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Adam Smith

Adam Smith was an 18th century Scottish philosopher known as the "father of modern economics". He published two influential works, The Theory of Moral Sentiments in 1759 and An Inquiry into the Nature and Causes of the Wealth of Nations in 1776. In Wealth of Nations, Smith introduced concepts like the invisible hand of the free market and division of labor that helped define modern capitalism and economic theory. He believed rational self-interest and competition could lead to economic prosperity through a system with minimal government intervention. Smith's work helped drive the transition from land-based wealth to industrial production and assembly line methods.

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152 views1 page

Adam Smith

Adam Smith was an 18th century Scottish philosopher known as the "father of modern economics". He published two influential works, The Theory of Moral Sentiments in 1759 and An Inquiry into the Nature and Causes of the Wealth of Nations in 1776. In Wealth of Nations, Smith introduced concepts like the invisible hand of the free market and division of labor that helped define modern capitalism and economic theory. He believed rational self-interest and competition could lead to economic prosperity through a system with minimal government intervention. Smith's work helped drive the transition from land-based wealth to industrial production and assembly line methods.

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Annie Moosavian

Adam Smith
The father of modern economics

Born: June 5, 1723 in the country of Fife in Scotland


Was a Scottish moral philosopher and a pioneer of political economy
Smith was the key figure of Scottish Enlightenment (was the period in 18th century
Scotland characterized by an outpouring of intellectual and scientific accomplishments)
Best known for two classic works:
1) The Theory of Moral Sentiments (1759)
- Provided the ethical, philosophical, psychological and methodical
underpinnings to Smiths later works
2) An Inquiry into the Nature and Causes of the Wealth of Nations (1776)
- Book offers one of the worlds first collected description of what builds
nations wealth and is today a fundamental work in classic economic
Smith is known as the father of modern economics and is still among the most
influential thinkers in the field of economics today
Studied social philosophy at University of Glasgow and at Bailliol College, Oxford
He believed that rational self-interest and competition can lead to economic prosperity
Known as the worlds free-mark capitalist and major proponent of laissez-faire
economic policies
- Capitalism: an economic and political system in which countrys trade and
industry are controlled by private owners for profit rather than the state
- Laissez- Fair: philosophies that included minimizing the role of government
intervention and taxation in the free market
Invisible hand was a metaphor created by Adam Smith to describe the self-regulating
behavior of the marketplace
Smith did not invent many of the ideas that he wrote about, however he was the first
person to compile then in a format designed to explain them to the average reader
Smith applies a similar logic regarding wealth generation and efficiency to British rule
over the American colonies
His calculations showed that the cost of maintaining the colonies was simply not worth
the return on the investment
Smith believes that when a nation is populated with citizens working productively to
better themselves and address their financial needs it creates wealth
His ideas promoted generated international attention and helped drive the move from
land-based wealth to wealth created by assembly-line production methods driven by
division of labor

Smith, Lisa. "Adam Smith: The Father Of Economics." Investopedia. N.p., n.d. Web. 13 Oct. 2014.
"Adam Smith." Wikipedia. Wikimedia Foundation, 13 Oct. 2014. Web. 14 Oct. 2014.

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