ebook Manager | Zenithic