FATHER OF ECONOMICS

1. Adam Smith Biography
Philosopher, Political Scientist, Journalist, Educator, Scholar, Economist (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.
Synopsis
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.
Early Years
While his exact date of birth isn’t known, Adam Smith’s baptism was recorded on June 5,
1723, in Kirkcaldy, Scotland. He attended the Burgh School, where he studied Latin,
mathematics, history and writing. Smith entered the University of Glasgow when he was 14
and in 1740 went to Oxford.

2. 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.
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.
The 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 national 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.
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.
In 1787, Smith was named rector of the University of Glasgow, and he died just three years
later, at the age of 67.