This is all about Adam Smith.

1. ADAM SMITH

2. • BORN: 16 JUNE
1723, KIRKCALDY, UNITED
KINGDOM
• DIED: 17 JULY
1790, EDINBURGH, UNITED
KINGDOM
• EDUCATION: KIRKCALDY HIGH
SCHOOL (1729–1737), MORE
• PARENTS: MARGARET
DOUGLAS, ADAM SMITH

3. Adam Smith is often identified as the father of modern
capitalism.
Adam Smith FRSA was a Scottish economist, philosopher,
and author. He was a moral philosopher, a pioneer of
political economy, and was a key figure during the Scottish
Enlightenment era.
Smith published a large body of works throughout his
life, beginning with his first book, "The Theory of Moral
Sentiments", written in 1759, and ending with
the "Essays on Philosophical Subjects" which was
published posthumously in 1795.

4. • SMITH LAID THE FOUNDATIONS OF
CLASSICAL FREE MARKET ECONOMIC
THEORY. THE WEALTH OF NATIONS WAS A
PRECURSOR TO THE MODERN ACADEMIC
DISCIPLINE OF ECONOMICS. IN THIS AND OTHER
WORKS, HE DEVELOPED THE CONCEPT
OF DIVISION OF LABOUR, AND EXPOUNDED UPON
HOW RATIONAL SELF-INTEREST AND COMPETITION
CAN LEAD TO ECONOMIC PROSPERITY.

5. Adam Smith believed that a market that was left to itself
would be the most efficient in creating all the things that
people wanted at the lowest possible prices. He believed that
people, trying only to fulfill their best interests, would create a
system that would be best for everyone. This was his concept
of the best possible economy being created by the “invisible
hand.” Smith also believed in free trade. He was strongly
opposed to the mercantilist ideas of his time. This was, he
felt, another form of government intervention. Free trade
would, he thought, bring more prosperity to everyone
involved.

6. He states that virtues emanate from a person's ability
to adjust their feelings to reflect what others are
feeling, or in other words the attempt to place oneself
in other people's circumstances. He came to the
conclusion that by impartially sympathizing with others
one morally approves of what is felt by others. He went
further to establish two guides (rules and virtues) to
action as they relate to morality.

7. • THE WEALTH OF NATIONS, AS IT IS MOST OFTEN
CALLED, IS NOT A BOOK ON ECONOMICS. ITS
SUBJECT IS "POLITICAL ECONOMY," A MUCH
MORE EXPANSIVE MIXTURE OF PHILOSOPHY,
POLITICAL SCIENCE, HISTORY, ECONOMICS,
ANTHROPOLOGY, AND SOCIOLOGY.

8. Adam Smith Quotes
It is not from the benevolence of the butcher, the brewer,
or the baker that we expect our dinner, but from their
regard to their own interest.
Man is an animal that makes bargains: no other animal
does this - no dog exchanges bones with another.
Science is the great antidote to the poison of enthusiasm
and superstition.

9. Smith is best known for two classic works: The Theory of
Moral Sentiments (1759), and An Inquiry into the Nature
and Causes of the Wealth of Nations (1776). The latter,
usually abbreviated as The Wealth of Nations, is
considered his magnum opus and the first modern work
of economics. Smith is cited as the father of modern
economics and is still among the most influential thinkers
in the field of economics today.

10. THANK YOU!!!