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Adam Smith

By Edited Oct 8, 2016 0 1

Adam Smith is definitely one of the most significant figures in the history of economics. He started his work career as a lecturer in moral philosophy at famous Scotland's Glasgow College back in 1751. Moral philosophy in his time encompasses a wide range of subjects, such as ethics as well as natural theology. More importantly he established the foundation for the study of subjects we now know as economics.

Back in 1776, this important Scottish political philosopher and economist published his second book by the name of 'An Inquiry into the Nature and Causes of Nations'. This book is a first of its kind. It is the first major book on economics. It is known by the shorter title 'Wealth of the Nations'. The book, which won him wide acclaim and world fame, brought together most of what was then known about the economics i.e. workings of the market system. Since that book was published the subject has developed rapidly and there're now a lot of branches of the subject, like econometrics, macroeconomics, microeconomics, public finance, and international economics as well as many competing schools of thought. However, Adam Smith's insights are still being thought to this day, more than two centuries later.

Adam Smith's views of the free-market system are basically summarized in a passage from the 'Wealth of Nations'. In the book Adam Smith writes that individuals pursuing their own self-interest are basically "led by an invisible hand to promote an end which has no part of their intention." He strongly believed that by freely exchanging services as well as goods across markets, individuals contribute to the public good – the aggregate wealth of society – although they act from solely self-interested motives, that is, markets cause us to benefit from other people although they plan just to benefit themselves.



Jul 23, 2010 3:37pm
Great article regarding Adam Smith! Very informative and anjoyable.
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