Adam Smith - His Life

Adam Smith was born in Kirkcaldy Scotland in 1723. When he was 17 years old he went
to Oxford and in 1951 he became a professor of Logic at Glasgow. The next year he
took the Chair of Moral Philosophy. In 1759, he published hisTheory of Moral
Sentiments. It 1776 he published his masterpiece: An Inquiry into the Nature and
Causes of the Wealth of Nations. After living in both France and London Adam Smith
returned to Scotland in 1778 when he was appointed commissioner of customs for
Edinburgh. Adam Smith died on July 17th, 1790 in Edinburgh. He was buried in the
Canongate churchyard.

Adam Smith - His Work

Adam Smith is often described as the "founding father of economics". A great deal of
what is now considered standard theory about the theory about markets was developed
by Adam Smith. Two books, Theory of Moral Sentiments

Adam Smith - Theory of Moral Sentiments (1759)

In Theory of Moral Sentiments Adam Smith developed the foundation for a general system of
morals. It is a very important text in the history of moral and political thought. It provides the
ethical, philosophical, psychological and methodological underpinnings to Smith's later works.
InTheory of Moral Sentiment Smith states that man as self-interested and self-commanded.
Individual freedom, according to Smith, is rooted in self reliance, the ability of an individual to
pursue his self-interest while commanding himself based on the principles of natural law.

Adam Smith - An Inquiry into the Nature and Causes of the Wealth of
Nations (1776)
The Wealth of Nations is a five book series and considered to be the first modern work in the
field of economics. Using very detailed examples Adam Smith attempted to reveal the nature
and cause of a nation's prosperity. Through his examination he developed a critique of the
economic system. Most commonly known are Smith's critique of mercantilism and his concept of
the Invisible Hand. Adam Smith's arguments are still used and cited today in debates. Not
everyone agrees with Smith's ideas. Many see Smith as an advocate of ruthless individualism.

Regardless of how Smith's ideas are viewed An Inquiry into the Nature and Causes of the
Wealth of Nations
is considered to be and is arguably the most important book on the subject ever published.
Without a doubt, it is the most seminal text in the field of free-market capitalism.