Who Is Adam Smith
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Adam Smith is one of the most influential figures of modern economic thought and is often known as the "Father of Economics." He was born on June 16, 1723 in Kirkcaldy, Scotland and passed away on July 17, 1790 in Edinburgh, Scotland.
An immensely influential figure throughout the world, Adam Smith is best known as the author of two classic works on economic thought and modern capitalism: The Wealth of Nations (1776) and The Theory of Moral Sentiments (1759). The former was a broad statement on the principles of economics, unlike any other before it and it still serves as the foundation of modern economics today. The latter tackled the complicated problem of how moral sentiments could be derived from societal structures and behaviour.
The principles of economics that Adam Smith outlined in The Wealth of Nations have been credited with launching the free market revolution which thus far has produced the most prosperous economy ever created by mankind. Smith envisioned a free-market economy and emphasized the importance of self-interest, as opposed to government regulation and protectionism. The theory also outlined the concept of division of labour, which would be essential for future economic development.
In addition to his important economic works, Smith wrote on a variety of other topics including morality, psychology, history, anthropology and politics, among others. He outlined a number of ideas which would later become key concepts in classical economics, including the idea of an ‘invisible hand’ that would guide markets, the relationship between supply and demand, and the concept of a labour theory of value.
Smith’s work was extremely influential and served as a cornerstone of classical economics. His works also had a profound impact on a variety of different fields, including philosophy, sociology and psychology, in addition to economics. Even after two centuries, his work remains the basis of a large part of modern economic thinking and his ideas can still be seen in the modern economy. Adam Smith’s theories will no doubt continue to shape the future of economics for years to come.