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Adam Smith (1723-90) a British philosopher and economist.

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Adam Smith Adam Smith (1723-90) was a British philosopher and economist, whose renowned piece 'An Inquiry into the Nature and Causes of the Wealth of Nations' was the first serious attempt to study the nature of capital and the historical progress of industry and commerce among European nations. Smith was born in Kirkcaldy, Scotland, and educated at the universities of Glasgow and Oxford. He began delivering public lectures in Edinburgh under the support of Lord Kames. Some of these dealt with rhetoric and belles-lettres, but later he took up the subject of "the progress of opulence," During this period, a close association developed between Smith and the Scottish philosopher David Hume that lasted until the latter's death in 1776 and contributed much to the development of Smith's ethical and economic theories. ...read more.


The French philosophers Fran´┐Żois Quesnay and Anne Robert Jacques Turgot, whose theories Smith later adapted in part to form a basis for his own, particularly influenced him. From 1766 to 1776, he lived in Kirkcaldy preparing The Wealth of Nations (1776). Smith was appointed commissioner of customs in Edinburgh in 1778, serving in this faculty until his death. In 1787 he was also named lord rector of the University of Glasgow. Smith's Wealth of Nations represents the first serious attempt in the history of economic thought to separate the study of political economy from the related fields of political science, ethics, and morals. ...read more.


Therefore any interference with free competition by government is almost certain to be injurious. The invisible hand was definitely his biggest contribution to the field of economics. Although this view has undergone considerable modification by economists in the light of historical developments since Smith's time, many sections of The Wealth of Nations, notably those relating to the sources of income and the nature of capital, have continued to form the basis for theoretical study in the field of political economy. The Wealth of Nations has also served as a guide to the formulation of governmental economic policies. Adam Smith will forever be known as the father of modern economics ...read more.

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