Adam Smith
Adam Smith was a Scottish social philosopher and political economist in the 18th century, considered to be the father of modern economics. He was born on June 5th, 1723 in Kirkcaldy, Scotland. Smith wrote 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 often abbreviated as The Wealth of Nations. He also published The History of Astronomy (1795) and Lectures on Jurisprudence (1762–1766).
Smith studied moral philosophy at Glasgow University and then at Oxford University. He has been credited with establishing the discipline of political economy which focused on the role money plays in society and the working of supply and demand between buyers and sellers. Smith argued that the division of labour is advantageous to the productive efficiency of a society, a concept that is known as the invisible hand.
Smith believed in the laws of supply and demand, so he advocated laissez-faire economic policies. This meant no government intervention or regulation, resulting in minimal financial regulations or tariffs on international or domestic trade. Smith opposed almost all government monopolies, and he particularly disliked corporations like the British East India Company that used their chartered privileges to operate like a government.
Smiths theories have been highly influential among economists and social scientists. Many of his ideas are still relevant today, such as his observations of the workings of the free market economy, the effects of self-interest on social welfare, the role of specialization and division of labour, the invisible hand principle and the role of the state in promoting economic prosperity.
Today, Smith is widely viewed as an important and influential thinker, and his works have been studied and examined by generations of scholars. Smiths works are frequently cited in academic journals, books, and in the media, and he is remembered as one of the most influential contributors to the field of economics. His works are seen as precursors to modern economics and one of the foundations of modern economic thought.
