Smith's mother was born Margaret Douglas, daughter of the landed Robert Douglas of Strathendry, also in Fife; she married Smith's father in 1720.
Adam Smith ( 1723 – 17 July 1790) was a Scottish economist, philosopher as well as a moral philosopher, a pioneer of political economy, and a key figure during the Scottish Enlightenment, also known as The Father of Economics or The Father of Capitalism.
The date of Smith's baptism into the Church of Scotland at Kirkcaldy was 5 June 1723 and this has often been treated as if it were also his date of birth, which is unknown. Although few events in Smith's early childhood are known, the Scottish journalist John Rae, Smith's biographer, recorded that Smith was abducted by Romani at the age of three and released when others went to rescue him.
He attended the Burgh School of Kirkcaldy—characterised by Rae as "one of the best secondary schools of Scotland at that period"—from 1729 to 1737, he learned Latin, mathematics, history, and writing. ===Formal education=== Smith entered the University of Glasgow when he was 14 and studied moral philosophy under Francis Hutcheson.
He attended the Burgh School of Kirkcaldy—characterised by Rae as "one of the best secondary schools of Scotland at that period"—from 1729 to 1737, he learned Latin, mathematics, history, and writing. ===Formal education=== Smith entered the University of Glasgow when he was 14 and studied moral philosophy under Francis Hutcheson.
In 1740, he was the graduate scholar presented to undertake postgraduate studies at Balliol College, Oxford, under the Snell Exhibition. Smith considered the teaching at Glasgow to be far superior to that at Oxford, which he found intellectually stifling.
He left Oxford University in 1746, before his scholarship ended. In Book V of The Wealth of Nations, Smith comments on the low quality of instruction and the meager intellectual activity at English universities, when compared to their Scottish counterparts.
While Smith was not adept at public speaking, his lectures met with success. In 1750, Smith met the philosopher David Hume, who was his senior by more than a decade.
In their writings covering history, politics, philosophy, economics, and religion, Smith and Hume shared closer intellectual and personal bonds than with other important figures of the Scottish Enlightenment. In 1751, Smith earned a professorship at Glasgow University teaching logic courses, and in 1752, he was elected a member of the Philosophical Society of Edinburgh, having been introduced to the society by Lord Kames.
In their writings covering history, politics, philosophy, economics, and religion, Smith and Hume shared closer intellectual and personal bonds than with other important figures of the Scottish Enlightenment. In 1751, Smith earned a professorship at Glasgow University teaching logic courses, and in 1752, he was elected a member of the Philosophical Society of Edinburgh, having been introduced to the society by Lord Kames.
He worked as an academic for the next 13 years, which he characterised as "by far the most useful and therefore by far the happiest and most honorable period [of his life]". Smith published The Theory of Moral Sentiments in 1759, embodying some of his Glasgow lectures.
The publication in 1777 of Smith's letter to William Strahan, in which he described Hume's courage in the face of death in spite of his irreligiosity, attracted considerable controversy. ==Published works== ===The Theory of Moral Sentiments=== In 1759, Smith published his first work, The Theory of Moral Sentiments, sold by co-publishers Andrew Millar of London and Alexander Kincaid of Edinburgh.
For example, Smith lectured that the cause of increase in national wealth is labour, rather than the nation's quantity of gold or silver, which is the basis for mercantilism, the economic theory that dominated Western European economic policies at the time. In 1762, the University of Glasgow conferred on Smith the title of Doctor of Laws (LL.D.).
At the end of 1763, he obtained an offer from Charles Townshend—who had been introduced to Smith by David Hume—to tutor his stepson, Henry Scott, the young Duke of Buccleuch.
Smith resigned from his professorship in 1764 to take the tutoring position.
In May 1773, Smith was elected fellow of the Royal Society of London, and was elected a member of the Literary Club in 1775.
In May 1773, Smith was elected fellow of the Royal Society of London, and was elected a member of the Literary Club in 1775.
The Wealth of Nations was published in 1776 and was an instant success, selling out its first edition in only six months. In 1778, Smith was appointed to a post as commissioner of customs in Scotland and went to live with his mother (who died in 1784) in Panmure House in Edinburgh's Canongate.
The publication in 1777 of Smith's letter to William Strahan, in which he described Hume's courage in the face of death in spite of his irreligiosity, attracted considerable controversy. ==Published works== ===The Theory of Moral Sentiments=== In 1759, Smith published his first work, The Theory of Moral Sentiments, sold by co-publishers Andrew Millar of London and Alexander Kincaid of Edinburgh.
The Wealth of Nations was published in 1776 and was an instant success, selling out its first edition in only six months. In 1778, Smith was appointed to a post as commissioner of customs in Scotland and went to live with his mother (who died in 1784) in Panmure House in Edinburgh's Canongate.
He also appears as the narrator in the 2013 play The Low Road, centred on a proponent on laissez-faire economics in the late 18th century, but dealing obliquely with the financial crisis of 2007–2008 and the recession which followed; in the premiere production, he was portrayed by Bill Paterson. A bust of Smith is in the Hall of Heroes of the National Wallace Monument in Stirling. ===Residence=== Adam Smith resided at Panmure House from 1778 to 1790.
