Adam Smith --- > [!infobox|right] > # Adam Smith > ![[picturehere]] > ##### Biographical information > > | Table Header | Table Header | > | ---- | --- | >| Born | June 16, 1723, Kirkcaldy, Scotland | >| Died | July 17, 1790, Edinburgh, Scotland | >| Fields | Economics, Moral Philosophy | >| Known for | The Wealth of Nations, Theory of Moral Sentiments | >| Works | The Wealth of Nations, Theory of Moral Sentiments | > >[!Quote] > --- ## Life ### Brief Overview Adam Smith was a Scottish economist and philosopher widely regarded as the father of modern economics. His work laid the foundation for classical economics and the concept of the free market. ### Education - University of Glasgow (1737–1740) – Studied moral philosophy under Francis Hutcheson. - Balliol College, Oxford (1740–1746) – Further education, focusing on philosophy and literature. --- ## Professional Career ### Primary Field Smith's primary field was economics, with his groundbreaking ideas on market dynamics, division of labor, and wealth generation. ### Related Fields Smith also contributed to moral philosophy, particularly in the interplay between self-interest and societal benefit. --- ## Theory or Contributions ### Major Theories, Discoveries, or Inventions - **Division of Labor**: Emphasized efficiency gains from task specialization. - **Invisible Hand**: Explained how individuals’ pursuit of self-interest could unintentionally benefit society as a whole. - **Free Markets**: Advocated for minimal government intervention to allow markets to self-regulate. ### Impact Smith's ideas revolutionized economic thought, shaping policies on free trade and market economies. His theories remain influential in contemporary economics and policymaking. --- ## Works and Honors ### Major Works - **The Wealth of Nations** (1776) – Comprehensive analysis of economics, trade, and market behavior. - **The Theory of Moral Sentiments** (1759) – Explored human morality and the role of sympathy in ethical behavior. ### Notable Awards and Honors Though Smith did not receive formal awards, his legacy as a foundational figure in economics is unparalleled. ### Legacy Adam Smith’s work established the principles of modern economics, particularly the importance of free markets and division of labor. He is celebrated as a central figure in economic history. --- ## 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._" - "_Science is the great antidote to the poison of enthusiasm and superstition._" --- ## Sources - [Smith, Adam. _The Wealth of Nations_. 1776.] - [Smith, Adam. _The Theory of Moral Sentiments_. 1759.] - [Rothschild, E. (2001). _Economic Sentiments: Adam Smith, Condorcet, and the Enlightenment._ Harvard University Press.]