Adam Smith

Life

• Birth: Born in Kirkcaldy, Scotland on June 16, 1723 (baptism date)
• Education:
• Attended University of Glasgow at age 14 (1737-1740)
• Studied at Balliol College, Oxford (1740-1746)
• Career:
• Professor at University of Glasgow (1751-1764)
• Private tutor to Henry Scott, Duke of Buccleuch (1764-1766)
• Commissioner of Customs in Edinburgh (1778-1790)
• Death: Died on July 17, 1790 in Edinburgh, Scotland

People Who Influenced Their Thought

• David Hume: Close friend who shaped his philosophical views
• François Quesnay: Physiocrat economist who influenced his economic theories
• Bernard Mandeville: Inspired his thinking about self-interest and social benefit

Main Ideas and Publications

• The Theory of Moral Sentiments: (1759) Examined human morality and sympathy
• An Inquiry into the Nature and Causes of the Wealth of Nations: (1776) Foundation of modern economics
• Invisible Hand Concept: How individual self-interest benefits society
• Division of Labor: Key to economic productivity and growth
• Free Market Principles: Advocacy for limited government intervention

Controversies around Their Main Work or Thought

• Self-Interest Interpretation: Debate over whether he advocated pure selfishness
• Labor Theory of Value: Later challenged by marginalist economists
• Government Role: Disputes about his actual position on regulation

Key People Influenced by Their Thought

• David Ricardo: Developed classical economics further
• Karl Marx: Built on (while criticizing) his labor theories
• Milton Friedman: Modern advocate of free market principles
• Ray Dalio: References Smith's economic cycles in his work

Legacy

Adam Smith established the foundation of modern economics with his theories of free markets, division of labor, and the invisible hand mechanism.