Adam Smith
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Adam Smith
"Profile of Adam Smith" by James Tassie (1789), Etching by Cadell and Davis (1811), John Horsburg (1828) or R.C. Bell (1872). Wikimedia Commons, Public Domain
Adam Smith
(1723-1790)
Adam Smith (1723-1790) is famous for his ideas of laissez-faire capitalism; he is sometimes called the "Father of Modern Economics".
Smith was a Scottish philosopher whose theories about the free market have been accepted almost worldwide. His main ideas include the belief that generally people make moral decisions and that, if they are allowed to work freely in self-interest, they will make decisions that benefit everyone.
Main Ideas
Famous Statements
By preferring the support of domestic to that of foreign industry, he intends only his own security; and by directing that industry in such a manner as its produce may be of the greatest value, he intends only his own gain, and he is in this, as in many other cases, led by an invisible hand to promote an end which was no part of his intention. Nor is it always the worse for the society that it was not part of it. By pursuing his own interest, he frequently promotes that of the society more effectually than when he really intends to promote it. I have never known much good done by those who affected to trade for the public good. It is an affectation, indeed, not very common among merchants, and very few words need be employed in dissuading them from it.
Famous Works
The Theory of Moral Sentiments
The Wealth of Nations
Interesting Trivia
Not much is known about Smith. He never married, and he lived with his mother for much of his life. He was absent-minded, known to have long and engaging conversations with invisible companions. According to one story, he once put a buttered piece of bread into a teapot, added boiling water, and declared it to be the worst tea he had ever consumed. He had spells of imaginary illness. On his deathbed, he expressed regret that he had not accomplished more with his life.
Smith was a Scottish philosopher whose theories about the free market have been accepted almost worldwide. His main ideas include the belief that generally people make moral decisions and that, if they are allowed to work freely in self-interest, they will make decisions that benefit everyone.
" "Adam Smith- The Inventor of Market Economy"- The Industrial Revolution" by It's History, You-tube
Main Ideas
- People should have the right to make their own decisions about economic activity.
- People working in self-interest lead to benefits for all society.
Famous Statements
By preferring the support of domestic to that of foreign industry, he intends only his own security; and by directing that industry in such a manner as its produce may be of the greatest value, he intends only his own gain, and he is in this, as in many other cases, led by an invisible hand to promote an end which was no part of his intention. Nor is it always the worse for the society that it was not part of it. By pursuing his own interest, he frequently promotes that of the society more effectually than when he really intends to promote it. I have never known much good done by those who affected to trade for the public good. It is an affectation, indeed, not very common among merchants, and very few words need be employed in dissuading them from it.
Famous Works
The Theory of Moral Sentiments
The Wealth of Nations
Interesting Trivia
Not much is known about Smith. He never married, and he lived with his mother for much of his life. He was absent-minded, known to have long and engaging conversations with invisible companions. According to one story, he once put a buttered piece of bread into a teapot, added boiling water, and declared it to be the worst tea he had ever consumed. He had spells of imaginary illness. On his deathbed, he expressed regret that he had not accomplished more with his life.