Adam Smith (1723-1790) was a Scottish philosopher and economist widely regarded as the founder of modern economics through his 1776 book "An Inquiry into the Nature and Causes of the Wealth of Nations." In it he argued that individuals pursuing their own self-interest within a competitive market, guided as if by an "invisible hand," tend to produce outcomes beneficial to society as a whole, and he set out an influential account of the division of labor, using the example of a pin factory to show how specialization dramatically increases productivity. The book also argued against mercantilist trade restrictions and in favor of free markets and limited government interference in most economic activity, positions that shaped economic policy debates for the following two and a half centuries. Smith had earlier published "The Theory of Moral Sentiments" in 1759, a work on ethics and sympathy some scholars view as inseparable from his later economic thought.
Facts
RoleScottish economist and philosopher, a pioneer of political economy 1 Birth DateBaptism date, New Style (O.S. 5 June 1723); the exact birth date itself is not recorded, only the baptism. BirthplaceKirkcaldy, Fife, Scotland 1 Role
Role (category) FAQs
What did Adam Smith do before he wrote The Wealth of Nations?
He held a moral philosophy professorship at Glasgow from 1751 and published The Theory of Moral Sentiments in 1759.
According to the Encyclopedia.com biography of Smith, he was appointed to the professorship of moral philosophy at Glasgow in 1751. It says his fame grew steadily over the next twelve years, especially after the publication of his first book in 1759, The Theory of Moral Sentiments.
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1. Wikipedia: Adam Smith
Wikipediainfobox: Born
The date of Smith's baptism into the Church of Scotland at Kirkcaldy was 5 June 1723 and this has often been treated as if it were also his date of birth, which is unknown.
infobox: Died
Died: 17 July 1790 (aged 67), Edinburgh, Scotland
opening sentence
Adam Smith (baptised 16 June [O.S. 5 June] 1723 - 17 July 1790) was a Scottish economist and philosopher who was a pioneer in the field of political economy and key figure during the Scottish Enlightenment.
Adam Smith: Gender
Adam Smith (1723-1790) was a Scottish philosopher and economist widely regarded as the founder of modern economics through his 1776 book "An Inquiry into the Nature and Causes of the Wealth of Nations." In it he argued that individuals pursuing their own self-interest within a competitive market, guided as if by an "invisible hand," tend to produce outcomes beneficial to society as a whole, and he set out an influential account of the division of labor, using the example of a pin factory to show how specialization dramatically increases productivity.
In Era: The Early Modern Period, lead paragraph, lifespan
Infobox: born ; died 1790-7-17
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