Adam Smith was born on June 16, 1723, in Kirkcaldy, Fife, Scotland.¹⁾

He studied at the University of Glasgow at the age of 14 and later attended Balliol College, Oxford.²⁾

Smith is often referred to as the father of modern economics, and his work laid the foundation for classical economic thought.³⁾

His most famous work, “An Inquiry into the Nature and Causes of the Wealth of Nations,” was published in 1776 and is considered a seminal work in economics.⁴⁾

Smith introduced the concept of the “invisible hand,” suggesting that individuals, in pursuing their self-interest, unintentionally contribute to the overall economic well-being of society.⁵⁾

Smith emphasized the importance of the division of labor in increasing productivity and efficiency, as seen in his famous example of the pin factory.⁶⁾

Smith's theory of value was based on the idea of labor as the source of value, a concept later expanded upon by classical economists.⁷⁾

Adam Smith served as a lecturer at the University of Edinburgh, where he delivered courses on rhetoric and later on moral philosophy.⁸⁾

Smith developed a close friendship with the Scottish philosopher David Hume, and their intellectual exchanges greatly influenced each other's work.⁹⁾

Smith traveled extensively throughout Europe, including a famous trip to France where he met influential thinkers such as Voltaire and other Enlightenment figures.¹⁰⁾

Smith worked as a commissioner of customs in Scotland from 1778 to 1790, a position that allowed him to focus on his writing.¹¹⁾

Before “The Wealth of Nations,” Smith wrote “Theory of Moral Sentiments” in 1759, exploring the idea of sympathy and moral philosophy.¹²⁾

After Hume's death, Smith served as his literary executor, overseeing the posthumous publication of Hume's works.¹³⁾

Smith had a keen interest in language and rhetoric, evident in his lectures on rhetoric at the University of Edinburgh.¹⁴⁾

Adam Smith's contributions to political economy extend beyond “The Wealth of Nations,” as he also wrote extensively on subjects like taxation and public finance.¹⁵⁾

Smith argued for the benefits of a free-market economy, asserting that individuals pursuing their self-interest would inadvertently contribute to the common good.¹⁶⁾

In “The Wealth of Nations,” Smith critiqued the prevailing economic doctrine of mercantilism, advocating for a more open and liberal economic system.¹⁷⁾

While Smith emphasized the importance of labor in determining value, he did not strictly adhere to the labor theory of value, a point later criticized by Karl Marx.¹⁸⁾

Smith is often associated with the concept of laissez-faire economics, promoting minimal government intervention in economic affairs.¹⁹⁾

He argued that the pursuit of individual self-interest and the efficient allocation of resources lead to the creation of wealth for society as a whole.²⁰⁾

Smith expressed optimism about human nature, believing that individuals, driven by self-interest, would contribute positively to society.²¹⁾

Adam Smith is considered one of the founders of the discipline of political economy, integrating economic, political, and social aspects in his analysis.²²⁾

Smith's ideas influenced subsequent economic thinkers, including David Ricardo, John Stuart Mill, and later economists such as Friedrich Hayek and Milton Friedman.²³⁾

Smith delved into the concept of capital, distinguishing between fixed and circulating capital and their roles in economic growth.²⁴⁾

His ideas played a significant role in shaping classical economics, a school of thought that dominated economic thinking in the 18th and 19th centuries.²⁵⁾

Smith distinguished between the real and nominal price of goods, laying the groundwork for later discussions on inflation and monetary policy.²⁶⁾

Smith's work often assumes the concept of the “economic man” – individuals making rational decisions to maximize their utility.²⁷⁾

He explored the concept of rent, particularly in relation to land, discussing how it contributes to the overall economy.²⁸⁾

In his “Lectures on Rhetoric and Belles Lettres,” Smith discussed the importance of education in a well-functioning society.²⁹⁾

Smith's writings extended beyond economics, encompassing social philosophy and ethics, emphasizing the importance of virtue in society.³⁰⁾

Smith addressed issues related to monetary policy, discussing the impact of the quantity of money in circulation on prices and economic activity.³¹⁾

His emphasis on the division of labor laid the foundation for later discussions on labor productivity and industrialization.³²⁾

Smith criticized monopolies, arguing that competition was essential for the proper functioning of markets and the well-being of society.³³⁾

Smith challenged prevailing mercantilist views on the balance of trade, advocating for a more nuanced understanding of international trade dynamics.³⁴⁾

Smith discussed the utility of money as a medium of exchange, a unit of account, and a store of value.³⁵⁾

While often known for his economic theories, Smith's moral philosophy also influenced his economic thinking, emphasizing the importance of moral behavior in economic interactions.³⁶⁾

Smith's idea of “natural liberty” underscored the belief that individuals should be free to pursue their interests without undue interference.³⁷⁾

He proposed principles of taxation, arguing for fairness, proportionality, and the minimization of distortions in the economy.³⁸⁾

Smith's ideas on free markets and limited government had a profound impact on the economic philosophy of American founders like Thomas Jefferson and James Madison.³⁹⁾

Adam Smith is celebrated in Scotland, with statues and memorials honoring his contributions to economics and philosophy.⁴⁰⁾

While Smith achieved some recognition during his lifetime, his ideas gained widespread acclaim and influence after his death.⁴¹⁾

Smith's ideas continue to have a global impact, influencing economic policies and debates in various countries.⁴²⁾

“The Wealth of Nations” has been translated into numerous languages, attesting to its enduring relevance and global significance.⁴³⁾

Smith's works are often studied in the context of the Enlightenment, a period marked by intellectual and social transformations.⁴⁴⁾

The enduring influence of Adam Smith's ideas is evident in the continued study and application of his theories in the fields of economics, political science, and philosophy.⁴⁵⁾