Adam Smith
Scottish economist and moral philosopher (1723–1790); wrote The Theory of Moral Sentiments and The Wealth of Nations.
At a glance
Main ideas
Sympathy as the root of morals, The division of labour, The invisible hand …
See all 5Books to start with
The Theory of Moral Sentiments, The Wealth of Nations, Essays on Philosophical Subjects
See all 3Connections
David Hume, Bernard Mandeville and 4 others
See all 6
Also on this page: Key facts · Links · Sources · Related pages
- Smith was a Scottish economist and philosopher of the Scottish Enlightenment, often called the father of economics.
- He taught moral philosophy at the University of Glasgow, where he wrote The Theory of Moral Sentiments (1759).
- The Wealth of Nations (1776) argued against mercantilism and set out the division of labour and how self-interest and competition can bring prosperity.
- He was also wary of businessmen, warning that they collude to raise prices.
Why it matters
- The Wealth of Nations is regarded as the start of modern economics as a discipline; his two books together are read as one system of moral and economic philosophy.
Key facts
- Baptised
- 16 Jun 1723 (5 June, Old Style), Kirkcaldy, Fife, Scotland; his birth date is unknown1
- Died
- 17 Jul 1790, Panmure House, Edinburgh1
- Education
- University of Glasgow, under Francis Hutcheson, from age 14; Balliol College, Oxford, on the Snell Exhibition, from 1740 to 17461
- Teaching
- Public lectures at Edinburgh from 1748; professor of logic at Glasgow from 1751, then head of moral philosophy1
- Travels
- Toured Europe as tutor to the young Duke of Buccleuch from 1764 to 1766; met Voltaire, Benjamin Franklin and the Physiocrats1
- Later posts
- Commissioner of customs in Scotland from 1778; Lord Rector of the University of Glasgow from 1787 to 17891
- Friendship
- Met David Hume in 1750; the two were closer than either was to other figures of the Scottish Enlightenment1
Main ideas
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Sympathy as the root of morals2
Moral judgement grows from imagining what others feel and seeking "mutual sympathy of sentiments" with them.
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The division of labour1
Dividing work raises productivity, which lowers prices and spreads "universal opulence" to the lowest ranks.
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The invisible hand1
A person pursuing their own gain is often led to promote an end that was no part of their intention.
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Wariness of merchants1
Proposals for new trade laws from merchants and manufacturers should be examined "with the most suspicious attention".
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Four maxims of taxation1
Taxes should be equal (in proportion to ability), certain, convenient for taxpayers and cheap to collect.
Books to start with
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The Theory of Moral Sentiments1
How conscience arises from people watching and judging one another; he kept revising it until his death.
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The Wealth of Nations1
His magnum opus on the division of labour, markets, trade and taxation; it sold out its first edition in six months.
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Essays on Philosophical Subjects1
Published after his death; includes his history of astronomy.
Connections
Related
- David HumePersonClose friends and intellectual allies from 1750
- Bernard MandevillePersonSmith used some of his examples of the division of labour
- Edmund BurkePersonSmith called Burke the only man he knew who thought on economic subjects exactly as he did
- Essays, Moral, Political, and LiteraryBookEditions open with Smith's letter to William Strahan on Hume's death
- The Fable of the BeesBookAmong the Scottish Enlightenment thinkers it influenced
Links
Sources
Last checked against its sources today
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