e. Adam Smith FRSA (baptized 16 June [ O.S. 5 June] 1723 – 17 July 1790) was a Scottish economist, philosopher, pioneer of political economy, and a key figure during the Scottish Enlightenment. Also known as ''The Father of Economics'' or ''The Father of Capitalism,'' Smith wrote two classic works, The Theory of Moral Sentiments (1759) and An ...
Adam Smith (1723-1790) was a Scottish philosopher and economist who is best known as the author of An Inquiry into the Nature and Causes of the Wealth Of Nations (1776), one of the most influential books ever written.
In Smiths day, people saw national wealth in terms of a countrys stock of gold and silver. Importing goods from abroad was seen as damaging because it meant that this wealth must be given up to pay for them; exporting goods was seen as good because these precious metals came back.
Because trade benefits both sides, said Smith, it increases our prosperity just as surely as do agriculture or manufacture. A nations wealth is not the quantity of gold and silver in its vaults, but the total of its production and commerce what today we would call gross national product.
The Wealth of Nations deeply influenced the politicians of the time and provided the intellectual foundation of the great nineteenth-century era of free trade and economic expansion. Even today the common sense of free trade is accepted worldwide, whatever the practical difficulties of achieving it.
Smith had a radical, fresh understanding of how human societies actually work. He realised that social harmony would emerge naturally as human beings struggled to find ways to live and work with each other. Freedom and self-interest need not produce chaos, but as if guided by an invisible hand order and concord. And as people struck bargains with each other, the nations resources would be drawn automatically to the ends and purposes that people valued most highly.
So a prospering social order did not need to be controlled by kings and ministers. It would grow, organically, as a product of human nature. It would grow best in an open, competitive marketplace, with free exchange and without coercion.
The Wealth Of Nations was therefore not just a study of economics but a survey of human social psychology: about life, welfare, political institutions, the law, and morality.
Some people wonder how the self-interest that drives Smiths economic system can be squared with the sympathy that drive his ethics. Here is his answer:
In other words, human nature is complex. We are self-interested, but we also like to help others too. Smiths books are complementary: they show how self-interested human beings can live together peacefully (in the moral sphere) and productively (in the economic).
The Wealth Of Nations is no endorsement of economic greed, as sometimes caricatured. Self-interest may drive the economy, but that is a force for good provided there is genuinely open competition and no coercion. And it is the poor that economic and social freedom benefits most.
Feb 16, 2020 · Adam Smith was an 18th-century Scottish economist, philosopher, and author, and is considered the father of modern economics. Smith is most famous for his 1776 book, "The Wealth of Nations."
Smith Statement on the Passing of Colin Powell. Rep. Smith Joins Colleagues on Letter to Department of Labor Regarding Oversight of Internship Economy. Rep. Smith and Washington Delegation Urge State Department Action in Afghanistan. Could not load module "instagram".
Adam Smith (1723-1790) was a moral philosopher and economic thinker who is widely considered to be the father of modern economics. Smith’s work is both a cornerstone in the history of modern philosophy and a major source of political and economic reform in the past two centuries.
Adam Smith, Scottish social philosopher and political economist who is a towering figure in the history of economic thought, best known for his book An Inquiry into the Nature and Causes of the Wealth of Nations (1776), the first comprehensive system of political economy. Learn more about Smith’s life and career.
David Adam Smith (born June 15, 1965) is an American politician and retired attorney serving as the U.S. Representative for Washington's 9th congressional district.A member of the Democratic Party, Smith previously served in the Washington State Senate.