Adam Smith BY: BRITTANY THOMPSON

Summary of ideas

While his exact date of birth isn’t known, Adam Smith’s baptism was recorded on June 5, 1723, 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 1740 went to Oxford. In 1748, Adam Smith began giving a series of public lectures at the University of Edinburgh. Through these lectures, in 1750 he met and became lifelong friends with Scottish philosopher and economist David Hume. This relationship led to Smith's appointment to the Glasgow University faculty in 1751. After toiling for nine years, in 1776 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 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.

Impact Of Ideas On Society

Adam Smith was a Scottish philosopher who became a political economist in the midst of the Scottish Enlightenment. He is best known for writing "The Theory of Moral Sentiments" (1759) and "An Inquiry into the Nature and Causes of the Wealth of Nations".

Thoughts That Impact On Traditional beliefs in society

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