The Wealth of Nations was published in 1776 and was an instant success, selling out its first edition in only six months. In 1778, Smith was appointed to a post as commissioner of customs in Scotland and went to live with his mother (who died in 1784) in Panmure House in Edinburgh's Canongate.
From 1787 to 1789, he occupied the honorary position of Lord Rector of the University of Glasgow. ===Death=== Smith died in the northern wing of Panmure House in Edinburgh on 17 July 1790 after a painful illness.
From 1787 to 1789, he occupied the honorary position of Lord Rector of the University of Glasgow. ===Death=== Smith died in the northern wing of Panmure House in Edinburgh on 17 July 1790 after a painful illness.
Adam Smith ( 1723 – 17 July 1790) was a Scottish economist, philosopher as well as a moral philosopher, a pioneer of political economy, and a key figure during the Scottish Enlightenment, also known as The Father of Economics or The Father of Capitalism.
From 1787 to 1789, he occupied the honorary position of Lord Rector of the University of Glasgow. ===Death=== Smith died in the northern wing of Panmure House in Edinburgh on 17 July 1790 after a painful illness.
He also appears as the narrator in the 2013 play The Low Road, centred on a proponent on laissez-faire economics in the late 18th century, but dealing obliquely with the financial crisis of 2007–2008 and the recession which followed; in the premiere production, he was portrayed by Bill Paterson. A bust of Smith is in the Hall of Heroes of the National Wallace Monument in Stirling. ===Residence=== Adam Smith resided at Panmure House from 1778 to 1790.
He mentioned an early unpublished History of Astronomy as probably suitable, and it duly appeared in 1795, along with other material such as Essays on Philosophical Subjects. Smith's library went by his will to David Douglas, Lord Reston (son of his cousin Colonel Robert Douglas of Strathendry, Fife), who lived with Smith.
Cobden would lead the Anti-Corn Law League in overturning the Corn Laws in 1846, shifting Britain to a policy of free trade and empire "on the cheap" for decades to come.
The first volume of Karl Marx's major work, Das Kapital, was published in German in 1867.
This contrasts with the modern contention of neoclassical economics, that the value of a thing is determined by what one is willing to give up to obtain the thing. The body of theory later termed "neoclassical economics" or "marginalism" formed from about 1870 to 1910.
On the death in 1878 of her husband, the Reverend W. B.
Bannerman in 1879, her portion of the library went intact to the New College (of the Free Church) in Edinburgh and the collection was transferred to the University of Edinburgh Main Library in 1972. ==Personality and beliefs== ===Character=== Not much is known about Smith's personal views beyond what can be deduced from his published articles.
Other works, including some published posthumously, include Lectures on Justice, Police, Revenue, and Arms (1763) (first published in 1896); and Essays on Philosophical Subjects (1795). ==Legacy== ===In economics and moral philosophy=== The Wealth of Nations was a precursor to the modern academic discipline of economics.
This contrasts with the modern contention of neoclassical economics, that the value of a thing is determined by what one is willing to give up to obtain the thing. The body of theory later termed "neoclassical economics" or "marginalism" formed from about 1870 to 1910.
Indeed, until the 1940s, no one knew how to prove, even to state properly, the kernel of truth in this proposition about perfectly competitive market." Very differently, classical economists see in Smith's first sentences his programme to promote "The Wealth of Nations".
Bannerman in 1879, her portion of the library went intact to the New College (of the Free Church) in Edinburgh and the collection was transferred to the University of Edinburgh Main Library in 1972. ==Personality and beliefs== ===Character=== Not much is known about Smith's personal views beyond what can be deduced from his published articles.
Lectures on Jurisprudence were notes taken from Smith's early lectures, plus an early draft of The Wealth of Nations, published as part of the 1976 Glasgow Edition of the works and correspondence of Smith.
It dispensed with the labour theory of value of which Smith was most famously identified with in classical economics, in favour of a marginal utility theory of value on the demand side and a more general theory of costs on the supply side. The bicentennial anniversary of the publication of The Wealth of Nations was celebrated in 1976, resulting in increased interest for The Theory of Moral Sentiments and his other works throughout academia.
After 1976, Smith was more likely to be represented as the author of both The Wealth of Nations and The Theory of Moral Sentiments, and thereby as the founder of a moral philosophy and the science of economics.
In 2005, The Wealth of Nations was named among the 100 Best Scottish Books of all time. In light of the arguments put forward by Smith and other economic theorists in Britain, academic belief in mercantilism began to decline in Britain in the late 18th century.
He also appears as the narrator in the 2013 play The Low Road, centred on a proponent on laissez-faire economics in the late 18th century, but dealing obliquely with the financial crisis of 2007–2008 and the recession which followed; in the premiere production, he was portrayed by Bill Paterson. A bust of Smith is in the Hall of Heroes of the National Wallace Monument in Stirling. ===Residence=== Adam Smith resided at Panmure House from 1778 to 1790.
He also appears as the narrator in the 2013 play The Low Road, centred on a proponent on laissez-faire economics in the late 18th century, but dealing obliquely with the financial crisis of 2007–2008 and the recession which followed; in the premiere production, he was portrayed by Bill Paterson. A bust of Smith is in the Hall of Heroes of the National Wallace Monument in Stirling. ===Residence=== Adam Smith resided at Panmure House from 1778 to 1790.
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