Who was Adam Smith? Everything You Need to Know

Quick Facts

Died At Age: 67

Family:

father: Adam Smith

mother: Margaret Douglas

Born Country: Scotland

Economists Philosophers

Died on: July 17, 1790

place of death: Edinburgh, Scotland

Cause of Death: Painful Illness

Founder/Co-Founder: Royal Society of Edinburgh

More Facts

education: University Of Glasgow, Balliol College, Oxford

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1

What is Adam Smith known for?

Adam Smith is known as the father of modern economics for his groundbreaking work in the field of economics and his book "The Wealth of Nations."
2

What are some key ideas proposed by Adam Smith?

Some key ideas proposed by Adam Smith include the invisible hand theory, division of labor, and the concept of self-interest leading to societal benefit.
3

How did Adam Smith's ideas influence modern economics?

Adam Smith's ideas laid the foundation for modern economics by promoting free markets, capitalism, and the idea that individuals pursuing their own self-interest can lead to overall economic prosperity.
4

What is the invisible hand theory proposed by Adam Smith?

The invisible hand theory, proposed by Adam Smith, suggests that individuals pursuing their own self-interest in a free market economy unintentionally benefit society as a whole through the mechanism of market forces.

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Childhood & Early Life

Smith was born in Kirkcaldy, Scotland. His namesake father was by profession an advocate, solicitor and prosecutor. He also served as a Comptroller for a brief period. Unfortunately, Smith lost his dad two months after his birth.

Loss of his father brought Smith very close to his mother Margaret Douglas, who was the daughter of the landed Robert Douglas of Strathedry.

Smith’s birth date is often taken as the day on which he was baptized. The reason behind this is not very clear. It is also believed that he was abducted by some gypsies when he was a kid and later released.

Smith’s mother had a great influence on his education. He went to the best schools of Scotland –Burgh School of Kirkcaldy where he learnt writing, mathematics and history.

He later studied Philosophy from University of Glasgow when he turned fourteen. It was here Smith got to hone his skills in free speech. He also attended Balliol College at Oxford to study European literature. At Oxford he became the first student to benefit from the scholarship offered by fellow Scot, John Snell.

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Career

Soon after Smith finished graduation, a series of Public Lectures delivered by him at Edinburgh led him to collaborate with philosopher David Hume during the Scottish Enlightenment in 1750. Smith shared a very close intellectual bond with Hume and they wrote on politics, history, religion and economics.

Smith became a Professor of Moral Philosophy at Glasgow in 1751. He wrote his Classic ‘Theory of Moral Sentiments’ around this time.

He was elected as a member of Philosophical Society of Edinburgh in 1752. Smith spent the next thirteen years as an academic which he recalled as his best years.

In 1763, Smith resigned from his professorship to tutor Henry Scott’s step son. Henry Scott was introduced to Smith through David Hume.

He was elected fellow of the Royal Society of London and was elected as a member of the Literary Club in 1775. The ‘Wealth of Nations’ was published the next year and it became an instant success.

In 1788, Smith returned to France where his mother was living and he was appointed as Commissioner of Customs.

Between 1787 and 1789, he was given the position of Lord Rector of the University of Glasgow.

Major Works

During Smith’s Professorship at Glasgow, he wrote and published one of his Classics ‘The Theory of Moral Sentiments’. He wrote this in 1759. The book laid emphasis on how mutual sympathy was the basis of moral sentiments.

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His best-seller ‘The ‘Wealth of Nations’ which was published in 1776 was a powerful and very influential book. This book central theme lay on the role of self-interest.

Awards & Achievements

Smith was conferred with the title of ‘Father of Modern Economics’

His magnum opus ‘An Inquiry into the Nature and Causes of the Wealth of Nations’, more popularly known as the ‘The Wealth of Nations’ was named among the 100 Best Scottish Books of all time. The book came to be known as the first modern work of economics. This book has had its influence on many a people including Former U.K. Prime Minister, Margaret Thatcher who is known to carry this in her hand bag all the time.

Personal Life & Legacy

Smith never married in his life. He was very close to his mother. His mother died six years before his own death.

Smith died after a painful illness and was buried in Canongate Kirkyard.

On his death bed, he was believed to have regretted that he had not achieved enough. As a last wish he wanted his personal papers to be destroyed after his death.

Facts About Adam Smith

Adam Smith was known for his eccentric habits, such as talking to himself while walking and being absorbed in deep thought even during social gatherings.

Smith had a great love for music and was known to attend concerts regularly, showing his appreciation for the arts beyond his academic pursuits.

He had a close relationship with his mother, whom he lived with for most of his life, showcasing his strong family ties and sense of loyalty.

Smith had a fondness for animals and was known to have kept a pet canary, demonstrating his softer side beyond his scholarly endeavors.

Adam Smith Biography

You wanted to know

What is Adam Smith known for?

What are some key ideas proposed by Adam Smith?

How did Adam Smith's ideas influence modern economics?

What is the invisible hand theory proposed by Adam Smith?