ADAM SMITH 1723-1790
(An
Economist and Philosopher)
Adam Smith, was born in Kirkcaldy, Scotland in June 5th
1723. He attended the Burgh School , entered the University of Glasgow and went
to University of Oxford in1740.
In 1759 Smith published “The Theory of Moral Sentiment”,
main contention is that human morality depends on sympaty between the
individual and other members of society.
In 1776 Smith published “An Inquiry Into the Nature and
Causes of the Wealth of Nations (shorted as “The Wealth of Nation). Economics of the time were dominated by the
idea that a country’s wealth was best measured by its store of gold and silver.
Smith proposed that a nation’s wealth should be judged not by this metric but
by the total of its production and commerce. Also explored theory of the
division of labor to increase in productivity.
The book “The Wealth of Nation” Smith’s ideas are reflection
on economics in light of the begining of Industrial Revolution dan states
free-market economics are the most productive and beneficial to their society.
By this book, Smith a far-reaching reputation and considered a foundational
work of classical economics and the most influential book ever writen.
Adam Smith was died in Kirkcaldy in the years of 1790 in the
age of 67. Never get married.
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