Adam Smith

Adam Smith (English: Adam Smith, June 5, 1723 (baptized) - July 17, 1790), a Scottish philosopher and economist in the 18th century, is often hailed as the "Father of Economics" or the "Father of Capitalism". He has two classic works: "The Theory of Moral Sentiments" and "The Wealth of Nations". The "Wealth of Nations" attempts to explain the history of European industrial and commercial development. It is the first modern systematic economics work and is regarded as a milestone in the development of economic thought. This work proposed many classic theories, including concepts such as free market economy, division of labor, absolute interests, and spontaneous market regulation, laying the foundation for classical free market economic theory. Smith studied moral philosophy at the University of Glasgow and Balliol College, Oxford University. After graduation, he successfully held a series of public lectures at the University of Edinburgh and established a profound philosophical friendship with David Hume, another representative of the Scottish Enlightenment. Smith subsequently obtained a professorship at the University of Glasgow, where he lectured on subjects such as moral philosophy and economics. While teaching, he simultaneously wrote and published The Theory of Moral Sentiments. He then served as a tutor to a nobleman, taking the opportunity to travel throughout Europe and meet other intellectual leaders of the Enlightenment. In response to the then common policy of protecting national markets and merchants by reducing imports and increasing exports (later known as mercantilism), Smith wrote "The Wealth of Nations", laying the foundation for classical free market economic theory. In this and other works, he developed the concept of the specialized division of labor and illustrated how individual rational self-interest and competition led to overall economic prosperity. His work as a whole had a profound influence on the development of economics, political philosophy, and moral philosophy.