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Adam Smith
The Father Of Economics
Objective -
• Early Life
• Education
• Books
• Theory of moral sentiment
• Wealth of nation
• Invisible hand
Early Life -
• Adam smith was born in Scotland (1723).
• His farther name is also Adam smith and he was a Scottish writer and
advocate.
• Two months before smith was born, his father dead.
Education -
• Smith studied social philosophy at university of Glasgow and oxford
university.
• Smith is a famous economist, philosopher as well as moral philosopher
and political economy.
Books -
• Wealth of nation (1776) • Theory of moral sentiments(1759)
Theory Of Moral Sentiment -
• Smith published the theory of moral sentiment in 1759.
• Smith depends mutual sympathy on the basis of moral sentiment.
• It provided the understanding of ethical, philosophical, psychological, and
methodological works.
Theory Of Moral Sentiment -
Wealth Of Nation -
Productivity is a king
• Due to increase in productivity
the wealth will be increase.
 Division of labor
• Skill
 Avoiding loss of time between
switching task.
 Proper use of machinery.
Wealth Of Nation –
Money
• Money Facilitates Exchanges.
• Exchange is based on the values.
• Money Improve Productivity
Of Exchange.
Wealth Of Nation –
• Real Price – Real price of any good is the labor which is spend producing it.
• Nominal Price – The nominal price is measure in term of actual price that
exist at a time.
Wealth Of Nation –
Three
component of
price
Wages Profit Rent
Invisible Hand –
• Without any intervention the market is
come in equilibrium.
• Equilibrium market is also called free
market
Invisible Hand -
Quotes –

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Adam smith

  • 1. Adam Smith The Father Of Economics
  • 2. Objective - • Early Life • Education • Books • Theory of moral sentiment • Wealth of nation • Invisible hand
  • 3. Early Life - • Adam smith was born in Scotland (1723). • His farther name is also Adam smith and he was a Scottish writer and advocate. • Two months before smith was born, his father dead.
  • 4. Education - • Smith studied social philosophy at university of Glasgow and oxford university. • Smith is a famous economist, philosopher as well as moral philosopher and political economy.
  • 5. Books - • Wealth of nation (1776) • Theory of moral sentiments(1759)
  • 6. Theory Of Moral Sentiment - • Smith published the theory of moral sentiment in 1759. • Smith depends mutual sympathy on the basis of moral sentiment. • It provided the understanding of ethical, philosophical, psychological, and methodological works.
  • 7. Theory Of Moral Sentiment -
  • 8. Wealth Of Nation - Productivity is a king • Due to increase in productivity the wealth will be increase.  Division of labor • Skill  Avoiding loss of time between switching task.  Proper use of machinery.
  • 9. Wealth Of Nation – Money • Money Facilitates Exchanges. • Exchange is based on the values. • Money Improve Productivity Of Exchange.
  • 10. Wealth Of Nation – • Real Price – Real price of any good is the labor which is spend producing it. • Nominal Price – The nominal price is measure in term of actual price that exist at a time.
  • 11. Wealth Of Nation – Three component of price Wages Profit Rent
  • 12. Invisible Hand – • Without any intervention the market is come in equilibrium. • Equilibrium market is also called free market