A short biography of Adam Smith allows you to better learn how the famous Scottish economist who founded modern economic theory was in life. He is also known as an ethical philosopher.
Economist biography
A short biography of Adam Smith begins in 1723. He was born in the town of Kirkcaldy in the Kingdom of Scotland. It is worth recognizing that a complete capitalist biography of an economist does not exist until now. Still, the XVIII century was a time when documenting every step of a person was not accepted. Therefore, we do not know all the details of Smith’s life, even his exact date of birth. But it is known for sure that his father was an educated person - a lawyer and a customs official. True, two months after the birth of Adam, he died.
His mother was the daughter of a large landowner, who made sure that the boy received a comprehensive education. A short biography of Adam Smith claims that he was the only child in the family, since no information about his brothers and sisters has been preserved. A sharp turn in his fate happened at the age of 4 when he was abducted by gypsies. True, the boy could not be taken far. Relatives saved him. Instead of living in a camp, he attended a good school in Kirkcaldy, and from early childhood he was surrounded by a large number of books.
Smith's education
At the age of 14, the future economist entered the University of Glasgow. A brief biography of Adam Smith after this began to develop successfully. After all, he ended up in the so-called center of Scottish education. For two years, he studied the basics of philosophy with renowned proponent of deism, Francis Hutcheson. Smith's education was very versatile. The university course included logic, moral philosophy, ancient languages, in particular, ancient Greek, as well as astronomy and mathematics.
At the same time, in a brief biography of Adam Smith, it is noted that classmates considered him at least strange. For example, he could easily think deeply, finding himself in a noisy and cheerful company, while not reacting to others.
In 1740, Adam Smith continued his education at Oxford. A brief biography of the economist reveals that he received a scholarship there, having studied for a total of 6 years. At the same time, the scientist himself was very critical of the education received there, noting that most of the professors in this educational institution had long refused even the appearance of teaching. Moreover, he was regularly ill and did not show the slightest interest in the economy.
Scientific activity
Adam Smith began scientific and teaching activities in 1748 (a short biography of the scientist claims that way). He began lecturing at the University of Edinburgh. At first, they were in no way connected with the economy, but were devoted to English literature, and later to jurisprudence, economics and sociology, so beloved by his father.
It was at this university that Adam Smith first developed an interest in economics. The Scottish economist and philosopher began to express ideas of economic liberalism in the early 1750s.
Smith Achievements
It is known that in 1750 Adam Smit (Adam Smith), in a brief biography of which this is necessarily mentioned, met the Scottish philosopher David Hume. Their views were similar, which was reflected in their many joint works. They were devoted not only to economics, but also to religion, politics, philosophy, history. These two scholars have perhaps played a key role in Scottish education.
In 1751, Smith received the post of professor of logic at the University of Glasgow, which he once graduated from. His next achievement was the dean’s place, which he inherited in 1758.
Scientific works
In 1759, Smith published his popular book, The Theory of Moral Sentiments. It was based on his lectures at the University of Glasgow. In this work, he analyzed in detail the ethical standards of behavior, actually opposing church morality, which for that time was a very revolutionary statement. As an alternative to the fear of going to hell, Smith suggested evaluating his actions in terms of morality, while he spoke out in favor of the ethical equality of all people.
The personal life of a scientist
Very little is known about Adam Smith's private life. Information is incomplete and fragmentary. So, it is believed that twice, in Glasgow and Edinburgh, he almost got married, but for some reason this did not happen.
As a result, the scientist spent his whole life with his mother, who died only 6 years earlier than her son, as well as her cousin, who remained an old maid. Contemporaries of the scientist claim that in his house traditional Scottish food was always served, local customs were appreciated.
Economic theory
But nevertheless, the treatise "Research on the nature and causes of the wealth of peoples" is considered the most important work of a scientist . It was published in 1776. The treatise consists of five books. In the first, the economist explores the reasons due to which it is possible to increase labor productivity, and as a result distribute the product among the classes of the people in a natural way.
The second book tells about the nature of capital, its application and accumulation. Then comes the part on how prosperity developed among different peoples, then the systems of the political economy are examined. And in the final book, the author writes about the income that the state and the monarch receive.
A new approach to economics was proposed by Adam Smith. A brief biography, quotes and aphorisms are familiar to all his admirers. The most famous saying is that an entrepreneur with an invisible hand of the market is heading towards a goal that initially might not be in his intentions. Smith in his book offers his own view on the role in the economic system of the state. In the future, it became known as the classical economic theory.
In accordance with it, the state is obliged to take on the issues of ensuring the safety of human life, as well as the inviolability of its private property. It should also help resolve disputes between citizens on the basis of law and justice. Summarizing, we can say that the state must assume those functions that an individual cannot fulfill or will do so inefficiently.
Smith was the first scientist to describe the principles of a market economy. He vehemently argued that every entrepreneur strives to achieve his private and personal interests. However, in the final analysis, this benefits the whole society, even if a particular businessman did not think about it or did not want to. The main condition for achieving this result, Smith called economic freedoms, which should become the basis for the activities of economic entities. There should also be freedom in competition, decision-making and choice of field of activity.
Smith died in Edinburgh in 1790. He was 67 years old. He suffered from bowel disease.