Adam Smith

Adam Smith was a pioneering Scottish economist and philosopher whose intellectual journey significantly shaped modern economic thought. He began his academic career at the University of Glasgow, where he studied moral philosophy under Francis Hutcheson. His passion for philosophical concepts led him to deliver a series of successful public lectures, which laid the groundwork for his future contributions to economics and moral philosophy. Smith’s early work culminated in the publication of “The Theory of Moral Sentiments” in 1759, where he explored the foundations of human morality and the importance of sympathy in social interactions.

In 1751, Smith secured a professorship at Glasgow University, where he taught logic and moral philosophy. His lectures attracted numerous students, and he began to focus more on economics, challenging the prevailing mercantilist views of the time. His groundbreaking ideas on the division of labor and the role of self-interest in promoting economic prosperity were revolutionary. This period of his career was marked by his growing reputation, leading to his election as a fellow of the Royal Society of London in 1767.

Smith’s most significant achievement came with the publication of “An Inquiry into the Nature and Causes of the Wealth of Nations” in 1776. This magnum opus established him as the father of modern economics, introducing concepts such as the invisible hand and advocating for free-market principles. The work was an instant success, selling out its first edition within six months and influencing economic policies worldwide.

In his later years, Smith served as a commissioner of customs in Scotland, where he continued to advocate for economic reforms. His legacy endures through his writings, which remain foundational texts in economics and moral philosophy, inspiring generations of scholars and policymakers to embrace the principles of free trade and competition.