Adam Smith was a Scottish economist born in 1723. He is known as the father of modern economics and capitalism. After being educated at Oxford and Glasgow universities, Smith worked as a professor of logic and moral philosophy. His major works included The Theory of Moral Sentiments in 1759 and An Inquiry into the Nature and Causes of the Wealth of Nations in 1776, which argued that free markets and division of labor were more effective than regulations. Smith believed that when each person pursued their own self-interest, it benefited society through an "invisible hand." His ideas influenced economic policies and theories of capitalism.

1. Adam Smith Posted: January 1788 My name is Adam Smith. I was born in Kirkcaldy, Fife, Scotland. Its hard to believe that a man of my age does not even know the date of my birth. I have knowledge that I was baptized on June the 5th of 1723 and was born shortly before that. I never knew my father, for he had died shortly before my birth, and so I was raised by my mother all through my childhood until I was awarded a scholarship at fourteen years of age to attend Glasgow University. From Glasgow I moved on to Oxford, to attend Balliol College at the age of seventeen. My education was focused on European Literature and I left school with a good understanding of classical and contemporary philosophy. Adam Smith After I had finished my schooling, I returned back home to find work. I came across a job delivering lectures about economics, history and other topics. Presenting these lectures made a deep impression on my views and helped me to develop many of my later works. Delivering the lectures also landed me a job at the age of twenty-seven as a Professor of Logic at Glasgow University and in 1752 I transferred and became the Professor of Moral Philosophy, which embraces, natural theology, ethics, jurisprudence and political economy.

2. In 1759 my first piece was published, “The Theory of Moral Sentiments”, which addresses how moral principles have social feelings and sympathy as their basis. In 1764, I resigned from my Professorship and became the travelling tutor for the young Duke of Buccleuch. Perhaps my greatest work was published in 1776 entitled “An Inquiry into the Nature and Causes of the Wealth of Nations.” This piece of work was my argument towards my theory of the invisible hand and affected contemporary economic policies, based upon a mixture of descriptions, historical accounts and recommendations. My ideas behind it are based upon the essential need for free trade in order for the maximum development, whereas the wealth of a nation is gauged by the number and variety of consumer goods which can be produced. Government control is not necessary, but there is a need for certain boundaries to accomplish economic freedom. If each person pursues there own interests, then common benefit for all will be apparent, because everyone will pursue to become wealthier, which in turn will move society forward. After my masterpiece was published I moved to Edinburgh, Scotland and worked as Commissioner of Customs. Five years later in 1783 I was a founding member of the Royal Society of Edinburgh.

3. Oh Adam Smith, what an intriguing character he was. He had this idea that the power of every man improving his own condition in society will maintain the natural progress of things towards improving. He really felt that pursuing personal wealth may not fully satisfy the individual but could lead to the increase in wealth that is in the best interest of the nation. I believe these ideas are very important because if each person pursues their own interests, in the end, this will be beneficial to society and its people. From the people of the 1700’s

4. Smith believed that people are born with a moral sense, just as they have inborn ideas of beauty or harmony. Our conscience tells us what is right and wrong: and that is something natural. It is not something given to us by lawmakers or by rational analysis. And to support his theory, He believed we also have a natural fellow-feeling, which he calls "sympathy". I believe these natural senses of conscience and sympathy ensure that human beings can and do live together in orderly and beneficial social organizations. So our morality is the product of our nature, not our reason. From reading “The Theory of Moral Sentiments” I agreed with the establishment in a new liberalism, in which social organization is seen as the outcome of human action but not necessarily of human design. From the 60’s!

5. Adam Smith’s idea of a free market increasing the wealth of a nation and restrictions on trade diminishing this wealth is very important to our society today. We have developed the European Economic Community in order for easy trade and movement among the European nations. This has allowed for each nation to benefit and the people within these nations are able to develop personal wealth. All in all, moving the economy forward. We have developed Adam Smiths’ idea of not seeing competition as a threat, but to use it as a pro in order to encourage businesses to produce goods we want at an good price, as well as being efficient. He was made a respected figure among the free market by his notion that markets are driven toward the public good by an “invisible hand.” From 2009 !

6. Bibliography Adam Smith Institute. (2003). The Wisdom of Adam Smith. Retrieved September 16, 2009, from http://www.adamsmith.org/smith/quotes.htm Brainy Media. (2009). Retrieved September 16, 2009, from Brainy Quotes: http://www.brainyquote.com/quotes/quotes/a/adamsmith136391.html Liberty Fund, Inc. . (200). Adam Smith. Retrieved September 17, 2009, from Library of Economics and Liberty: http://www.econlib.org/library/Enc/bios/Smith.html Rassmussen, H. (2009). The Life and Works Adam Smith. Retrieved September 17, 2009, from New York Times: http://economics.about.com/od/famouseconomists/a/adamsmith.htm Read Print. (2009). Adam Smith. Retrieved September 17, 2009, from http://www.readprint.com/author-74/Adam-Smith-books University of Cambridge. (2009). Adam Smith and the Invisible Hand. Retrieved September 16, 2009, from Plus Magazine: http://plus.maths.org/issue14/features/smith/ Adam Smith. (2009). In Encyclopædia Britannica. Retrieved September 16, 2009, from Encyclopædia Britannica Online: http://www.britannica.com/EBchecked/topic/549630/Adam-Smith