Adam Smith Biography

Philosopher, Political Scientist, Journalist, Educator, Scholar, Economist (c. 17231790)

QUICK FACTS
NAME
Adam Smith
OCCUPATION
Philosopher, Political Scientist,Journalist, Educator, Scholar,Economist
BIRTH DATE
c. June 5, 1723
DEATH DATE
July 17, 1790
EDUCATION
University of Oxford, University of Glasgow, Burgh School
PLACE OF BIRTH
Kirkcaldy, Scotland
PLACE OF DEATH
Edinburgh, United Kingdom

SYNOPSIS

EARLY YEARS

PROFESSIONAL LIFE

THE WEALTH OF NATIONS

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Scottish social philosopher and political economist Adam Smith wrote The Wealth of Nations and achieved
the first comprehensive system of political economy.
Synopsis
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 isnt known, Adam Smiths 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.

Professional Life
In 1748, Adam Smith began giving a series of public lectures at the University of Edinburgh. Through
these lectures, in 1750 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 1751.
In 1759 Smith published The Theory of Moral Sentiments, a book whose main contention is that human
morality depends on sympathy between the individual and other members of society. On the heels of the
book, he became the tutor of the future Duke of Buccleuch (17631766) and traveled with him to France,
where Smith met with other eminent thinkers of his day, such as Benjamin Franklin and French economist
Turgot.

The 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 countrys wealth
was best measured by its store of gold and silver. Smith proposed that a nations wealth should be judged
not by this metric but by the total of its production and commercetoday known as gross
domestic product (GDP). He also explored theories of the division of labor, an idea dating back to Plato,
through which specialization would lead to a qualitative increase in productivity.
Smiths ideas are a reflection on economics in light of the beginning of the Industrial Revolution, and he
states that free-market economies (i.e., capitalist ones) are the most productive and beneficial to their
societies. He goes on to argue for an economic system based on individual self-interest led by an
invisible hand, which would achieve the greatest good for all.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 writte In 1787, Smith was named rector of the University of Glasgow, and
he died just three years later, at the age of 67.