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⁾