Adam Smith

Date of Birth: June 16, 1723

Zodiac Sign: Gemini

Date of Death: July 17, 1790

Biography

Adam Smith, often touted as the “Father of Economics,” was a Scottish economist, philosopher, and author who laid the foundations for modern economic theory. Born in Kirkcaldy, Scotland, Smith is best known for his seminal work, “The Wealth of Nations,” published in 1776, which is considered one of the cornerstones of classical economics. His ideas about the division of labor, free markets, and the ‘invisible hand’ of self-regulation have had a profound and lasting impact on economic theory and policy. Smith was educated at the University of Glasgow and later Balliol College, Oxford. He began his career as a lecturer at the University of Edinburgh, where he gained recognition for his engaging and comprehensive lectures on moral philosophy and economics. In 1759, he published “The Theory of Moral Sentiments,” which explored the nature of human sympathy and ethical behavior, laying the groundwork for his later economic theories. Throughout his life, Smith traveled extensively across Europe, meeting influential thinkers such as Voltaire and Benjamin Franklin, which helped him refine his ideas. He eventually returned to Scotland, where he continued to write and lecture until his death in 1790.

5 Interesting Facts about Adam Smith

1. Adam Smith’s “The Wealth of Nations” was published the same year as the American Declaration of Independence, 1776.

2. He was a close friend and collaborator of philosopher David Hume.

3. Smith never married and had no children.

4. His book “The Theory of Moral Sentiments” was highly influential in ethics and moral philosophy.

5. Smith’s ideas influenced the economic policies during the Industrial Revolution and continue to be relevant today.

5 Most Interesting Quotes from Adam Smith

1. “The real tragedy of the poor is the poverty of their aspirations.”

2. “Science is the great antidote to the poison of enthusiasm and superstition.”

3. “No society can surely be flourishing and happy, of which the far greater part of the members are poor and miserable.”

4. “Man is an animal that makes bargains: no other animal does this – no dog exchanges bones with another.”

5. “All money is a matter of belief.”

Highest Net Worth Achieved

Adam Smith’s net worth is difficult to quantify in modern terms, but he was not known to be particularly wealthy. His influence and legacy, however, are invaluable.