Adam Smith

SmithA SmithAdam Smith’sNeo-SmithianSmithian[Adam] SmithAdamAdam-Smith-Bicentenary-AwardSmith, Adamthe famous theorist
Adam Smith ( 1723 – 17 July 1790) was a Scottish economist, philosopher and author as well as a moral philosopher, a pioneer of political economy and a key figure during the Scottish Enlightenment, also known as or.wikipedia
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Scottish Enlightenment

EnlightenmentScottishEdinburgh Enlightenment
Adam Smith ( 1723 – 17 July 1790) was a Scottish economist, philosopher and author as well as a moral philosopher, a pioneer of political economy and a key figure during the Scottish Enlightenment, also known as or.
Among the Scottish thinkers and scientists of the period were Francis Hutcheson, David Hume, Adam Smith, Dugald Stewart, Thomas Reid, Robert Burns, Adam Ferguson, John Playfair, Joseph Black and James Hutton.

The Wealth of Nations

Wealth of NationsAn Inquiry into the Nature and Causes of the Wealth of NationsAdam Smith
Smith wrote two classic works, The Theory of Moral Sentiments (1759) and An Inquiry into the Nature and Causes of the Wealth of Nations (1776).
An Inquiry into the Nature and Causes of the Wealth of Nations, generally referred to by its shortened title The Wealth of Nations, is the magnum opus of the Scottish economist and moral philosopher Adam Smith.

Political economy

political economistpolitical economicspolitical economists
Adam Smith ( 1723 – 17 July 1790) was a Scottish economist, philosopher and author as well as a moral philosopher, a pioneer of political economy and a key figure during the Scottish Enlightenment, also known as or.
The earliest works of political economy are usually attributed to the British scholars Adam Smith, Thomas Malthus, and David Ricardo, although they were preceded by the work of the French physiocrats, such as François Quesnay (1694–1774) and Anne-Robert-Jacques Turgot (1727–1781).

The Theory of Moral Sentiments

Theory of Moral Sentimentssympathy
Smith wrote two classic works, The Theory of Moral Sentiments (1759) and An Inquiry into the Nature and Causes of the Wealth of Nations (1776).
The Theory of Moral Sentiments is a 1759 book by Adam Smith.

Absolute advantage

absolute
In his work, Adam Smith introduced his theory of absolute advantage.
Adam Smith first described the principle of absolute advantage in the context of international trade, using labor as the only input.

Balliol College, Oxford

Balliol CollegeBalliolBalliol College Oxford
Smith studied social philosophy at the University of Glasgow and at Balliol College, Oxford, where he was one of the first students to benefit from scholarships set up by fellow Scot John Snell. In 1740, Smith was the graduate scholar presented to undertake postgraduate studies at Balliol College, Oxford, under the Snell Exhibition.
The college's alumni include the Prime Minister of the United Kingdom, Boris Johnson MP, as well as three former prime ministers (H. H. Asquith, who once described Balliol men as possessing "the tranquil consciousness of an effortless superiority", Harold Macmillan, and Edward Heath), Harald V of Norway, Empress Masako of Japan, five Nobel laureates, and numerous literary and philosophical figures, including Adam Smith, Gerard Manley Hopkins, and Aldous Huxley.

University of Glasgow

Glasgow UniversityGlasgowGlasgow College
Smith studied social philosophy at the University of Glasgow and at Balliol College, Oxford, where he was one of the first students to benefit from scholarships set up by fellow Scot John Snell. Smith entered the University of Glasgow when he was 14 and studied moral philosophy under Francis Hutcheson.
Alumni or former staff of the university include James Wilson (a founding father of the United States), philosopher Francis Hutcheson, engineer James Watt, philosopher and economist Adam Smith, physicist Lord Kelvin, surgeon Joseph Lister, seven Nobel laureates, and three British Prime Ministers.

Kirkcaldy

KirkaldyKirkcaldy, FifeKirkcaldy, Scotland
Smith was born in Kirkcaldy, in the County of Fife, Scotland.
Kirkcaldy is also known as the birthplace of social philosopher and economist Adam Smith who wrote his magnum opus The Wealth of Nations in the town.

Francis Hutcheson (philosopher)

Francis HutchesonHutcheson
Smith entered the University of Glasgow when he was 14 and studied moral philosophy under Francis Hutcheson.
Hutcheson was an important influence on the works of several significant Enlightenment thinkers, including David Hume and Adam Smith.

Kirkcaldy High School

Burgh SchoolBurgh School of Kirkcaldy
He attended the Burgh School of Kirkcaldy—characterised by Rae as "one of the best secondary schools of Scotland at that period" —from 1729 to 1737, he learned Latin, mathematics, history, and writing.

Free market

free-marketfree enterprisefree markets
Smith laid the foundations of classical free market economic theory.
This contention arose from the divergence from classical economists such as Richard Cantillon, Adam Smith, David Ricardo and Thomas Robert Malthus and from the continental economic science developed primarily by the Spanish scholastic and French classical economists, including Anne-Robert-Jacques Turgot, Baron de Laune, Jean-Baptiste Say and Frédéric Bastiat.

Division of labour

division of laborspecializationspecialised
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.
In the first sentence of An Inquiry into the Nature and Causes of the Wealth of Nations (1776), Adam Smith foresaw the essence of industrialism by determining that division of labour represents a substantial increase in productivity.

