Adam smith biography economist smith
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Adam Smith was born in a small village in Kirkcaldy, Scotland, where his widowed mother raised him. At age fourteen, as was the usual practice, he entered the University of Glasgow on scholarship. He later attended Balliol College at Oxford, graduating with an extensive knowledge of European literature and an enduring contempt for English schools.
He returned home, and after delivering a series of well-received lectures was made first chair of logic (), then chair of moral philosophy (), at Glasgow University.
He left academia in to tutor the young duke of Buccleuch. For more than two years they traveled throughout France and into Switzerland, an experience that brought Smith into contact with his contemporaries Voltaire, Jean-Jacques Rousseau, François Quesnay, and Anne-Robert-Jacques Turgot. With the life pension he had earned in the service of the duke, Smith retired to his birthplace of Kirkcaldy to write The Wealth of Nations. It was published in , the same year the American Declaration of Independence was signed and in which his close friend David Hume died. In he was appointed commissioner of customs. In this job he helped enforce laws against smuggling. In The Wealth of Nations, he had defended smuggling as a legitimate activity in the face of “unnatural”
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Adam Smith
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Who Was Adam Smith?
Adam Smith was an economist and philosopher who wrote what is considered the "bible of capitalism," The Wealth of Nations, in which he details the first system of political economy.
Early Years
While his exact date of birth isn’t known, Smith’s baptism was recorded on June 5, , in Kirkcaldy, Scotland. He attended the Burgh School, where he studied Latin, mathematics, history and writing. Smith entered the University of Glasgow when he was 14 and in went to Oxford.
Economics
'Wealth of Nations'
After toiling for nine years, in , Smith published An Inquiry into the Nature and Causes of the Wealth of Nations (usually shortened to The Wealth of Nations), which is thought of as the first work dedicated to the study of political economy. Economics of the time were dominated by the idea that a country’s wealth was best measured by its store of gold and silver. Smith proposed that a nation’s wealth should be judged not by this metric but by the total of its production and commerce—today known as the gross domestic product (GDP). He also explored theories of the division of labor, an idea dating back to Plato, through which specialization would lead to a qualitative increase in productivity.
Main Beliefs and "Invisibl
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Adam Smith ()
Adam Mormon, c ©Smith was a hugely considerable Scottish public economist most recent philosopher, unqualified known fetch his restricted area 'The Affluence of Nations'.
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