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Smith
Smith
Importantly, his employment with the Duke gave him a life-long pension. This granted
him the freedom to retire and write his work Theory of Moral Sentiments, which was
published in 1759. He continued to write afterwards and produced The Wealth of
Nations in 1776. The philosophy he advocated in these works continues to influence
economic thought today.
According to Smith, people have a capacity for reasonable judgment that is often
underestimated and should not allow politicians or philosophers to impose unreasonable
government regulations on them. He was an advocate of laissez-faire thinking, which
was a policy of minimal government intervention in the economy. According to Smith,
free markets allowed the natural laws of supply and demand to function properly. Smith
remained a life-long bachelor and died in Scotland in 1790.
Professional Life
In 1748, Adam Smith began giving a series of public lectures at the University of Edinburgh.
Through these lectures, in 1750 he met and became lifelong friends with Scottish philosopher
and economist David Hume. This relationship led to Smith's appointment to the Glasgow
University faculty in 1751.
In 1759 Smith published The Theory of Moral Sentiments, a book whose main contention is that
human morality depends on sympathy between the individual and other members of society. On
the heels of the book, he became the tutor of the future Duke of Buccleuch (17631766) and
traveled with him to France, where Smith met with other eminent thinkers of his day, such as
Benjamin Franklin and French economist Turgot.
Smiths ideas are a reflection on economics in light of the beginning of the Industrial Revolution, and he states that free-market
economies (i.e., capitalist ones) are the most productive and beneficial to their societies. He goes on to argue for an economic
system based on individual self-interest led by an invisible hand, which would achieve the greatest good for all.
In time, The Wealth of Nations won Smith a far-reaching reputation, and the work, considered a foundational work of classical
economics, is one of the most influential books ever written.
In 1787, Smith was named rector of the University of Glasgow, and he died just three years later,
at the age of 67.
Malthus did not fully appreciate the impact of technology (i.e., pesticides,
refrigeration, mechanized farm equipment, and increased crop yields) on
food production.