Adam smith 2
Adam smith 2Adam Smith
The British philosopher and economist Adam Smith was born in kirkcaldy, Scotland. He was educated at the universities of Glasgow and Oxford.
In 1751 he became a professor at Glasgow. There he wrote The Theory of Moral Sentiment in 1759. This philosophical work gained Smith an appointment in 1764 as tutor of the young duke of Buccleuch. The tutoring took Smith to France, where he started writing The Wealth of Nations in 1776. It was the first complete work on political economy. The book discusses the relationship between freedom and order, analyzes economic processes, and attacks the British mercantile system’s limits on free trade. All three aspects are woven together to create a unified social theory. In France Smith met and associated with many of the leading Continental philosophers of the physiocratic school, which based its political and economic doctrines on the supremacy of natural law, wealth, and order. He was specially influenced by the French philosophers Francois Quesnay and Anne Robert Jacques Turgot, whose theories Smith later adapted in part to form a basis for his own.
The book dealt with the basic problem of how social order and human progress can be possible in a society where individuals follow their own self-interests. Smith argued that this individualism led to order and progress. In order to make money, people produce things that other people are willing to buy. Buyers spend money for those things that they need or want most. When buyers and sellers meet in the market, a pattern of production...
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