Who Was He?
Baptized in 1723 in Kirkcaldy, UK. His birthday is unknown.
Died on July 17, 1790 in Edinburg, Scotland
Adam Smith grew up around manufacturing. From a young age he was exposed to the real world of economics and business. He was well educated and attended Oxford on scholarship. He soon became an academic philosopher at Glasgow where he studied as a child. He was a Professor of Logic and Moral Philosophy and gave lectures. Through debates on the behavior of man and society, he became interested in politics. Since he was so invested in the idea of human happiness, he explored economics on a mission to discover the best economic system possible. One of his works related to sympathy is titled, "The Theory of Moral Sentiments".
Through his work, Smith became recognized as a scholar and was hired to tutor a young Duke and tour through Europe. He ran into several other scholars during his journey. He also saw first hand different economic systems. One that would lead to his later policy of a free market was Mercantilism in France. Mercantilism specifically calls for state and government intervention (W).
Smith was the father of modern economics. He believed in four things:
Died on July 17, 1790 in Edinburg, Scotland
Adam Smith grew up around manufacturing. From a young age he was exposed to the real world of economics and business. He was well educated and attended Oxford on scholarship. He soon became an academic philosopher at Glasgow where he studied as a child. He was a Professor of Logic and Moral Philosophy and gave lectures. Through debates on the behavior of man and society, he became interested in politics. Since he was so invested in the idea of human happiness, he explored economics on a mission to discover the best economic system possible. One of his works related to sympathy is titled, "The Theory of Moral Sentiments".
Through his work, Smith became recognized as a scholar and was hired to tutor a young Duke and tour through Europe. He ran into several other scholars during his journey. He also saw first hand different economic systems. One that would lead to his later policy of a free market was Mercantilism in France. Mercantilism specifically calls for state and government intervention (W).
Smith was the father of modern economics. He believed in four things:
Specialization, which lead to increased efficiency and profit within a business.
Consumer capitalism, which revolved around luxury items and the showing of surplus wealth. Smith saw that this type of society was more prone to helping the poor as there was enough wealth available to do so. Honoring the rich to encourage good deeds to the community and fair treatment of their employees. He believed the rich aren't rich for the money but for the recognition and appreciation. Educating the consumer so as to create demand for higher quality items and to increase the cost so as to fairly reflect the efforts and skills of workers (School of Life). |