David Hume

HumeHumeanHume, David
After graduating, he delivered a successful series of public lectures at the University of Edinburgh, leading him to collaborate with David Hume during the Scottish Enlightenment.
Even Adam Smith, his personal friend who had vacated the Glasgow philosophy chair, was against his appointment out of concern public opinion would be against it.

Snell Exhibition

Snell ExhibitionerBalliol scholarshipSnell scholar
In 1740, Smith was the graduate scholar presented to undertake postgraduate studies at Balliol College, Oxford, under the Snell Exhibition.
By Adam Smith's day, the bequest was mostly regarded as an educational charity, though its exact status was not settled until later.

Laissez-faire

laissez fairelaissez-faire capitalismlaissez-faire economics
Physiocrats were opposed to mercantilism, the dominating economic theory of the time, illustrated in their motto Laissez faire et laissez passer, le monde va de lui même! (Let do and let pass, the world goes on by itself!).
Laissez-faire capitalism started being practiced in the mid-18th century and was further popularized by Adam Smith's book The Wealth of Nations.

Henry Home, Lord Kames

Lord KamesHenry HomeHenry Home (Lord Kames)
Smith began delivering public lectures in 1748 at the University of Edinburgh, sponsored by the Philosophical Society of Edinburgh under the patronage of Lord Kames.
A central figure of the Scottish Enlightenment, a founder member of the Philosophical Society of Edinburgh, and active in the Select Society, he acted as patron some of the most influential thinkers of the Scottish Enlightenment, including the philosopher David Hume, the economist Adam Smith, the writer James Boswell, the chemical philosopher William Cullen, and the naturalist John Walker.

Moral sense theory

sentimentalismmoral senseSentimentalism (philosophy)
Smith defined "mutual sympathy" as the basis of moral sentiments.
Popular historical advocates of some version of the moral sense theory or sentimentalism include the 3rd Earl of Shaftesbury (1671–1713), Francis Hutcheson (1694–1746), David Hume (1711–1776), and Adam Smith (1723–1790).

Canongate Kirkyard

Canongate Churchyard
His body was buried in the Canongate Kirkyard.
The most celebrated burials at the kirkyard are the economist Adam Smith and the poet Robert Fergusson, but many other notable people were interred in the cemetery.

Physiocracy

Physiocratsphysiocratphysiocratic
Here, Smith met Benjamin Franklin, and discovered the Physiocracy school founded by François Quesnay.
It immediately preceded the first modern school, classical economics, which began with the publication of Adam Smith's The Wealth of Nations in 1776.

Mercantilism

mercantilistmercantilemercantilists
Physiocrats were opposed to mercantilism, the dominating economic theory of the time, illustrated in their motto Laissez faire et laissez passer, le monde va de lui même! (Let do and let pass, the world goes on by itself!). For example, Smith lectured that the cause of increase in national wealth is labour, rather than the nation's quantity of gold or silver, which is the basis for mercantilism, the economic theory that dominated Western European economic policies at the time.
In Europe, academic belief in mercantilism began to fade in the late-18th century after the British seize and control of the Mughal Bengal, a major trading nation, and the establishment of the British India through the activities of the East India Company, in light of the arguments of Adam Smith (1723-1790) and of the classical economists.

Edinburgh

Edinburgh, ScotlandCity of EdinburghEdinburgh, United Kingdom
On the death of Mrs. Bannerman in 1879, her portion of the library went intact to the New College (of the Free Church) in Edinburgh and the collection was transferred to the University of Edinburgh Main Library in 1972.
Such luminaries as David Hume and Adam Smith shone during this period.

Professor of Moral Philosophy (Glasgow)

Professor of Moral PhilosophyChair of Moral PhilosophyProfessor of Moral Philosophy, Glasgow
When the head of Moral Philosophy in Glasgow died the next year, Smith took over the position.

John Rae (biographer)

John Rae
Although few events in Smith's early childhood are known, the Scottish journalist John Rae, Smith's biographer, recorded that Smith was abducted by Romas at the age of three and released when others went to rescue him.
The long-time editor of The Contemporary Review, and contributor to The British Quarterly Review, he became famous for his 1895 biography of Adam Smith, Life of Adam Smith, which replaced the Biographical Memoir of Adam Smith of 1811, by Dugald Stewart, as the standard Smith reference.

Thomas Reid

ReidCommon Sense Philosophy of Thomas ReidReid, Thomas
Smith secured the patronage of David Hume and Thomas Reid in the young man's education.
Shortly after the publication of his first book, he was given the prestigious Professorship of Moral Philosophy at the University of Glasgow when he was called to replace Adam Smith.

Invisible hand

The Invisible HandAdam Smithinvisible hand of the market
Neoclassical economists emphasise Smith's invisible hand, a concept mentioned in the middle of his work – Book IV, Chapter II – and classical economists believe that Smith stated his programme for promoting the "wealth of nations" in the first sentences, which attributes the growth of wealth and prosperity to the division of labour.
The invisible hand describes the unintended social benefits of an individual's self-interested actions, a concept that was first introduced by Adam Smith in The Theory of Moral Sentiments, written in 1759, invoking it in reference to income distribution.