A biography of adam smith founder of modern economics

His father, also Adam Smith, was a Scottish Writer to the Signet senior solicitoradvocate and prosecutor judge advocate and also served as comptroller of the customs in Kirkcaldy. His father died two months after he was born, leaving his mother a widow. InSmith was the graduate scholar presented to undertake postgraduate studies at Balliol College, Oxfordunder the Snell Exhibition.

A biography of adam smith founder of modern economics

In this article we will discuss about Adam Smith: Introduction to Adam Smith 2. Life and Antecedents of Adam Smith 3. Wealth of Nations 7.

Theory of Value 9. Ideas on Distribution Theory of Economic Growth Laissez Faire or Economic Liberty Introduction to Adam Smith: Adam Smith stands as an institution by himself in the history of economic thought. He is regarded as the founder of modern economics.

He is the first economist who dealt economic problems in a systematic manner. In other words, he is the first academic economist. Life and Antecedents of Adam Smith: Adam Smith was born in in a small town of Kirkaldy in Scotland. InSmith accepted to become the Tutor of the Duke of Buccleuch.

With the Duke, Adam Smith toured Europe. Inhe was appointed as Commissioner of Customs at Edinburg which position he held till his death in Factors Influencing Adam Smith: There are three important factors that contributed to the economic thought of Adam Smith: They advocated a more liberal trade, emphasised the importance of labour and believed in the advantages of large population.

From Physiocrats also, Adam Smith borrowed liberally. Being a personal friend of Quesnay and Turgot, he had been deeply influenced by their ideas, particularly on freedom, self-interest, circulation of wealth and natural order.

Smith borrowed liberally from his teacher at Glasgow, Francis Hutcheson the ideas regarding division of labour, changes in the value of money, taxation etc.

Early life

Smith was also grateful to David Hume for many of his ideas on foreign trade, money, labour and interest. The clubs which Adam Smith joined at Glasgow and Edinburg had also influenced his economic ideas. These clubs discussed many questions of economic importance.

In addition, his travels with the Duke of Buccleuch provided him an opportunity to meet the famous physiocrats and other scholars.

The economic and political environment of the time also influenced the views and ideas of Adam Smith. During the later part of the 18th century, fundamental changes took place in England. Large agricultural estates were coming up.

Population growth helped to increase agriculture and industrial production. Accumulation of capital facilitated the growth of commerce and transport.

In the political side, the historical event-declaration of the American Independence,emphasised the equality and freedom of all people. The slogans liberty, equality and fraternity began to be heard. Thus industrial capitalism, economic liberty, large scale farming, mobility of labour etc.

In-spite of the fact that Smith borrowed many ideas from his predecessors, the importance of his own contributions cannot be minimised. He collected the scattered ideas, gave them a shape and enhanced their significance.

His work thus created a revolution in the domain of economic thinking. The Philosophy of Adam Smith: Smith was guided by one universal principle, namely self-interest.

A biography of adam smith founder of modern economics

Every individual has the desire to better his own lot.Adam Smith is by turns championed and reviled for his advocacy of free markets.

A new biography aims to bust the myths surrounding the father of economics. Adam Smith, 18th-century philosopher and political economist, was born in Kirkcaldy, Scotland, in Best known for his classic treatise An Inquiry Into the Nature and Causes of the Wealth of Nations, he is credited with .

Adam Smith was a Scottish social philosopher and political economist and the author of "The Wealth of Nations," considered the first book written on economics.

Biography of Adam Smith () Adam Smith was a Scottish political economist and philosopher. He has become famous by his influential book The Wealth of Nations ().

Smith was the son of the comptroller of the customs at Kirkcaldy, Fife, Scotland. Biography of Adam Smith () Adam Smith was a Scottish political economist and philosopher. He has become famous by his influential book The Wealth of Nations ().

Smith was the son of the comptroller of the customs at Kirkcaldy, Fife, Scotland. The exact date of his birth is unknown.

He is regarded as the founder of modern economics. It is no exaggeration to say that Economic science was born in with Adam Smith’s ‘Wealth of Nations’. He is the first economist who dealt economic problems in a systematic manner.

Adam Smith - Wikipedia