Adam Smith Biography

Adam Smith was a pioneer of political economy and a foundational thinker in modern economics. Due to his extensive contributions to economic theory and his influence on modern economic thought, Smith is often referred to as the “Father of Modern Economics.” He is best known for his seminal work, "The Wealth of Nations," which has been regarded as a foundational text for capitalism. Although born in a small Scottish village, Smith's oratory and writing skills were recognized early on by his mother, who played a pivotal role in his education. She became the most influential person in his life, ensuring he received the best opportunities available. Smith's behavior and personality were considered eccentric and unconventional. He was known for engaging in unusual activities, such as creating a peculiar mixture of bread, butter, and tea and consuming it. On another occasion, he wandered aimlessly in his nightgown for nearly 15 miles before the sound of church bells brought him back to his senses.

Despite his eccentricities, Smith was widely admired for his benevolence and generosity. For instance, after resigning from his teaching position unexpectedly, he offered to refund his students' fees. However, his students, in a gesture of respect and admiration, declined to accept the refund.