Adam Smith Biography

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

1723–1790)

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

Who Was Adam Smith?

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.

'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 country’s wealth was best measured by its
store of gold and silver. Smith proposed that a nation’s wealth should be judged not by
this metric but by the total of its production and commerce—today 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.
Adam Smith's Main Beliefs

Smith’s 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 written.

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.

More Books by Adam Smith

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 (1763–1766) and traveled with him to France, where Smith met
with other eminent thinkers of his day, such as Benjamin Franklin and French economist
Turgot.