ADAM SMITH – THE FATHER OF MODERN ECONOMICS

Adam Smith

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  Nationality: Scottish
  Birth Date: 16th June,1723 AD
  Died on: 17th July, 1790 AD
  Famous as: Economist and Philosopher
  • ADAM SMITH, also known as The FATHER OF MODERN ECONOMICS, was a pioneer of political economy and a thinker of modern economics. Also was one of the most influential thinkers among the modern thinkers.
  • Smith was born in Kirkcaldy, Scotland. His namesake father was by profession an advocate, solicitor and prosecutor. Unfortunately, Smith lost his dad two months after his birth.

Education :-

  • Smith’s mother had a great influence on his education.Therefore, He went to the best schools of Scotland –Burgh School of Kirkcaldy where he learnt writing, mathematics and history.
  • He later studied Philosophy from University of Glasgow at the age of fourteen. In addition, it was here Smith got to hone his skills in free speech.
  • Soon after Smith finished graduation, a series of Public Lectures delivered by him at Edinburgh led him to collaborate with philosopher David Hume during the Scottish Enlightenment in 1750.
  • Furthermore, he was elected as a fellow of the Royal Society of London and also as a member of the Literary Club in 1775. The ‘Wealth of Nations’ was published the next year and it became an instant success.

Major Works :-

  • During Smith’s Professorship at Glasgow, he wrote and published one of his Classics ‘The Theory of Moral Sentiments’. He wrote this in 1759. the book laid emphasis on how mutual sympathy was the basis of moral sentiments.
  • His best-seller ‘The ‘Wealth of Nations’ which was published in 1776 was a powerful and very influential book. In addition, this book’s central theme lay on the role of self-interest.

Awards & Achievements :-

  • Smith was conferred with the title of ‘Father of Modern Economics’.
  • His magnum opus ‘An Inquiry into the Nature and Causes of the Wealth of Nations’, more popularly known as the ‘The Wealth of Nations’ was named among the 100 Best Scottish Books of all time.

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Content credits : Pravsaran Singh Arora​

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