◆ People. ◆ Economics. ◥ University. {q} PhD. {t} Themes. {t} Economics. Adam Smith. Scottish economist and philosopher (1723–1790) Adam Smith FRSA (baptised 16 June [O.S. 5 June] 1723[1] – 17 July 1790) was a Scottish[a] economist and philosopher who was a pioneer in the thinking of political economy and key figure during the Scottish Enlightenment.[3] Seen by some as "The Father of Economics"[4] or "The Father of Capitalism",[5] he wrote two classic works, The Theory of Moral Sentiments (1759) and An Inquiry into the Nature and Causes of the Wealth of Nations (1776).
The latter, often abbreviated as The Wealth of Nations, is considered his magnum opus and the first modern work that treats economics as a comprehensive system and as an academic discipline. Smith refuses to explain the distribution of wealth and power in terms of God's will and instead appeals to natural, political, social, economic and technological factors and the interactions between them.
Among other economic theories, the work introduced Smith's idea of absolute advantage.[6] Biography[edit] Adam Smith Institute. 1776 - (Smith) The Wealth of Nations. An Inquiry into the Nature and Causes of the Wealth of Nations, generally referred to by its shortened title The Wealth of Nations, is the magnum opus of the Scottish economist and moral philosopher Adam Smith. First published in 1776, the book offers one of the world's first collected descriptions of what builds nations' wealth and is today a fundamental work in classical economics.
Through reflection over the economics at the beginning of the Industrial Revolution the book touches upon such broad topics as the division of labour, productivity and free markets. History[edit] The Wealth of Nations was published 9 March 1776, during the Scottish Enlightenment and the Scottish Agricultural Revolution.[1] It influenced a number of authors and economists, as well as governments and organizations. For example, Alexander Hamilton was influenced in part by The Wealth of Nations to write his Report on Manufactures, in which he argued against many of Smith's policies. Publishing history[edit] 2010 - Why Is The Wealth of Nations So Important? Adam Smith and Classical Economics (2010) Adam Smith (1723-1790)