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[[Image:Sigentha.jpg|right|thumb|200px|Adam Smith]]

[[Image:Sigentha.jpg|right|thumb|200px|Adam Smith]]

'''Adam Smith''' (June 16, 1723 to July 17, 1790) was a [[Scottish]] political [[economist]] and moral philosopher. He is considered the fundamental economist upon whose work modern [[capitalism]] is based, as he advocated individual economic growth, [[free enterprise]] and [[free will]]. He founded modern economic theory.

'''Adam Smith''' (June 16, 1723 to July 17, 1790) was a [[Scottish]] political [[economist]] and moral philosopher. He is considered the fundamental economist upon whose work modern [[capitalism]] is based, as he advocated individual economic growth, [[free enterprise]] and [[free will]]. He founded modern economic theory.

* ''An Inquiry into the Nature and Causes of the Wealth of Nations'' (1776)  

* ''An Inquiry into the Nature and Causes of the Wealth of Nations'' (1776)  

His ''[[The Wealth of Nations]]'' was one of the earliest attempts to study the historical development of industry and commerce in Europe, as well as a sustained attack on the doctrines of mercantilism. That work helped to create the modern academic discipline of economics and provided one of the best-known intellectual rationales for [[free trade]], capitalism, and [[libertarianism]]. It continues to greatly influence the writings of economists.

His ''[[The Wealth of Nations]]'' was one of the earliest attempts to study the historical development of industry and commerce in Europe, as well as a sustained attack on the doctrines of mercantilism. That work helped to create the modern academic discipline of economics and provided one of the best-known intellectual rationales for [[free trade]],<ref>https://www.aei.org/carpe-diem/adam-smith-makes-the-case-for-free-trade-and-warns-against-the-sophistry-of-domestic-producers-seeking-protectionism/</ref> capitalism, and [[libertarianism]]. It continues to greatly influence the writings of economists.

 

==Biography==

==Biography==

Smith was born in [[Kirkcaldy]], [[Scotland]] in 1723 and was raised by his widowed mother. Smith entered the [[University of Glasgow]] at the age of fourteen and then attended [[Balliol College]] at [[Oxford]] for six years until he graduated at the age of twenty-three. Adam returned to Scotland, and delivered a series of lectures which were very well-received. Smith was appointed first chair of logic in 1751 at the University of Glasgow and later then chair of moral philosophy in 1752. In 1764, Adam Smith left the academy to tutor the young Duke of Buccleuch. They lived and traveled in France and Switzerland for two years. The duke had given his teacher a comfortable life pension, so Adam Smith retired to Kirkcaldy and began writing his book, ''An Inquiry into the Nature and Causes of the Wealth of Nations''. In 1778 Smith was appointed to a post as commissioner of customs in Scotland and went to live with his mother in [[Edinburgh]]. He died there on July 17, 1790, after suffering with the painful illness, proctalgia fugax, and was buried in the Canongate Kirkyard, Royal Mile, Edinburgh. Smith is hailed as the one who discovered the [[invisible hand]], and explained the theoretical bases of free enterprise.

Smith was born in [[Kirkcaldy]], [[Scotland]] in 1723 and was raised by his widowed mother. Smith entered the [[University of Glasgow]] at the age of fourteen and then attended [[Balliol College]] at [[Oxford]] for six years until he graduated at the age of twenty-three. Adam returned to Scotland, and delivered a series of lectures which were very well received. Smith was appointed first chair of logic in 1751 at the University of Glasgow and later then chair of moral philosophy in 1752. In 1764, Adam Smith left the academy to tutor the young Duke of Buccleuch. They lived and traveled in France and Switzerland for two years. The duke had given his teacher a comfortable life pension, so Adam Smith retired to Kirkcaldy and began writing his book, ''An Inquiry into the Nature and Causes of the Wealth of Nations''. In 1778 Smith was appointed to a post as commissioner of customs in Scotland and went to live with his mother in [[Edinburgh]]. He died there on July 17, 1790, after suffering with the painful illness, proctalgia fugax, and was buried in the Canongate Kirkyard, Royal Mile, Edinburgh. Smith is hailed as the one who discovered the [[invisible hand]], and explained the theoretical bases of free enterprise.

==Legacy==

==Legacy==

* [http://www.econlib.org/library/YPDBooks/Rae/raeLS.html ''Life of Adam Smith''] by John Rae, at the Library of Economics and Liberty

* [http://www.econlib.org/library/YPDBooks/Rae/raeLS.html ''Life of Adam Smith''] by John Rae, at the Library of Economics and Liberty

* [http://www.mises.org/web/2691 ''The Celebrated Adam Smith''] by Murray N. Rothbard; full text of Chapter 16 of ''An Austrian Perspective on the History of Economic Thought'', Vol. I and II, Edward Elgar, 1995; Ludwig von Mises Institute 2006

* [http://www.mises.org/web/2691 ''The Celebrated Adam Smith''] by Murray N. Rothbard; full text of Chapter 16 of ''An Austrian Perspective on the History of Economic Thought'', Vol. I and II, Edward Elgar, 1995; Ludwig von Mises Institute 2006

* [http://cepa.newschool.edu/het/profiles/smith.htm Smith's works] {{dead link}}

* [https://web.archive.org/web/20040814071551/http://cepa.newschool.edu/het/profiles/smith.htm Smith's works]

*[http://www.econlib.org/library/Smith/smWN.html ''An Inquiry into the Nature and Causes of the Wealth of Nations''] at MetaLibri Digital Library

*[http://www.econlib.org/library/Smith/smWN.html ''An Inquiry into the Nature and Causes of the Wealth of Nations''] at MetaLibri Digital Library

*[http://www.econlib.org/library/Smith/smWNtoc.html ''An Inquiry into the Nature and Causes of the Wealth of Nations''], by Adam Smith. Fifth edition (1789), presented here, republished from: Edwin Cannan's annotated edition, 1904, Methuen & Co., Ltd. First edition: 1776.

*[http://www.econlib.org/library/Smith/smWNtoc.html ''An Inquiry into the Nature and Causes of the Wealth of Nations''], by Adam Smith. Fifth edition (1789), presented here, republished from: Edwin Cannan's annotated edition, 1904, Methuen & Co., Ltd. First edition: 1776.

[[Category:Libertarians]]

[[Category:Libertarians]]

[[Category:Enlightenment]]

[[Category:Enlightenment]]