ECONOMIST BIOGRAPHY: ADAM SMITH

Economist biography: Adam Smith

Economist biography: Adam Smith

Introduction

Adam Smith was born in Kirkcaldy, Fife, Scotland. The exact date of his birth is unknown; however, he was baptized June 5, 1723. (Buchholz 1999)

Biographical Information

Smith was the Scottish philosopher who became famous for his book "The Wealth of Nations" written in 1776, which had a profound influence on modern economics and the concept of individual freedom. In 1751, Smith was appointed professor of logic at Glasgow University, transferring in 1752 to the chair of moral philosophy. His addresses covered the different fields of ethics, rhetoric, law jurisprudence and political economy, or "police and revenue." (Buchan 2006) In 1759, he published his Theory of Moral Sentiments, embodying some of his Glasgow lectures. This work is about the ethical standards of behavior that hold society together, focusing on the general harmony of human motives and activities under a benevolent Providence.

Professional Contributions in the field of Economics

Smith moved to London in 1776, where he published a survey on the Nature and Causes of the Wealth of Nations, which examined in detail the consequences of economic freedom. It focused on concepts such as the role of interest, the division of labor, functioning markets and the international implications of a liberal economy. "Wealth of Nations"(Bonar 1895) established economics as an autonomous subject and launched the economic doctrine of free enterprise.

Smith laid the logical agenda that elucidated the free market and remains true today. It is mostly known for the phrase "invisible hand", he used to show how the interest guides the most efficient use of resources in the economy of a country with excellent public who may as a byproduct. To underscore his laissez-government convictions, Smith argued that state efforts and personnel to promote the welfare of all is trivial compared to unbridled market forces. In 1778 he was appointed a commissioner of customs in Edinburgh, Scotland. He died July 17, 1790, after an illness. In the end it was discovered that Smith had devoted a considerable portion of his income to numerous secret acts of charity. (Buchan 2006)At 14, Adam Smith left for Glasgow University in scholarship and later studied at Oxford as well. He left Oxford with a contempt for schools and teachers in English, and made his career in Glasgow, first as president of logic, then chairman of moral philosophy.

Although shy and reserved, Smith was a good speaker when excited about it, and loved by his students. In 1759 he published his first of only two books, The Theory of Moral Sentiments, which deals with the friendliness of the people in person. Smith has always believed that people with no self-interest conflicts with his desire to help others and this sympathy between the stock is a fundamental part of human nature. (Buchan 2006) In 1764, Smith left off teaching to accept a position as tutor to the son of a duke and spent several years in the continent, especially France, to meet many French thinkers celebrated the ...