Adam Smith, who was the Political economy and famous Scottish economist, born on 16 June 1723, In Kirkcaldy, Fife, Scotland.
His father also Adam Smith, Who was Scottish writer for the signet Advocate. His mother was Margaret Douglas, who was the daughter of the landed Robert Douglas of Strathroy. Smith lost his father after the two months of his birth. After his father’s death, Smith was very close to his mother.
Smith never married in his life. He was very close to his mother. his mother died six years before of his own death.
He started his education at Burgh School of Kirkcaldy, which was the best secondary school in the Scotland. At there, He learned writing, Mathematics, Latin, and History. At the age of 14, He enrolled in the University of Glasgow and studied moral philosophy. In 1740, He completed his graduation from Balliol College at Oxford.
In 1748, After completing his study, He started his career with work as the public lecturer in Edinburgh. In 1759, Smith had been published “The Theory of Moral Sentiments” in embodying some of his Glasgow lectures. Smith had defined “mutual sympathy” as the basis of moral sentiments. He based his explanation, It was not on a special “moral sense” as the Third Lord Shaftesbury and Hutcheson had done. In 1763. In 1763, Smith had resigned from his professorship to tutor Henry Scott’s stepson. Henry Scott was introduced to Smith by David Hume. He was elected the member of the Royal Society of London and was elected as a member of the Literary Club in 1775. He had been given the position of Lord Rector of the University of Glasgow from the year 1787 to 1789. Smith’s pictures had been commemorated in the UK on banknotes printed by two various banks, since 1981, His portrait had appeared on the £50 notes issued by the Clydesdale Bank in Scotland, and in March 2007 Smith’s image also appeared on the new series of £20 notes issued by the Bank of England, making him the first Scotsman to feature on an English banknote.
On 17 July 1790, at the age of 67, he died, In Edinburgh, Scotland.
- He was known as Moral Philosopher.
- He was the thinker of an economy.
- He called The father of modern economy.
- His great ‘An Inquiry into the Nature and Causes of the Wealth of Nations’, more famously known as the ‘The Wealth of Nations’ was named among the 100 Best Scottish Books of all time. The book has come to be famous as the first modern work of economics.
What can we learn from him??
Like Adam Smith, Do your work calmly. Always ready to learn something new.