Adam Smith

Profession: Economist and Philosopher

Nationality:

Biography: Adam Smith was a Scottish economist and philosopher who was a key figure in the Scottish Enlightenment. He earned the titles "The Father of Economics" and "The Father of Capitalism" for his groundbreaking works: The Theory of Moral Sentiments (1759) and An Inquiry into the Nature and Causes of The Wealth of Nations (1776).

The latter text, often referred to as The Wealth of Nations, is a foundational text credited with establishing the first modern theories in the discipline of economics. Smith's promotion of free market policies and the concept of absolute advantage challenged the prevailing mercantilist approach and set the stage for economics.

Smith's education at the University of Glasgow and Balliol College, Oxford, was shaped by thinkers such as Francis Hutcheson and David Hume. His academic journey ultimately led to a career in teaching and he became a respected professor of moral philosophy at Glasgow University.

Smith's The Theory of Moral Sentiments delved into the interplay between individual morals and social sympathy. He later accepted a tutoring position, which exposed him to various European cultures and intellectual figures, including Voltaire and Benjamin Franklin. This exposure significantly influenced his economic philosophy, culminating in the ideas that found expression in The Wealth of Nations.

Toward the end of his life, Smith was appointed as a commissioner of customs in Scotland and later served as the Lord Rector of the University of Glasgow, an honorary role. He died on July 17, 1790, in Edinburgh, following a prolonged and painful ailment. Smith remained a bachelor throughout his life and maintained a household with his mother until her demise.

Born: June 16, 1723
Birthplace: Kirkaldy, Fife, Scotland
Star Sign: Gemini

Died: July 17, 1790 (aged 67)