Adam Smith - His Life
Adam Smith was born in Kirkcaldy Scotland in 1723. When he was 17 years old he went to Oxford and in 1951 he became a professor of Logic at Glasgow. The next year he took the Chair of Moral Philosophy. In 1759, he published his Theory of Moral Sentiments
. It 1776 he published his masterpiece: An Inquiry into the Nature and Causes of the Wealth of Nations
. After living in both France and London Adam Smith returned to Scotland in 1778 when he was appointed commissioner of customs for Edinburgh. Adam Smith died on July 17th, 1790 in Edinburgh. He was buried in the Canongate churchyard.
Adam Smith - His Work
Adam Smith is often described as the "founding father of economics". A great deal of what is now considered standard theory about the theory about markets was developed by Adam Smith. Two books, Theory of Moral Sentiments
and An Inquiry into the Nature and Causes of the Wealth of Nations
are of great importance.
Adam Smith - Theory of Moral Sentiments (1759)
In Theory of Moral Sentiments
Adam Smith developed the foundation for a general system of morals. It is a very important text in the history of moral and political thought. It provides the ethical, philosophical, psychological and methodological underpinnings to Smith's later works. In Theory of Moral Sentiment
Smith states that man as self-interested and self-commanded. Individual freedom, according to Smith, is rooted in self reliance, the ability of an individual to pursue his self-interest while commanding himself based on the principles of natural law.
Adam Smith - An Inquiry into the Nature and Causes of the Wealth of Nations (1776)
The Wealth of Nations
is a five book series and considered to be the first modern work in the field of economics. Using very detailed examples Adam Smith attempted to reveal the nature and cause of a nation's prosperity. Through his examination he developed a critique of the economic system. Most commonly known are Smith's critique of mercantilism and his concept of the Invisible Hand. Adam Smith's arguments are still used and cited today in debates. Not everyone agrees with Smith's ideas. Many see Smith as an advocate of ruthless individualism. Regardless of how Smith's ideas are viewed An Inquiry into the Nature and Causes of the Wealth of Nations
is considered to be and is arguably the most important book on the subject ever published. Without a doubt, it is the most seminal text in the field of free-market capitalism