The article will review the biography of Adam Smith, quotes and sayings. We will study the areas of his activity, what books he wrote, his role in the development of the economy.
Adam Smith is a very famous Scottish philosopher and economist. He is often called one of the first free market capitalists the world has ever encountered, also called the father of the modern economy, especially because of his propaganda against government interference, which creates restrictions on free markets.
Biography
Smith was born in Kirkcaldy, Scotland. Smith's early education took place at Burgh School, where he was introduced to Latin, mathematics, history, and writing. Subsequently, he entered the University of Glasgow at an early age, he was only 14 years old, received a scholarship. Smith later moved to Balliol College in Oxford in 1740, where he gained substantial knowledge of European literature.
After completing the academy, Smith returned to Scotland and entered the University of Edinburgh in 1748 as a professor. He also intersected with the legendary philosopher and economist David Hume, during which time a close relationship was formed with him.
Adam Smith Works
In 1759, Smith published one of his most famous works - the theory of moral sentiment. It contained many quotes from Adam Smith, a lot of material that he covered in his lectures in Glasgow. In the book, the main argument concerned human morality: that the existence of morality depends on the strength of the relationship between a person and other members of society.
He argued that there is mutual sympathy between people because they have the ability to feel other people's emotions just as they recognize their own. After the success of his book, Smith left his professorship in Glasgow, he went on a trip to France.
In the course of this endeavor, he came across other prominent thinkers such as Voltaire, Francois Kenay, Jacques Rousseau, whose influence was reflected in his future works.
In Kirkcaldy, he began work on his next book, The Wealth of Nations. It was published in 1776 and became a real hit among readers. It was considered by many as the first book on the political economy and rejected the idea that the country's resources are measured in piles of gold and silver.
Smith Economic Doctrine
Quotes about the economics of Adam Smith are worth knowing.
“Thanks to water transport, a broader market opens up for all types of labor than if there was only land transport”
Smith argued that it was the total output produced by the economy that was the proper indicator, better known as gross domestic product. He also delved into the study of specialization and division of labor, and how this affects the improvement of the quality of manufactured goods and services.
Smith's economic doctrine revolutionized discipline, giving it a new perspective. His work disseminated approaches to the economy stemming from the belief that markets are better without government intervention, such as tax regulation. Smith believed in this idea, declaring the existence of an "invisible hand" in the economy, which regulated supply and demand in the markets.
Another quote from Adam Smith.
"Each individual has in mind his own benefit, and not the benefits of society, and in this case, like in many others, he goes with an invisible hand to a goal that was not at all his intention."
His faith in the invisible hand was based on the principle: since all people act in their own interests, they inadvertently lead to a set of actions that are most beneficial for the whole society. The Wealth of Nations has become one of the most influential books ever written, forming the basis of the classical economy.