Adam Smith

Early Life

Adam Smith was born in Kirkcaldy, Scotland, in 1723. His father, also named Adam Smith, was a lawyer and civil servant who died two months before Smith's birth. His mother, Margaret Douglas, played a significant role in his upbringing, especially in shaping his intellectual pursuits. Smith was a precocious child, and he was accepted into the University of Glasgow at the age of fourteen.

At the University of Glasgow, Smith was deeply influenced by "the never-to-be-forgotten" Francis Hutcheson, a philosopher who held the Chair of Logic and then the Chair of Moral Philosophy. Hutcheson was an early proponent of utilitarianism and a significant influence on the Scottish Enlightenment.

Education and Early Career

After graduating from Glasgow in 1740, Smith won a scholarship (the Snell Exhibition) to study at Balliol College, Oxford. His time at Oxford was less satisfactory than his years in Glasgow. He found the professors to be less engaging and the curriculum too rigid. Despite this, Smith used the resources of Oxford's vast library to continue his wide-ranging self-education.

In 1746, Smith returned to Scotland and began giving public lectures in Edinburgh. These lectures covered a variety of topics, including rhetoric, literature, and the philosophy of law. His lectures were well-received, and he gained a reputation as a brilliant thinker and engaging speaker.

The Theory of Moral Sentiments

In 1759, Smith published his first book, "The Theory of Moral Sentiments". The book was an immediate success and brought Smith considerable fame. In it, Smith described his theory of moral judgment, where he proposed that morality is based on sympathy. He argued that our sense of right and wrong arises from our ability to understand and share the emotions of others, a concept he termed "sympathy" or "fellow-feeling".

The Wealth of Nations

Smith's most notable work, "An Inquiry into the Nature and Causes of the Wealth of Nations" (often simply referred to as "The Wealth of Nations"), was published in 1776. This work is considered the foundational text of modern economics. In it, Smith argued against mercantilism, the economic theory that dominated Europe during that time, and proposed a system of free trade based on the division of labor and voluntary exchange, which he believed would lead to a nation's wealth.

Later Life and Death

In his later years, Smith held a series of public offices, including Commissioner of Customs in Scotland and Rector of the University of Glasgow. Despite his public duties, he continued to write and revise his earlier works. He died in 1790 at the age of 67.

Legacy

Adam Smith's ideas have had a profound impact on the field of economics and the policies of governments worldwide. His advocacy for free trade and his critique of mercantilism have influenced economic policy for over two centuries. His concept of the "invisible hand" – the idea that individual self-interest can lead to collective benefit – remains a central idea in economics.